Introduction
The Trademark is the term is being used more frequently in today’s scenario. First, let us understand what is a trademark, the basic definition of trademark says “A Trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises. Intellectual property rights are protected trademarks. A Trademark is a sign or word or it can be anything which is used for goods & services or article of the enterprise which distinguishes it from anyone else or from competitors. Trademarks used for the services are also called service marks. Trademark owner refers to the person who has introduced the product or services it can be individual, business organization or any legal entity. A Trademark may be located on product as a sign or on the logo of the company.
Importance of Trademark
As we understood that trademark gives a life to a product or services as it makes them stronger to stand out in the market from any other products or services. Therefore, one should be very cautious while selecting the trademark as it must be different and unique which does not already exist in the market. Selection of the trademark should be done after considering all aspects, details and information about the product as it gives it the identity in the market. If it is common or does not stand out then it will be difficult to capture interest, enjoy exclusive rights and create goodwill in the competitive market. Another aspect to be kept in mind while selecting the trademark that it should be well-defined, meaning it should be clearly related to the product or services.
Registration of Trademark
- Once the selection of trademark is done owner(company or individual) should start the process of registration to obtain the ownership of the same.
- The application of the registration shall be submitted with the concerned authority. The authority examines the correctness of the trademark whether it is unique and does not resemble with the existing trademarks.
- Valid registration should be obtained and it should be renewed on a timely basis to enjoy the rights and goodwill.
- Enforcement of the Trademark should be checked on a timely basis to avoid any violation of the rights and unauthorized use of the trademark to ensure the trust in the quality of the product and services.
- To achieve the desired results of the trademark and to enjoy rights owner must deploy resources to monitor the market regarding advertising and marketing activities of the goods and services, to avoid the violation of the same by the third parties.
Conclusion
As per various studies done by the economists, the global market is very competitive today and to survive in such market one should follow the above-mentioned practices to protect trademarks.
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