Lesson 8: Why Should Businesses Care About Trademarks?
Trademarks help you create a brand and brand value for your products or services. They make your products or services stand out from competitors’ products and services. 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 choose your goods or services over the goods or services of your competitors;
- allow you to charge more for your goods or services than a competitor can charge for the same or substantially the same goods or services; and
- enable a consumer to detect your legitimate goods or services from counterfeit or knock-off goods or services. For example, a hologram on packaging that is difficult to replicate can help a consumer identify an authentic product.