Broadly speaking, a trademark is any unique word, device or symbol that business uses to represent their organisation, and ultimately, their products and services. A registered trademark can be used by any other individual or entity as long as the registered mark is renewed and maintained.
There are many types and varieties of trademarks, despite the variety, the purpose is the same. Both brand and product mark essentially act as the ‘identifier of the trade’, differentiating one business from the other, one product from the other.
A brand trademark is one that acts as the source identifier of the business as a whole, differentiating it from other businesses.
The purpose of the product marks is to not only to differentiate between the different products in the market but to also different between the various products under the same brand.
This difference will be significant when a brand has multiple products such as Nestle or Proctor and Gamble.
Over time, a trademark gains a distinctive market identity and almost becomes synonymous with the name of the brand. The product marks will help the consumers not only identify the distinct product but also helps recognised the brand.
Think of products marks like the iPhone or Mc SpicyPaneer or Santro that immediately helps us related to the brand Apple, McDonald's and Hyundai respectively.
People are quick to associate symbols, graphics and words with companies and distinct products marks help in building a brand making it a huge advantage.
The products are the commodities that actually make or break a business, and the instant recognition by consumers actually is the reason for their purchase decision, preference and sales.
The first thing most businesses protect is to trademark the name and logo of their company. However, when register the product marks you safeguard the unique identifying factor that helps your products sell in the market.
For instance, just imagine if Apple didn’t trademark the product name iPhone or Nestle didn’t trademark the product name and logo of Maggie. Other manufacturers would be free to duplicate the products and sell it under the same name. This could significantly affect sales and profits.
Just like it’s important to safeguard your brand name and identity, it is also important to secure the product marks as it can directly affect the earning potential of your business.