Patents and product development strategies: a model of antecedents and consequences of patent value

Innovation management has been acknowledged as a crucial activity for the growth and survival of firms. An important element of a firm’s innovation management strategy is the acquisition and management of patents. Although the role of patents has been widely discussed in the economics literature, only limited effort has been devoted toward examining the issue in the marketing context. To address this important gap in the literature, this article focuses on the factors governing the perceived value of patents and how such perceptions affect the firm’s product development strategies. A conceptual model is developed and a number of research propositions based on existing research derived. The research has the potential to make a contribution to the academic literature, to offer insights for managers, and to provide guidelines for public policy makers.