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What Is Intellectual Property? Why Is It Important for Small

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What is intellectual property? Why is it important for small businesses to care about it? Intellectual property is "a creation of the mind, such as inventions, literary and artistic works, and symbols, names, images, and designs, used in e-commerce." Music, photos, videos, digital news, and artwork are forms of intellectual property that can be transmitted over the Internet. All small businesses need to be concerned about the theft of intellectual property.


Definitions:

Safety Inventory

Additional stock kept in reserve to protect against variability in demand or supply chain disruptions.

Review Interval

The scheduled time between evaluations or assessments of a particular process, inventory level, or system performance.

Decentralized Locations

A distribution strategy where operations or facilities are spread out across various geographical locations instead of being centralized in one spot.

Centralized Location

A strategic location chosen for warehousing or manufacturing operations to minimize transportation costs and maximize efficiency by serving various regions from a single point.

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