Lesson 8: Why Should Businesses Care about Trademarks?
Trademarks help you create a brand and brand value for your products and services. It is a way to make your products or services stand out from the products and services of others. Trademarks are therefore an important asset for any business. A positive association between a trademark and a product or service generates goodwill in your business and increases the value of the brand.
A strong trademark can help you:
- Encourage people to select your goods or services over the goods or services of your competitors
- Allow you to charge more for your goods and services than a competitor can charge for the same or substantially the same goods and services
- Enable a consumer to detect your legitimate good or service from a counterfeit or knock-off good or service. For example, a hologram on packaging which is difficult to replicate can enable a consumer to identify an authentic product.