What is Trademark, and Why is it Important for Business?

What is a trademark? 

We can simply understand Trademark by splitting it up into ‘trade’ and ‘mark’. 

Now, what is trade and what is it's mark? Trade is a verb which means an action of buying or selling, and mark means a symbol or a figure or anything which will give us some information. When trade and mark come together, they make a noun which means a logo, or a stamp, or a sign. So, basically, trademark in business is a logo, a slogan, or anything which represents a product. 

When we see advertisements on TV, we come across the same product of different brands. To maintain the authenticity of one’s product, sellers use trademark so that no other manufacturer could provide similar services or product. 

One has to register trademark with respect to being the sole owner of it. For Example, Maggie and Sunfeast’s Yippee are two same product (noodles) but of different brands. The marketplace doesn’t work on ‘product plagiarism’—if a manufacturer is selling noodles, then he can’t stop another manufacturer from making noodles. These products are differentiated under brands. Where Maggie’s wrapper is of ‘yellow’ colour and has a popular logo ‘Meri Maggie’, Yippee comes in an orange wrapper with logo ‘Long, Non-sticky, and tasty Yippee’. So, the above logo’s works as the trademark of their respective brands which distinguish them from each other and just being noodles. 

We must understand it that trademarks are not just catchy phrases. It could be anything, like Apple’s bitten apple! 

Why is trademark important for business? 

Trademarks are very important for business. It not only distinguishes products but help buyers decide to choose from verities. Here are a few points to understand why trademarks are important for business. 

* Acts as a Communication Tool 

Trademarks have the ability to convey your product’s message directly to the buyer. For example, an Irish person doesn’t need to know Germany for knowing if the brand is Puma or not. The leaping cougar or puma is enough for the whole world to know that the product is of Puma. 

* Door to Economic Growth 

Trademarks are the door to the economic growth for a company. When your product gains customer in the local market, one starts exploring the foreign lands. Only the trademark and the quality of your product will help you to rise. As the market is a crowded place, only your trademark will help the customers to find you out. It holds your customer to you. 

* You Rise on Social Media 

When you promote your services or products on social media, the first thing you do is introduces your product. A product without a trademark has chances to survive as much as a dolphin has in the company of a hungry shark. The marketplace is full of competition, and you definitely do not want your competitors to outdone you. 

* One Time Investment 

Trademarks are the one-time investment. Once you’ve registered your logo or phrase or anything as a trademark, no company shall be able to use it for its own purpose unless wants to trap in a legal tornado. Trademarks are for life, they never expire. Trademarks are an essential marketing tool for business. They not only encourage customer numbers but help you to rise as a bigger brand.