According to the WIPO Web site:
“Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce. IP is protected in law by, for example, patents, copyright, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.”
“The World Intellectual Property Organization (WIPO) is the global forum for intellectual property policy, services, information and cooperation. A specialized agency of the United Nations, WIPO assists its 188 member states in developing a balanced international IP legal framework to meet society’s evolving needs. It provides business services for obtaining IP rights in multiple countries and resolving disputes. It delivers capacity-building programs to help developing countries benefit from using IP. And it provides free access to unique knowledge banks of IP information.”
Here is an infographic about global patent filings in 2014.
In this era of cost-cutting and price discounting, it has become harder for many firms to price their products in a profitable manner. Yet, this can be done!
As McKinsey’s Jay Jubas, Dieter Kiewell, and Georg Winkler report:
“Companies often overlook pricing as a driver of earnings growth, instead defaulting to cost cutting and other measures. Here are five steps to growth through pricing.”
- “Provide meaningful transparency into pricing data — Pricing managers often lack a clear understanding of how profitability varies among regions and product lines, and they know even less about how it can vary among individual customers or transactions. Yet these all have an important influence on pricing and sales decisions.”
- “Understand what customers really value — For all the sophistication provided by advanced analytics to master a complex array of prices, the price of a product or service ultimately depends on how much a customer thinks it’s worth—that is, ‘value pricing.’ The best companies augment pricing analytics with detailed customer insights to identify all the key buying factors that determine how much a product is worth to a given customer, understand how those factors compare with competitors’ offers, and quantify the value created for the customer.”
- “Move from sales reps to ‘value negotiators’ — Determining the best price means nothing if sales reps can’t convince customers to accept it. For this reason, it’s critical that sales reps have important pricing capabilities, such as sound judgment to manage time, negotiate thoughtfully, and adjust pricing guidelines in order to maximize value and minimize the risk of customers defecting.”
- “Provide on-the-job training to build confidence — While most companies understand it’s important to build the pricing skills of their people, few move beyond basic training in classes or online. Successful companies, however, use adult-learning techniques, such as experiential learning, to embed the new skills in the front line.”
- “Change the culture – In our experience, even the best pricing programs will fail in the long term without a deliberate commitment to overcome the entrenched habits and shifting priorities that doom most change programs.”
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Marketing budgets in 2015 are expected to grow, in some cases, for the first time in years.
As Nicola Cooper reports for Responsys:
“The Econsultancy Marketing Budgets Report 2015, created in association with Oracle Marketing Cloud, delves into marketers’ expected spend for the coming year and is a great opportunity to see whether you are facing similar challenges to the rest of the industry and inform your priorities for the year.”
“Because a customer’s decision to buy now involves many interactions with a brand, delivering an orchestrated approach is essential for any brand to attract and retain customers. It’s clear that our industry is aware of this; this year’s report indicates that nearly three quarters (74%) of the companies surveyed believe they are working towards delivering unified customer experiences, rather than standalone campaigns or interactions. In addition, 71% of the companies surveyed say that they are focusing on ‘breaking down internal silos to better co-ordinate and integrate [their] marketing efforts’. Marketers are unifying marketing strategy as well as unifying the marketing teams delivering those campaigns.”
“More generally, the findings also indicate that marketers are more likely to be increasing overall budgets for the year ahead than at any time since the launch of our first Marketing Budgets Report in 2010, during the height of the economic crisis. Winning areas include marketing technologies and digital marketing, as a result of stronger boardroom support.”
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