Ernest Invents a Novel,useful,nonobvious Product.He

question 3

Multiple Choice

Ernest invents a novel,useful,nonobvious product.He

• A)must apply for a patent within one year of selling the product commercially.
• B)is entitled to a patent over someone else who invents the same product if he is the first to invent it.
• C)may receive patent protection for two years by filing a simpler,shorter,cheaper provisional patent application while he is working on his complex,regular patent application.
• D)may sell his product for up to five years to see how well it sells before going through the complex process of filing a patent application with the PTO Office.

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Definitions:

External Organizational Environment

Constitutes the outside forces, including economic, political, technological, and social factors, that affect an organization's operations.

Industry Environment

The external factors including economic, political, regulatory, and social that affect the operational, financial, and competitive landscape of industry sectors.

BCG Matrix

A strategic business tool designed by the Boston Consulting Group that evaluates the relative performance of an organization's product portfolio based on market growth rate and market share.

Cash Cows

Products or business units that generate significantly more money than they consume, often providing the bulk of a company's profit.