The Critical Role of Timing in Managing Intellectual Property SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
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Case Study SWOT Analysis Solution
Case Study Description of The Critical Role of Timing in Managing Intellectual Property
In today's environment, timing is a critical part of business strategy. Nowhere is this truer than as regards managing intellectual property in an increasingly global marketplace. The creation and protection of intellectual property assets often depends on consistently taking the right legal action at the right time. The consequences of failing to do so can be disastrous but may only be felt at a later time or in other markets. The difficulty for business people lies in the fact that the time-sensitive aspects of intellectual property cannot be managed effectively by relying on intuition or resolving to see a lawyer when the need arises. This article provides a basic primer on the critical role of timing in identifying, creating, and protecting intellectual property assets. It discusses the most common types of intellectual property-patents, copyrights, trademarks, and trade secrets-and compares the role of timing in the creation and protection of each asset type. Most importantly, it summarizes the key issues of timing in the creation and protection of intellectual property.
Swot Analysis of "The Critical Role of Timing in Managing Intellectual Property" written by Timothy A Lemper includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Intellectual Property facing as an external strategic factors. Some of the topics covered in The Critical Role of Timing in Managing Intellectual Property case study are - Strategic Management Strategies, International business and Global Business.
Some of the macro environment factors that can be used to understand the The Critical Role of Timing in Managing Intellectual Property casestudy better are - – there is backlash against globalization, wage bills are increasing, supply chains are disrupted by pandemic , increasing transportation and logistics costs, increasing commodity prices, increasing household debt because of falling income levels, cloud computing is disrupting traditional business models,
technology disruption, there is increasing trade war between United States & China, etc
Introduction to SWOT Analysis of The Critical Role of Timing in Managing Intellectual Property
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in The Critical Role of Timing in Managing Intellectual Property case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Intellectual Property, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Intellectual Property operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of The Critical Role of Timing in Managing Intellectual Property can be done for the following purposes –
1. Strategic planning using facts provided in The Critical Role of Timing in Managing Intellectual Property case study
2. Improving business portfolio management of Intellectual Property
3. Assessing feasibility of the new initiative in Global Business field.
4. Making a Global Business topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Intellectual Property
Strengths The Critical Role of Timing in Managing Intellectual Property | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Intellectual Property in The Critical Role of Timing in Managing Intellectual Property Harvard Business Review case study are -
Learning organization
- Intellectual Property is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Intellectual Property is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in The Critical Role of Timing in Managing Intellectual Property Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Training and development
– Intellectual Property has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in The Critical Role of Timing in Managing Intellectual Property Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Strong track record of project management
– Intellectual Property is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Effective Research and Development (R&D)
– Intellectual Property has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study The Critical Role of Timing in Managing Intellectual Property - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Low bargaining power of suppliers
– Suppliers of Intellectual Property in the sector have low bargaining power. The Critical Role of Timing in Managing Intellectual Property has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Intellectual Property to manage not only supply disruptions but also source products at highly competitive prices.
