How important is a Trademark for your product or a service?

Trademarks are essential to business. They identify a vast array of goods and services. They certainly make it easy for consumers to find particular products.

Trademarks are among the most efficient marketing and communication tools and are the basis for building brand image and reputation. It’s no surprise then that businesses spend a significant amount of effort, skills, time, and money developing their brands and trademarks.

The registration of a trademark gives exclusivity to use by the owner and creates a legal right that reinforces the position of its owner or holder of its rights, particularly in a lawsuit against for infringement or unauthorized use by others. Further, a trademark can be licensed to any other party for use and consideration.

The use of the letters TM or ® symbol placed along with the trademark serves to indicate to competitors, consumers, and the members of the trade and industry that the registration of the said brand name is pending or in force. The letters TM or ® symbol are also used to claim proprietary rights in the trademark, suggesting any unauthorized use or infringement could have legal consequences.

A trademark performs quite a few important functions, that includes primarily:

The present-day trademark law and practice often also serve many more purposes, aims, and objects. For example, it is also helpful in obtaining broader protection in books and characters – that is, in the book’s title, the name of a character, and the representation of animated cartoons.

1  helping to identify the goods or services and their source of origin
2  helping to guarantee the unchanged quality concerning the goods or services
3  helping to advertise, promote, market, and sell the goods /services
4  helping to create goodwill, reputation, and credibility for the goods or services.

So the answer to the famed question of Shakespeare – “What’s in a name? – it is quite a valuable intellectual property for modern-day businesses and organizations. It can also be said that trademarks are one of the most valuable and enduring business assets. 

Manish can be reached at mail@mblaw.co.in