Trademarks are the marks that are external to the goods to make the public identify a certain quality and image related with that product or service. It is an important way of promoting goodwill of the company or organisation with its clients or customers.
It has a legal protection to prevent others from using it. Few examples of trademarks are Tata, godrej, IIM etc.
Types of Trademarks:
Trademarks can be classified into 4 types:
- Trademark –
It is a mark which includes any word, name, symbol, or any combination which is used in commerce to identify and differentiate the products of a manufacturer from products of others. In short, Trademark is a brand name.
- Service Mark –
It is a mark which includes any word, name, symbol, or any combination which is used in commerce to identify and differentiate the services provided by one provider from services provided by others. It is used in service business.
- Certification Mark –
It is a mark which includes any word, name, symbol, or any combination which is used in commerce by other persons with owner’s consent and certifies them regional, material, mode of manufacture, or other characteristics of owner’s goods .
- Collective Mark –
It is a mark which includes any word, name, symbol, or any combination which is used in commerce by members of an association or group or organization.
Advantages of Trademarks:
The advantages of Trademarks are as follow:
- It provides additional revenue stream to the owner’s through licensing.
- It provides increased customer recognition to the brands.
- It provides legal protection to the company using a particular trademark.
- It promotes the goodwill of the brand.
- It encourages participation from other brands through co-branding, brand extension.
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