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The licensing process, focusing on the seven key steps involved across four stages

Discuss the licensing process, focusing on the seven key steps involved across four stages. In your discussion, picture yourself responsible for the development of a licensing plan for your company who is new to licensing. Walk through the process and highlight key issues with each step. You may use your Sport Licensing Plan company as the example. When possible, comment on specific actions you would take.
Using specific examples, identify and discuss the licensor’s main objectives and concerns/issues that they will need to address when preparing to enter into a licensing relationship. Be specific.
Using specific examples, identify and discuss the licensee’s main objectives and concerns/issues that they will need to address when preparing to enter into a licensing relationship. Be specific.
Describe and give a specific example of a sport strategic alliance. Make sure that you accurately state what a strategic alliance is and what it is not. Using a specific example from the current world of sport business (e.g., SBJ), identify and discuss what the key objectives/goals might be for each partner entering the strategic alliance.

Full Answer Section

Negotiation: In this stage, the licensor will negotiate the terms of the licensing agreement with the licensee. This includes the scope of the license, the royalty rate, the term of the agreement, and the termination provisions.
Administration: In this stage, the licensor will need to administer the licensing agreement. This includes monitoring the licensee's compliance with the agreement, collecting royalties, and resolving disputes.

Here are the seven key steps involved in the licensing process:

Identify your assets: The first step in the licensing process is to identify the assets that you want to license. This could be anything from your brand name to your intellectual property (IP).
Target your audience: Once you know what you want to license, you need to target your audience. Who are you trying to reach with your licensing program? What are their interests?
Find potential licensees: Once you know who you're targeting, you need to find potential licensees. This could involve networking, attending trade shows, or doing online research.
Develop a licensing agreement: Once you've found a potential licensee, you need to develop a licensing agreement. This document will outline the terms of the relationship, such as the scope of the license, the royalty rate, and the term of the agreement.
Market your licensing program: Once you have a licensing agreement in place, you need to market your licensing program to potential licensees. This could involve advertising, public relations, or attending trade shows.
Monitor your licensees: Once you have licensees, you need to monitor their compliance with the licensing agreement. This includes making sure that they are using your assets properly and that they are paying the royalties that they owe.
Terminate underperforming licensees: If a licensee is not performing up to expectations, you may need to terminate the licensing agreement. This is a serious step, so it should only be taken after careful consideration.

As a new company that is new to licensing, it is important to be strategic about your approach. You need to carefully consider your goals and objectives, and you need to develop a licensing plan that is tailored to your specific needs. You also need to be prepared to invest in the licensing process. Licensing can be a great way to grow your business, but it is not without its risks. You need to be prepared to manage those risks and to make sure that you get a good return on your investment. Here are some of the main objectives and concerns/issues that a licensor will need to address when preparing to enter into a licensing relationship:

Protecting their brand: The licensor needs to make sure that their brand is protected. This means that they need to carefully select their licensees and that they need to put in place safeguards to prevent the licensees from damaging the brand.
Generating revenue: The licensor needs to make sure that they are generating revenue from their licensing program. This means that they need to negotiate a fair royalty rate and that they need to monitor their licensees to make sure that they are paying the royalties that they owe.
Maintaining control: The licensor needs to maintain control over their brand and their IP. This means that they need to be involved in the decision-making process and that they need to have the right to approve or disapprove of the licensees' products and marketing materials.

Managing risk: The licensor needs to manage the risks associated with licensing. This includes the risk of the licensee damaging the brand, the risk of the licensee not paying royalties, and the risk of the licensee going out of business.

Sample Answer

Planning: In this stage, the licensor will need to decide what they want to license, who they want to license it to, and how they want to license it. They will also need to develop a licensing plan that outlines their goals, strategies, and tactics.
Research: In this stage, the licensor will need to research potential licensees. They will need to assess the licensees' capabilities, financial stability, and reputation. They will also need to understand the licensees' target markets and marketing plans.