Intellectual Property 1
Intellectual Property Priorities
Erica L. Dumas
School of Business, Liberty University
BUSI 561: Legal Issues in Business
Dr. John Stohman
July 23, 2022
Intellectual Property 2
Intellectual Property Priorities
For many years, intellectual property has played a vital role in the progression of
innovation and creativity. Intellectual property rights, such as patents, give corporations and their
creators' exclusive rights to benefit from their creations. In some instances, these exclusive rights
have been condemned for the potentially negative effect on the consumer.
Creating a Balance Between a For-Profit Corporation’s Business Needs and its Customer
Needs
There has always existed a collective assumption that the primary purpose of a for-profit
corporation is to maximize profits and shareholder value. In the 1919 Dodge vs. Ford Motor Co.
case, the Michigan Supreme Court declared that "a business corporation is organized and carried
on primarily for the profit of the stockholders." While this belief is still prevalent in today's
world of business, studies have shown that this ideology alone does not represent where a
Intellectual Property 3
financially successful corporation's sole focus should be directed. For-profit corporations need to
recognize that there is an interrelationship between customer satisfaction and augmenting profits.