High switching costs
– The high switching costs that Intellectual Property has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Innovation driven organization
– Intellectual Property is one of the most innovative firm in sector. Manager in The Critical Role of Timing in Managing Intellectual Property Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Diverse revenue streams
– Intellectual Property is present in almost all the verticals within the industry. This has provided firm in The Critical Role of Timing in Managing Intellectual Property case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
High brand equity
– Intellectual Property has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Intellectual Property to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Ability to recruit top talent
– Intellectual Property is one of the leading recruiters in the industry. Managers in the The Critical Role of Timing in Managing Intellectual Property are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Cross disciplinary teams
– Horizontal connected teams at the Intellectual Property are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Digital Transformation in Global Business segment
- digital transformation varies from industry to industry. For Intellectual Property digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Intellectual Property has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Weaknesses The Critical Role of Timing in Managing Intellectual Property | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of The Critical Role of Timing in Managing Intellectual Property are -
Workers concerns about automation
– As automation is fast increasing in the segment, Intellectual Property needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Slow to strategic competitive environment developments
– As The Critical Role of Timing in Managing Intellectual Property HBR case study mentions - Intellectual Property takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Capital Spending Reduction
– Even during the low interest decade, Intellectual Property has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
Interest costs
– Compare to the competition, Intellectual Property has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Intellectual Property supply chain. Even after few cautionary changes mentioned in the HBR case study - The Critical Role of Timing in Managing Intellectual Property, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Intellectual Property vulnerable to further global disruptions in South East Asia.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study The Critical Role of Timing in Managing Intellectual Property, is just above the industry average. Intellectual Property needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
Need for greater diversity
– Intellectual Property has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study The Critical Role of Timing in Managing Intellectual Property, in the dynamic environment Intellectual Property has struggled to respond to the nimble upstart competition. Intellectual Property has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Slow decision making process
– As mentioned earlier in the report, Intellectual Property has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Intellectual Property even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Intellectual Property is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study The Critical Role of Timing in Managing Intellectual Property can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Products dominated business model
– Even though Intellectual Property has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - The Critical Role of Timing in Managing Intellectual Property should strive to include more intangible value offerings along with its core products and services.
Opportunities The Critical Role of Timing in Managing Intellectual Property | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study The Critical Role of Timing in Managing Intellectual Property are -
Redefining models of collaboration and team work
– As explained in the weaknesses section, Intellectual Property is facing challenges because of the dominance of functional experts in the organization. The Critical Role of Timing in Managing Intellectual Property case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Manufacturing automation
– Intellectual Property can use the latest technology developments to improve its manufacturing and designing process in Global Business segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Global Business industry, but it has also influenced the consumer preferences. Intellectual Property can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Intellectual Property in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Global Business segment, and it will provide faster access to the consumers.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Intellectual Property can use these opportunities to build new business models that can help the communities that Intellectual Property operates in. Secondly it can use opportunities from government spending in Global Business sector.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Intellectual Property in the consumer business. Now Intellectual Property can target international markets with far fewer capital restrictions requirements than the existing system.
Developing new processes and practices
– Intellectual Property can develop new processes and procedures in Global Business industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Learning at scale
– Online learning technologies has now opened space for Intellectual Property to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Intellectual Property to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Intellectual Property can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, The Critical Role of Timing in Managing Intellectual Property, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Leveraging digital technologies
– Intellectual Property can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Intellectual Property to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Intellectual Property to hire the very best people irrespective of their geographical location.
Buying journey improvements
– Intellectual Property can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. The Critical Role of Timing in Managing Intellectual Property suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Threats The Critical Role of Timing in Managing Intellectual Property External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study The Critical Role of Timing in Managing Intellectual Property are -
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Intellectual Property needs to understand the core reasons impacting the Global Business industry. This will help it in building a better workplace.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Intellectual Property can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study The Critical Role of Timing in Managing Intellectual Property .
Increasing wage structure of Intellectual Property
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Intellectual Property.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Intellectual Property.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Intellectual Property with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
Regulatory challenges
– Intellectual Property needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Global Business industry regulations.
Environmental challenges
– Intellectual Property needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Intellectual Property can take advantage of this fund but it will also bring new competitors in the Global Business industry.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Intellectual Property in the Global Business industry. The Global Business industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Technology acceleration in Forth Industrial Revolution
– Intellectual Property has witnessed rapid integration of technology during Covid-19 in the Global Business industry. As one of the leading players in the industry, Intellectual Property needs to keep up with the evolution of technology in the Global Business sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
High dependence on third party suppliers
– Intellectual Property high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study The Critical Role of Timing in Managing Intellectual Property, Intellectual Property may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Global Business .
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Intellectual Property will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
Weighted SWOT Analysis of The Critical Role of Timing in Managing Intellectual Property Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study The Critical Role of Timing in Managing Intellectual Property needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study The Critical Role of Timing in Managing Intellectual Property is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study The Critical Role of Timing in Managing Intellectual Property is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of The Critical Role of Timing in Managing Intellectual Property is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Intellectual Property needs to make to build a sustainable competitive advantage.