Actions to be taken. Search for potential licensees.Look actively for potential users of your IP assets, and convince them of VYP’s commercial potential
Search for potential licensees. Look actively for potential users of your IP assets, and convince them of VYP’s commercial potential. In order to find possible licensees, the board should resort to help of licensing associations, such as the International Licensing Industry Merchandisers’ Association (LIMA). Select the right licensee and merchandising manager if needed. The licensee who will manufacture and sell the merchandise goods should be a trustworthy and diligent partner. This may be either a specialized merchandising company, or a professional designer. Plan a long-term strategy. Teletubbies’ s marketing plans began to take shape in January 1996, more than a year before the launch. That is why in order to ensure the success of Sammy the Squirrel in merchandising market talk to licensees in key product areas to build faith early on. Make sure VYP is able to satisfy increasing demand in peak seasons (before Christmas in particular). Learn from Teletubbies’s past mistakes. Their stocks were low and demand had far outstripped supply. Assess foreign markets. It is strongly recommended that VYP should use merchandising to gain access to new foreign markets. Usually, the licensee will be fully responsible for local manufacture, localization, logistics and distribution. Protect your IP in all relevant markets. IP rights are territorial, so it is necessary to obtain protection in all potential export markets in due time. Take action against infringement. It is up to you, as the IP right holder, to identify any infringement or counterfeiting on your IP rights and to decide what measures should be taken.
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