Importance/benefits of Trademarks

Trademarks
Trademarks

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Importance/benefits of trademarks

Trademarks are considered an important intellectual property that organizations should safeguard, mostly because they represent business identity. In this discussion, the importance of trademarks for businesses is discussed.

Trademarks protect the business’ identity through preventing competitors from using the name or symbol associated with the business. This provides gives the business legal right against the trademark, such that it can take legal action based on the trademark. Bouchoux (2012) notes that the probability of having businesses duplicate or imitate other business’ names or products is quite high. This is based on the fact that the number of players in the market has increased, and companies are willing to take any strategy to attract customers.

A trademark protects a company or product’s reputation and goodwill; ensuring that the company is easily identified through it. An example is BMW trademark. Whenever a BMW sign is sighted, the observer immediately associates the sign with high performing vehicles, such that it is easy to conclude that BMW has gained reputation among customers.

Trademarks help in protecting the business legacy through ensuring that the owners can keep a business name. This is because changing a trademark means that the company would have to restart the process afresh, building networks and creating a new brand. The company is therefore better off with its current trademark. This therefore means that the trademark plays the role of preserving the business brand.

Trademarks are considered a communication tool and are significantly important in marketing, to promote presentation of a company’s products and services. The CocaCola trademark is a good example of how trademark can be effectively used in marketing. The company has managed to create its presence in the market through popularization of its trademark during advertising and marketing.

Trademarks play an imperative role in promoting customer’s product recognition ability. This insinuates, a customer will easily recognize the company’s by scanning through a variety of products. Customers are more likely to associate with products that have served their needs well in the past and through a trademark, they can easily recognize the product from among competitor products (Bouchoux, 2012). Trademarks therefore influence customer loyalty and consequently promote future sales and growth capabilities.

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Trademarks are particularly important in the contemporary technology era. The importance of trademarks for example has become increasingly significant with the advent of social media, which is also considered an important marketing tool. The use of a trademark ensures that a business products can be easily sought on the internet. As the number of searches continues to rise, the trademark is placed higher in the search engine, increasing its marketing potential.

In Qatar, for example, trademarks cost around 3,000 Qatari Riyals with 10-year validity and extendable for another 10 years. Similarly, in the US, it costs around $275 and can be renewed every 10 years for unlimited number of times.

Bouchoux (2012) argues that trademarks remain the most valuable assets for companies; hence the need to protect them in the best manner possible. A company must be on the lookout for any violation of their intellectual property to ensure that it does not impact on their reputation. This happens in cases where companies present counterfeit products under the trademark or where the companies adopt a company’s identity or a similar one.

In conclusion, trademarks define a company’s identity and the need to have and protect them is of great importance. They promote product recognition, protect the business brand and enhance product reputation and goodwill.

Reference

Bouchoux, D. E. (2012). Intellectual Property: The Law of Trademarks, Copyrights, Patents, and Trade Secrets. London: Cengage Learning, 2012

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