Although Intellectual property can be catorigized under many aspects, not every idea the mind can think is included. The legal definition of intellectual property often abbreviated IP is ideas, inventions, artistic works, songs, business processes etc. In general terms is any commercialily viable product created out of a persons mental processes. The Coca Cola company for example has legal ownership of several factories, bottling equipment, trucks for transporting their product and the actual ingredient formula for the beverage. Companies like Coca Cola must protect their assets to avoid others stealing them.
To establish protection there are four main types of IP rights one can obtain to protect ones inventions and creations. Legal protection for intellectual property comes as patents, trademarks, copyright, and design. Depending on the type of IP will determine which protection right is necessary. Patents typically protect some form of process, machine, articles of manufacture, composition of matter, or an improvement to any of the above mentioned. Patents are issued by the United States Government to exclude others from making, using, offering for sale in the US, and importing the inventions into the US.
In the example of Coca Cola, although another company can create a soda that resembles the Coca Cola taste they cannot manufacture this product using the same ingredient formula as the popular beverage. Trademark rights on the other hand provides protection on a word, phrase, symbol or design, or combination thereof, that identifies and distinguishes the source of the goods of a one party from those of others. CITATION. As with patents, trademarks also safeguards an organizations custom logos and catchy monikers.