A trade mark is a word, name, symbol, or design used to identify and distinguish goods in commerce. Businesses across all industries use trade marks to identify a particular brand via words, logos, and/or colours: such marks prompt recognition through marketing and branding. When successful, consumers will positively associate the brands with their goods and services adding value to a company. A strong trade mark leads to legitimacy of a company increasing the value of their goods and/or services.
As the International Trade Mark Association defines it, “the value of a trade mark lies in the goodwill associated with that trade mark. Goodwill is an intangible asset that provides added value to the trade mark owner’s worth (such as a recognizable brand).”
By filing for a trade mark, the registrants alert the country of its trade mark and the goods/services provided under it. Registering a trade mark grants the right to use the ® symbol in connection with the word, name, symbol, or design, which serves to deter potential infringers.
Only an officially registered trade mark grants a company the right to sue for infringement, recover profits, damages and costs for such infringement, or block the importation of goods bearing an infringing mark.