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Trademark - Importance Advantages and Disadvantages

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The trademark can distinguish one person's goods or services from other goods or services, including the shape, packaging, and color combination of the goods. But, what are Trademark - Importance, Advantages and Disadvantages.

 

Importance of TM

  1. Valuable Assets 

Registered trademarks can prove to be valuable assets of your company/enterprise. Over time, the value of these assets has increased. 

As your business grows over time, the value of the brand will automatically expand. Therefore, as your business grows, so will your brand value.

  1. Protect your brand 

 A registered trademark establishes ownership of a brand, name, or logo. It can protect your brand from unauthorized use by third parties. The registered trademark proves that the product belongs to you completely and that you have the exclusive right to use, sell and modify the trademark or goods in any way.

  1. Give brand uniqueness 

A unique and distinctive brand must be registered because every company needs a distinctive brand or logo. Therefore, a registered trademark gives your brand a unique identity.

  1. Convenient for Customers 

It is convenient for customers to find registered trademarks, and it is easy for customers to find products. Since it is a powerful tool and unique logo, it can easily track the registered trademark and, customers can easily find your product.

  1. Permanently valid trademark 

Once a trademark is registered, it is permanently valid. The trademarks registered by each company will always be with them. Yes, trademark registration is updated every ten years. However, the identity given to the brand will always exist.

Advantages

  1. Attracting human resources: 

Young people are eager to join big brands that act as giants. It inspires a positive image of the organization, so candidates are easily attracted to them. That reduces the cost of recruitment and related activities.

  1. Legal infringement protection: 

Any competitor or other person shall not use the wordmark or logo that you have registered as a trademark. 

However, it is used without the consent of the trademark owner or fraudulently used. The owner can obtain legal protection under the law and prevent individuals from doing so.

  1. Creation of assets: 

Trademark registration creates intangible assets, ie. H. The intellectual property of an organization. A registered trademark is a right that can be sold, transferred, franchised, or granted commercially. In addition, a brand is an intangible asset that can bring advantages to an organization.

  1. Global trademark registration: 

For anyone willing to expand outside India, The trademark registration and the goodwill established in the country can provide a good foundation.

  1. Differentiated products: 

Unique products make it easy for customers to find your products. 

It distinguishes your product and your product identity from existing and planned competitors and serves as an effective business tool. The logo can convey the vision, quality, or unique characteristics of your company and any organization.

  1. Product quality approval: 

Customers associate the quality of the product with the brand name. 

That helps attract new customers because they can distinguish the quality of the product based on the logo/brand name.

 

Disadvantages

  1. Renewal of TM

The main disadvantage of a trademark is that you have to renew it after every ten years to maintain the registration. If you fail to pay the annual fee may result in the removal of the trademark from the register.

  1. Weakest protection 

Regarding the protection of goods or services, trademark registration is the weakest intellectual property in patents and copyrights. 

Trademarks do not always protect products; they only protect fair marketing ideas. 

Therefore, the trademark should come with some other least protected intellectual property rights.

  1. Risky Litigation 

Owning a registered trademark does not give you the right to use the Internet domain name on which the trademark is based. 

The extent to which similar trademarks infringe your business is the subject of civil litigation involving related costs. Trademark registration is the preliminary evidence in case of a dispute.

  1. Marketing expenses 

If you have registered a descriptive trademark, you must also have marketing and advertising budgets to establish brand associations with customers to obtain a unique personality.

  1. Surcharge 

If the renewal fee is not paid on time, the owner will lose the protection related to trademark registration. The owner can then request the restoration of the trademark. In addition to the trademark renewal fee, this application must also include a trademark restoration fee.

  1. Descriptive TM 

There are many disadvantages to choosing descriptive TM. 

Generic and descriptive trademarks are not authorized to be registered with registrars. 

Generally, descriptive trademarks are weak trademarks because they do not have any distinctive features.

Conclusion

These are all the trademark- importance, advantages and disadvantages. If you still have any concerns, it is advisable to consult an expert for trademark registration online and get all the advice you need.

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