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October 1: It is evident that the success of any business is integral to the brand and its value. Thus, it is imperative that the brand name should be registered. Once registered, the protection of such a registered trademark is a must for all businesses. Yes! You read it right. Trademark is the foundation of any business. Choosing an appropriate name and ensuring its protection while the business grows is of utmost importance. With time, the brand name gains popularity and people will recognize your business with the brand name, thus choosing the right brand name becomes an irreversible decision for your business.
There are three important things that should be kept in mind, firstly some words are so common that an organization cannot be granted the exclusive right to use that word. For instance- International School, Stationery House, Luxury Watch Hub, etc. Secondly – Some brand names are already registered or in use by other organizations. Even if they get cleared by the trademark department, the prior can anytime oppose the registration or may take legal courses to prohibit the organization from using such brand name. And thirdly you must search for the availability of desired brand name should be the first step at the incorporation/ starting phase for any business.”
Needless to say, once a trademark is filed with the government department and after the due process, it gets registered, the owner starts reaping benefits from the ownership exclusivity and goodwill created by the brand over time. We often come across instances where same product offered by different brand have different pricing. Brand goodwill and exclusivity which is an outcome of trademark registration is one of key factors influencing the pricing of the product or service. Once a trademark is registered, the owner can take legal course to prevent his brand infringement and stop copycats from using his brand goodwill. Every other day there are instances where some factories and shops selling replica goods of well-known brands are raided/ sealed.
To create a brand, get it registered, and then protect it from others who attempt to use your brand’s goodwill is a tedious but integral part of any successful business. A very apt and common example of a successful business adequately using its brand goodwill is Apple Inc. We all are aware that Apple produces superior electronic products and sells them in the market at premium pricing. The products have a good demand as people achieve satisfaction for the price they pay. The satisfaction may be related to various factors including product quality, after-sales services, recognition amongst the public, etc – but everything gets interrelated to the brand name “Apple”.
Indeed, a Brandname gives a business an identity helping people differentiate its products from other businesses and shops. This can be on the basis of quality, pricing, service, location, etc. Brand name provides a sense of belongingness to the employers and employees while it provides satisfaction to the consumers in terms of value derived from the services availed.
The above inputs are shared by, Mudit Dadhich -CPA, (TAX & TRADEMARK CONSULTANT) CA Harshit Gupta (& TRADEMARK CONSULTANT), and Adv. Piyush Jindal (IP CONSULTANT)
All the information regarding trademark filing, registration, and protection is available at www.markmybrand.com
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