Intellectual property is related to the creations of the mind: inventions, literary and artistic works, as well as symbols, names and images used in commerce.
Industrial Property: Unlike copyright, which is born by mere creation, needs registration in the offices of patents and trademarks and their non-use or renewal in a relatively short period of time. Industrial property covers patents for invention , brands, industrial designs and geographical indications.
Patents empower the owner to decide whether the invention can be used by third parties and, in that case, in what form.
The brand is a sign that differentiates the products or services of one company from the others.
The industrial design, drawing or industrial model constitutes the aesthetic or ornamental aspect of an article. It can be three-dimensional or two-dimensional.
Intellectual property rights (IPRS) give people exclusive rights over their original creations, usually for a certain period of time. There are two types of IPRS, copyright and industrial property. Copyright is related to literary, artistic and creative works in general. Industrial property can be divided into two categories: trademarks--distinctive signs that identify a brand, such as the yellow M for McDonald's--and patents, industrial designs and trade secrets.
So since Karl created a formula that he wants to make unique for his own company, he should use the industrial property right related to Trade Secrets.
In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods
