Personal Corporate or Business Trademark
Q1. Trademarks have an associated effect of goodwill as they, more often than not, are of fundamental importance as one of a company’s valuable asset. In a to get products marketed, companies must therefore devise in due diligence. Following a legal battle on using the term “Mc,” McDonald’s felt it was an infringement of other companies’ trademarks. However, the name “Mc” can be viewed as a generic term, since the prefix is common, and the law cannot find any association of using the “Mc” and violation of trademark rights.
Q2. Intellectual is a term describing inventions and creations which businesses have legal rights on. The main areas employed by entrepreneurs to base intellectual property law are copyright, patents, and trademarks (May & Sell, 2006). As such, the rights are of fundamental significance to innovators. The founding fathers wrote the clause in the constitution to encourage innovation in the United States economy. Their understanding was based on the installation of unparalleled intellectual property rights to achieve unprecedented innovation in the country. As such, the tradition of upholding intellectual rights has nurtured innovation in the U.S, evidenced in the technological advancements spearheaded by the nation.
Q3. The first impression customers have on your business is the business name. The consumers either remember your brand name when they see a sign with it or don’t. Either way, the brand name is the first impression with investors and consumers. As such, a business, corporate or personal name is fundamental as it can also be used to communicate an enterprise’s strategy. While purchasing a favorite brand, the brand’s name and logo make the product recognizable anywhere.
Reference
May, C., & Sell, S. K. (2006). Intellectual property rights: A critical history (p. 37). Boulder: Lynne Rienner Publishers.