Intellectual Property Discussion Reply
tiptoe1
reply2.docxThe Balance: People and Profit
No one likes a copycat, but everything has been done before, is a bit confusing. Understanding the fine line between copying and influence can be blurred, especially in business. Corporations disputing creations or originality of ideas amongst each other is nothing new, hence the establishment of intellectual property. Creators create to share an experience, but also want the credit and benefits of doing so. The benefit of a creation adds another piece to the complicated puzzle, the consumer. The complication IP (Intellectual Property) presents with the consumer and creator is, “The creators of intellectual property want to benefit from the value of the property, the community wants to benefit from the creation” (Kubasek, N. et al., 2019). In order for the creator and consumer to benefit, there has to be a balance.
Business and Customer Balance
For-profit corporation is in the business of making money. The other side of this corporation is the service it provides to people for profit. Having a connection with the people (customer/consumer), while understanding it is still a business is vital to the longevity of a company. As technology advances, the access to information and the ability to share such does too. Producing a valuable product or service to the customer is a start. When a good product or service is available, customers will use the platforms technology provide to review and communicate with others. The word of mouth of customers establishes a customer base of a company’s brand. Consistency of the company helps create a trust and loyalty from customers. In the past, there have been times when the focus was not on the customer but on the competition. The domino effect is it brings unnecessary pressure, which leads to unethical practices, like Volkswagen’s “Dieselgate”. The Volkswagen scandal involves the company storing software in its vehicles to cheat on the emissions test (Gates, G. et al., 2017).
In addition to the customer satisfaction is the importance of the employee. Care for the customer would not be possible without the care of the employee. Employees are the direct contact to the customers. In part of satisfying the employee, an employer should provide a good culture which includes, a safe work environment, high but realistic expectations, feedback, and etcetera. Good business ethics from top to bottom of a company will not only benefit the employees but the overall experience of employee to customer interaction. A good example of a company with good customer service along with good product is Chick-fil-A. Chick-fil-A had the best customer satisfaction score in the fast-food industry in 2019 (Taylor, K., 2019).
Maintaining the focus on the consumer, will contribute to the business side. Besides customer service, the other value a business provide is innovation. Innovation is important to the expansion of business because it elevates the number of customers, maintains current ones, and grows profit. The growth of profit is a result a shareholder would appreciate. A benefit of having customers loyal to the brand is the ability to reasonably increase the cost of products. A business should not emphasize on increasing prices because the result can be the loss of loyal customers (Light, L., 2017). Investing into technology, marketing, and research based off value of product is a contribution to innovation as well. Focus on the needs of the consumer, in return consumers helps the identity and prosperity of the business, “As each has received a gift, use it to serve one another, as good stewards of God's varied grace” (English Standard Version, 2016, 1 Peter 4:10).
Responsibility of the Greater Good
Responsible business is good business. A major part of being a responsible business is understanding the responsibility in working towards benefitting the consumer. When a consumer benefits, everyone benefits. The COVID-19 pandemic gave us an example of how the needs of the consumer effects the business side to produce. The pandemic forced consumers to redirect their focus on health and finance, which changed the relationship between consumer and business (“How Consumer”, 2020). Due to the pandemic creating financial hardships, consumers began to buy based on value and not volume. Now that the needs of consumer have changed, so does the dependency of the business to provide. The shift in spending habits and behaviors, shifted the business to rebrand and re-establish the relationship to support the needs of the consumer. In supporting the needs of a consumer brings value to a business. The need of each other (consumer and business) comes full circle. The aftermath of the pandemic influence one to reflect on Hebrew 10:24-25, “And let us consider how to stir up one another to love and good works, not neglecting to meet together, as is the habit of some, but encouraging one another, and all the more as you see the Day drawing near” (English Standard Version, 2016).
Closing: Biblical Worldview
At a very young age, many hear different versions of the scripture Luke 6:31, “Do to others as you would have them do to you” (New International Version, 2011). As an adult, the scripture is humbling, and a daily motto to have, especially running a business. Often as humans we allow others behavior to effect how we treat each other and how we conduct business. Long-term there is no value into serving self and ideals. Serving others (consumers) and God, will provide purpose, identity, and value. All other things will come full circle like Ecclesiastes 7:8, “The end of a matter is better than its beginning, and patience is better than pride” (New International Version, 2011).
References
Kubasek, N., Brawne, M., Herron, D., Dhooge, L., & Barkacs, L. (2019). Adapted From the Dynamic Busines Law the Essentials. McGraw-Hill Education LLC. https://player-ui.mheducation.com/#/epub/sn_f466#epubcfi(%2F6%2F162%5Bdata-uuid-f7c5056c021948399cf2fb92ee0ed25f%5D!%2F4%2F1:0)
Gates, G., Ewing, J., Russel, K., & Watkins, D. (2017, March 16). How Volkswagen’s ‘Defeat Devices’ Worked. The New York Times. https://www.nytimes.com/interactive/2015/business/international/vw-diesel-emissions-scandal-explained.html
Taylor, K. (2019, June 26). Chick-fil-A is taking over America by offering the best customer service in fast food. Insider. https://www.businessinsider.com/chick-fil-a-best-customer-service-in-fast-food-2019-6
Light, L. (2017, June 13). Companies need to balance customer and shareholder satisfaction. Daily News. https://www.nydailynews.com/life-style/companies-balance-customer-shareholder-satisfaction-article-1.3243643
Covid-19: How consumer behavior will be changed. (2020, April 28). Accenture.
https://www.accenture.com/us-en/insights/consumer-goods-services/coronavirus-
consumer-behavior-research
English Standard Version. (2016). BibleGateway. https://www.biblegateway.com/passage/?search=1+Peter+4%3A10&version=ESV
English Standard Version. (2016). BibleGateway. https://www.biblegateway.com/passage/?search=hebrews+10%3A24-25&version=ESV
New International Version. (2011). BibleGateway.
https://www.biblegateway.com/passage/?search=Luke+6%3A31&version=NIV
New International Version. (2011). BibleGateway. https://www.biblegateway.com/passage/?search=Ecclesiastes+7%3A8-9&version=NIV
