Consider the management of resources
It is therefore basically the property that the business has created that they now own. It is known as intellectual property or IP. IP is a kind of protection for the things that the business has created or designed and allows for it to not be copied by any other business. this creates exclusivity for the product and makes it the only option for the customer to buy the product if it were to go on sale, allowing for a higher price to be put on the product. IP is proved through a record of some sort, sort of like a certificate that proves where the design was thought of, ensuring it can’t be copied.
This can be done in numerous ways including – Copyright – This exists in creative and artistic works (eg. books, movies, music, paintings, photographs and software), giving a copyright holder the exclusive right to control reproduction or adaptation of such works for a certain period of time. Patent – This may be granted in relation to an invention that is new, useful and not simply an obvious advancement over what existed when the application was filed. A patent gives the holder an exclusive right to commercially exploit the invention for a certain period of time (typically 20 years from the filing date of a patent application).
A Trademark – This is a distinctive sign which is used to distinguish the products or services of one business from those of another business. For example the Boots logo known as the Boots script is a trademark used on all Boots products and could not be used by any other businesses. These technological resources do not all necessarily apply to Boots but they are all crucial to any business in terms of the protection they give. Also, if Boots were to design their own revolutionary product, like no other on the market then they could take out a copyright or patent to ensure that their idea isn’t copied.
Another area of technological resources includes the retention of well skilled employees and managers. Over the years a business can accumulate a good team of employees with good experience and skills. Experience is crucial in any business and the more experienced a staff member is the better they are at doing their job. To ensure that these staff are retained a business can do thing such as pay them a good wage in return for their experience and skills and also give incentives such as bonuses, prizes etc.
Without experienced staff working in the business then there will be only limited knowledge, thus causing the business to not run as effectively. For example if Boots Saturday staff are just made up of in experience part time staff that only work four hours a week then there is no-one to give these people direction. This inexperienced attitude and atmosphere will pass onto the customer who will not feel that they are being helped by some one who knows what they are doing.