What is a Trademark?
A trademark is a unique symbol that differentiates your goods or services from others. The trademark registered for services is called the service marks. It is the legal protection of one’s brand name such that it cannot be copied by any party. Trademark only gives exclusivity for use of the mark in accordance with the class of goods or services for which the trademark is registered. You can use the trademark class finder tool to find the accurate trademark class for your goods or service from over 8000 goods and services. Any entrepreneur should know the benefits, that Trademark Registration offers. Here is a list of such advantages:
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Key Advantages of Using Trademark:
- Exclusive identification: The product and services provided by the business are differentiated by consumers and audiences. This helps to build a market reputation and therefore, becomes the face of the business entity. It makes sure the sole ownership of a particular symbol, logo, name, and that it is not misused.
- Exclusive rights: Trademark offers the right to exclusively use it in accordance with the goods and services offered by the business entity.
- Legal protection: Once the trademark is registered, if someone found using the existing trademark can be sued by the owner. Therefore, it gives certain legal protection in the following situations:
- Before any trader builds their trademark
- Avoids chances of violation as in the procedure one might find trademark through Trademark Database or Trademark Registry.
- If a trader tries to register the same brand name as existing in the Trademark Registry, it would create objection in the Trademark’s Office.
- In case of violation, one is able to receive the right to impose under certain situations.
- Building up trust or Goodwill: Delivering quality products and services under a registered trademark creates a good image of the business entity in the marketplace. It also exhibits that the business cares about the brand name and this circulates positive values about the brand to the public or the customers.
- Global permits: Trademark registration in India helps the local traders in getting access to the global market via the International Trademark System. It is essential to note that even Non-Resident Indians and foreigners can register a trademark in India. On the other hand, Indians are eligible to register their trademarks globally.
- Protection from violation/ breach claims: Once the trademark is registered, one can be sure of the violation claims. This means if the trademark is registered, one may need proper legal evidence to protect a trademark publically.
- The value in the market: A trademark defines a standard of the product and services provided by the business entity in the market. This establishes the value of the brand such that it is convenient for a customer or a potential customer to identify the company or brand in the market.
- Claim or security: A registered trademark can be used as a claim for the purpose of security in order to secure loans. Here it is devoted in a similar manner as immovable property is bonded.