Importance of Trademarks
A trade mark can be defined as a word, phrase, sign or character which is unique and it is placed on the source of the goods so that they can be differentiated from the goods from other parties. Trade mark law is a policy that produces terms and conditions plus rules and regulations which are very essential in helping the business owners, companies and organisations in the process of coming up with ways to produce the logos, names, phrases and other signs in the identification of their goods and services in order to reduce the number of disputes between the business owners, the organisation and companies which may arise from them having same logos that identify their products.
Trade mark law plays a very important role in any society that carries out business activities or produces certain goods and products.
The following are the ways in which trade mark law serves a very significant purpose in the business economy and how this positively affects businesses, companies, organisations and consumers a s whole. Law firms help to promote peace in that they provide laws which ensure that different business and companies use different and specific logos to identify their goods and eservices and us a result preventing any conflicts between them resulting from the sharing of the same logo.
With trade mark laws put in place or in action, other companies, business owners, manufacturers and organisations are prevented or prohibited from using the logo of other different manufactures ,companies, or businesses in the promotion of their products and services and as a result it ensures that every manufacturer just uses their logo, name or phrase for identifications hence fair competition in trade.
The trade mark laws come u[p with principles which are used to ultimately protect the consumers of certain products and services by prohibiting companies ,manufacturers, and other business owners from using trademarks that are considerably similar to those of other companies that may have more similarity in brand and customer loyalty to the products and services which they are used to buying or purchasing.
Some businesses, companies or organisations may be tempted or some of them do it intentionally to alter the quality to the reputation of a distinctive trade mark of a product or service then uses the same logo, design or phrase that the original producer or manufacturer of the same product or service uses in order to spoil the market of the product or service in the market place so that the consumers can switch to the products and services of the manufacturer who tempered with the other party’s products which is why trade mark law is there to prevent such case from happening thus ensuring there is fair trade without any confusions.
As consumers become loyal to a particular product or service and start to make decisions based on their ability and skills to identify a product or service by the use of a certain logo or trade mark it serves as way to differentiate these products and services from others and thus leading to a competitive advantage of the manufacture of that product; this is something that is made possible by trade mark law and in this way such that it helps in the development of the goodwill of the managers or owners of the company or the business.