What is a Trademark?
A trademark is a unique symbol or word(s) used to represent a business or its products. Once registered, that same symbol or series of words cannot be used by any other organization, forever, as long as it remains in use and proper paperwork and fees are paid.
Unlike patents, which are granted for a period of 20 years, trademarks never end. Companies do need to apply for them and receive ownership confirmation with the U.S. Patent and Trademark Office in order to claim protection from copycats, however.
Over time, trademarks become synonymous with a company name, so that you don’t even need to see the name to recognize a particular business. Think of the apple shape with the bite taken out that Apple uses as its logo, the swoosh logo that Nike features on all of its products, or the golden arches McDonald’s registered decades ago.
The fact that we so easily associate symbols and words with companies and their brands is one of the biggest advantages of their use. When a customer sees a familiar logo or phrase, they have instant recognition, which can drive preference and, ultimately, sales.
Signs of a Trademark
To indicate that a trademark has been claimed companies use one of three symbols:
- ™ - Using the trademark symbol after a logo or phrase alerts competitors that you have claimed this symbol or phrase as your own, but you don’t have to have even formally apply for it.
- ® - Only trademarks that have been officially granted by the Trademark office can use the ® symbol, which stands for registered trademark.
- ℠ - Companies that sell services, not products, have the option to use the service mark logo, but most use the ™ instead for simplicity.
Protecting a Trademark
Although a trademark is issued for the life of a company or product, businesses do need to guard against phrases becoming generic. This typically happens over time when people use a company’s product name to mean all products or processes like it. Think Kleenex used for facial tissues, or Xerox for photocopying. To continue to claim that trademark, those companies need to notify people who misuse the term to stop.
Benefits of Registration
Once a trademark has been granted, the owner receives three key benefits:
- A notice of claim to any other businesses thinking of using the same symbol or word as its trademark
- A legal presumption of ownership, which can help fend off would-be users
- The exclusive right to use the claimed trademark
Filing a Trademark Application
The process of filing for trademark registration is fairly simple. It can be done online through the Trademark Electronic Application System and costs between $225 - $325.
Brand
A brand (or marque for car model) is a name, term, design, symbol or other feature that distinguishes one seller's product from those of others. Brands are used in business, marketing and advertising.
In accounting, a brand defined as an intangible asset is often the most valuable asset on a corporation's balance sheet. Brand owners manage their brands carefully to create shareholder value, and brand valuation is an important management technique that ascribes a money value to a brand, and allows marketing investment to be managed (e.g.: prioritized across a portfolio of brands) to maximize shareholder value. Although only acquired brands appear on a company's balance sheet, the notion of putting a value on a brand forces marketing leaders to be focused on long term stewardship of the brand and managing for value.
The word "brand" is often used as a metonym referring to the company that is strongly identified with a brand.
Brand Name
An arbitrarily adopted name that is given by a manufacturer or merchant to an article or service to distinguish it as produced or sold by that manufacturer or merchant and that may be used and protected as a trademark.
Brand Mark
Brands use visual images, elements or symbols to get themselves identified by their consumers. These are called Brand Marks. Brand marks serve the purposes of contributing to building and maintaining brand’s image.
Trademark
A trademark is a recognizable sign, design, or unique expression related to products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.
Service Mark
A service mark or service mark is a trademark used in the United States and several other countries to identify a service rather than a product. When a service mark is federally registered, the standard registration symbol ® or "Reg U.S. Pat & TM Off" may be used (the same symbol is used to mark registered trademarks).
A service mark differs from a trademark in that the mark is used on the advertising of the service rather than on the packaging or delivery of the service, since there is generally no "package" to place the mark on, which is the practice for trademarks.
Distinguish brand versus generic.
Mainly used in Pharmaceutical products.
Brand Name Drugs
· Also called “innovator drugs”
· Initially marketed as new chemical entities
· First version sold by the innovator manufacturer is known as the Canadian Reference Product
Generic Drugs
· Copies of brand name drugs
· Produced after the original patent expires
Although the active ingredients are the same, the inactive ingredients may differ. This is only important in rare cases when a patient has an allergy or sensitivity to one of the recipients.
The product may also be slightly different in colour, shape, or markings.
The biggest difference is cost. Generic drugs are generally less expensive than brand name comparators.