Trademark means any name, word, device, symbol or a combination of these items used to distinguish and identify her or his goods from the goods sold by others. A trademark, therefore, meant to protect the interest of both the trader and the consumer. A trademark helps to distinguish the goods produced by different manufacturers from similar or related goods from other companies.
Each product has a unique trademark associated with it. For instance, the Starbuck coffee cups bears the “Starbucks” logo. There are four types of marks namely; certification marks, trademarks, collective marks, and service marks. The most famous marks are the service marks and trademarks which are registered by the USPTO (United States Patent and Trademark Office).
Importance of trademark
It is an asset
Trademarks are among the few assets providing long-term advantages when it comes to competition. It is also among the business assets whose value appreciates with time. Other than providing the value of the core the business, the trademarks pave the way for business expansion.
Increases sale volume
Dragging of the consumer’s attention to a particular brand is an important role played by a trademark. They also help in finding significant differences when products are competing in the market.
It is a communication tool
Being unique, trademarks helps the consumer to select and differentiate the desired product in the market, in other words, it communicates or rather markets the product. Technical issues are also wrapped in a single logo by use of a trademark. The technical details include reputation; consumers need, company’s goods and services. A trademark makes communication efficient as thy work across culture, borders, and language.
Cheap to protect
Once registered it has an infinite shelf life and fewer expenses are incurred in renewal as compared to other major intellectual properties. They help the internet user to identify the products on the website, thereby enabling them to protect themselves from non-genuine brands of services and products.
Once registered a trademark provides validity evidence thus giving the owner an inclusive right of using the trademark in the business field. It is. Therefore, it is important to receive your trademark to prevent your competitors from using it. Registration provides the owner with a legal right of fighting back anyone in case the trademark’s infringement arises.
Promotion of the brand name
Trademarks help in the inauguration of a product name by indicating the quality of the goods and services offered. It is considered to be the most efficient commercial tool for establishing the products identity. It also increases the brand’s value significantly to the potential purchasers.