The basic purpose of the trademark is to help the business entities in uniquely identifying their goods and services among their customers or potential customers.
Well-known trademarks have always helped the business entities to capture a good market share. Thus, the trademark is one of the most valuable Intellectual Property Asset for a person or company. Trademark is any word, name, symbol, or device, or any combination that is used to uniquely identify the goods or service of one person from other. Any trademark does the following things for the holder-
1. Legal Ownership
The trademark provides the exclusive usage rights to the owner. Legally owner can protect his trademark from being exploited by any other person. Further, he can prevent registration of anything similar. The owner of the trademark legally gets the complete rights over everything that is associated with the mark.
2. Sue the infringers
Trademark assists the company in pursuing any legal action against any person who aims at infringing the trademark. The trademark gives the unique rights of using the trademark on documents and as business identification to the holder only.
A trademark holder can also gain some amount of money as royalty against the assignment of the registered trademark.
4. Right to use “R” symbol
The symbol “R” which can be used only when the trademark is registered helps to build the trust of the consumer in products or services.
A registered trademark can also be licensed by the holder against some amount of royalty. Licensing provides a dual benefit to the owner of gaining amount money as royalty while keeping the exclusive ownership rights reserved with him.
6. Helps in obtaining international rights
A registered trademark also allows the trademark owner to obtain international trademark registrations in foreign countries. For companies looking forward to expanding it would be much easier to obtain trademark protection in foreign countries if they already own trademark rights.