Concept explainers
To describe: The trade-offs when the firm decides to patent the software.
Introduction:
Strategic management refers to formulating and implementing the way to achieve the goals by considering available resource and the internal and external environment. It will be framed by the top management on behalf of an organization.
Explanation of Solution
Describe the trade-offs when the firm decides to patent the software:
Patents help to slow the imitators and create entry barriers for the firms that enter the same product category. To file a valid patent claim, the proprietary information needs to be fully disclosed. Hence, there would be various tradeoffs in the software process that includes business models and algorithms.
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