In today’s modern-day scenario, as a business owner, it is very crucial for one to understand the importance of the role that Intellectual Property Rights play in conducting smooth business transactions. Though intangible in nature, they are without any doubt, one of the most important business assets. The purpose of this article is to make the readers aware of Intellectual Property Rights and the significance that they hold in business transactions. Though each of them is important in itself, this article will specifically focus on copyrights and trademarks.
Copyrights and trademarks, both terms can be referred to as the backbone of business transactions, as both of them instill a sense of security in the minds of the potential consumers as well as the business owners. Though both the terms are proof of the originality of the work of the business, it is pertinent to note that the two defend discrete concepts. They cannot be referred to interchangeably with each other. Usually, copyrights guard original or rational works of the business, while trademarks guard the commercial identity of the business. The role of copyright is mainly to defend the rights of the business of its intellectual works including fictional, theatrical, musical, and creative works. Trademark, on the other hand, plays the role of defending the usage of the name of the business and its brand identity.
Copyrights in business transactions:
Before getting into the importance that copyrights hold in conducting business transactions, one must know what copyright exactly is. To put in simple words, the law grants certain rights to originators of every literary, artistic, and musical work, to safeguard their original and creative work from being copied or exploited by any other third party without their due permission. These rights are known as copyright. The role of copyright is to protect any form of expression itself. They are very crucial for running a successful business, as they are used for protecting every business’s original and creative works including advertising, sales brochures, promotional materials, videos, instruction manuals, photographs, and website content, from being used by any other third party without the business owner’s due permission. Have you ever wondered, how is it, that our minds immediately jump on those brighter than tube light teeth when we hear ‘Happydent Chewing Gums’, that unbreakable wall, when we hear ‘Ambuja Cement’, those adorably cute ZooZoos when we hear ‘Vodafone’? Well, this is the magic of advertisements, and these advertisements are nothing, but the Copyright of a business. Copyright, therefore, not only plays a crucial role in protecting the creative and original work of the business but also in promoting the business and reaching out to the public at large.
As copyright owners, business owners have the right to control how their work is supposed to be reproduced, distributed, and presented publicly. But most importantly, they can stop others, especially their competitors in the market from using those sorts of works that are substantially similar to their copyrighted work. Copyright confers a number of benefits.
Trademarks in business transactions:
A trademark, on the other hand, is anything that helps in relating and distinguishing the goods and services of a business from those of others. In the business world, a trademark is generally appertained to as a brand name. It includes names, symbols, ensigns, and taglines that the business possessors use, in order to establish an image of their product in the eyes of implicit consumers.
These days, consumers are submersed and constantly exposed to trademarks in their ordinary cultures. Consider the terms- Coca- Cola, Nike, Boost, Band- aid, LG, and Jacuzzi, to name a many; consumerssub-consciously regard these trademarks as the factual products services that they're offered with, rather than their separate brands. This is the power of a trademark. These strong companies weren't born with this monopolistic association between their brands and the products services that they offer. Not only did they suppose up of a name, symbol, design, or totem which reverberated with their product generalities, also they got their intellectual property registered as a trademark.
Trademark is one of the most important means that a business will ever enjoy because it helps in relating and distinguishing the business and its products services in the business from its challengers. It's absolutely essential to the success of every forthcoming and ongoing business in the request. thus, it's pivotal for every business proprietor to take a sufficient quantum of action to cover and apply its trademark. Trademark law permits implicit consumers in the business to fluently fete products indeed from a distance. As trademark possessors, the business possessors have the right to stop others, including their challengers out there from using their trademark or any mark that's deceptively analogous to their trademark and can beget confusion in the minds of implicit consumers. Trademark protection encourages three main programs- defense of the business proprietor’s goodwill, the safety of the consumer, and the effectiveness of the frugality.
Trademark is one of the most important means that a business will ever enjoy because it helps in relating and distinguishing the business and its products services in the business from its challengers. It's absolutely essential to the success of every forthcoming and ongoing business in the request. thus, it's pivotal for every business proprietor to take a sufficient quantum of action to cover and apply its trademark.
To sum it up, both copyrights and trademarks contribute immensely to conducting smooth business transactions. Their main motive is to maintain originality in the market, which eventually helps in making room for new job opportunities and fresh ideas. These fresh ideas, in turn, help in flourishing the economy. The goodwill earned by a business is directly associated with its trademark because over the years people have started to identify with it. It has a brand value attached to it which helps the business flourish. If a person tries to fool the consumers, then one can go for the legal resources that are available.
Many artists feel valued if their work is appreciated by an audience. But when somebody else copies and presents it as theirs, then they are being robbed of their due credit. If people continue to steal the credit or work of somebody else, then eventually nobody will be interested in making something on their own and therefore, causing heavy damage to the market. To prevent such situations, Trademarks and Copyrights play an important role in protecting the legal as well as the moral rights of such creators. They make the creators know that not only their work will be duly protected by law, but also will result in helping the business flourish in the market, and this makes them motivated to offer their creativity more often to the business world.