Importance of Trademarks
A trade mark can also be said to be a recognisable sign, design, expression, figure, letter or word that is used by a manufacturer of a certain product or good in order to identify and give it a difference from other goods manufactured from other different manufacturers. 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 is a very significant tool when it comes to any economy in the production of goods and services which is why there must be the existence of trade mark law in order to ensure there is peaceful running of businesses in the market places.
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. First of all, trade mark law helps in the promotion of peace in the society.
overall purpose of trade mark law is to prevent unfair competition by protecting the use if a symbol, word, design, phrase or logo that uniquely differentiates the goods and services of one firm, organisation, company or business from the other.
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.
The trade mark also helps to come up with laws, rules and regulations which are very important because they help the consumers to avoid getting confused and uncertain concerning which products and services they want to buy, for instance when there are different companies or business using the same logo in their brands of products and services.
By trade mark law helping companies, business owners and organisations in developing the goodwill of their products and service to helps to also ensure that other parties are prevented from exploiting the brand of the company’s or organisation’s products and services.