What Is the Difference in a Trademark & Brand Monopoly?
Businesses thrive on name recognition. Establishing and trademarking your brand can make or break your business. Brand recognition allows your business's costumers to recognize your brand and potentially stop and look at your products simply based on this brand recognition. Brand recognition can take the form of either a trademark or a brand monopoly.
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Trademark
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A trademark is any combination of name, word, symbol or design used to identify and set apart a business's product offerings. A trademark sets the business's product about from competing products. A trademark is also often used as a brand name. A service mark, on the other hand, identifies a service offered by a business.
Why Trademark
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A trademark serves both the customer and the business. If the business has a trademarked product that you like, you can easily recognize the name and logo associated with the trademark. This recognition makes it easier to identify the trademarked product the next time you purchase said product. Trademarks also allow businesses to attach trademarked products to the business as part of the business identity.
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Brand
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In order to succeed a brand trademark to has to have a connection with the consumer. This connection has many facets and creates a relationship between the business and the consumer. The right marketing campaign can endear your customers to your business. On the other hand, a bad marketing campaign can cause the customer to reject the business forever. Generally, the initial impression made by a brand lasts forever. You can brand anything including items, services and entire business entities. A businesses primary goal in creating a brand trademark is to make the brand stand out.
Brand Monopoly
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A brand monopoly results from an image that is so powerful that it can garner a considerable price premium. The business can generally charge a price premium regardless of the quality of the product relative the quality of competing products. What makes this brand monopoly possible are the intangibles associated with the product. Intangible benefits of the brand monopoly generally result from effective marketing that has changed the perception of the product. This perceived value then replaces the actual or market value of the product.
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