After the Mergers & Acquisitions boom of the 1980s and the liberalization of the Indian economy in the early 1990s, Indian corporations realized the value of managing brands as one of the most important intangible assets.
The trickle-down effect was rapid, and by the late 1990s, India’s Small and Medium Scale Enterprises (SMEs) had grasped the significance of brands and trademarks across industries.
What distinguishes a simple name from a good brand name, was the second question posed by business owners. For example, a big brand advantage could be the fact that it has a higher likelihood of customer choice, which could translate into higher levels of customer loyalty to the corporate entity’s products/services.
As a result, a strong brand typically fetches a greater price than competing products/services. Businesses wanted to know more about their brands and market positions now.
The value premium that brand owners or corporate entities receive in Indian markets is recognized as unique brand equity. JCB for land moving machines, Tempos, Gypsy, Aspirin and other examples of extreme brand awareness are JCB for land moving machines, Tempos, Gypsy, and Aspirin, among others.
Furthermore, brands with different core values provide distinct positioning and a long-term brand strategy that is aligned with the business organization. At the end of the day, a strong brand is a cornerstone for building long-term and lucrative assets, making intellectual property in “brands” the most valuable business asset.
Branding entails not only the creation of a brand strategy but also the protection and enforcement of intellectual property rights. If an infringement occurs, one frequent remedy is to impose a sanction to prevent the unlawful use of the deceptively similar mark, as well as to award damages to compensate for the loss caused by the infringement.
IP rights32 registration and brand management are necessary for the development of a strong brand.
Trademarks, copyrights, and trade dress are all excellent ways to increase the potential value of a brand. Furthermore, timely and resolute enforcement of all IP rights by pursuing legal action against any party attempting to exploit or misuse IP to acquire an unfair advantage.
After all, the courts look at how diligent a proprietor is with his or her intellectual property, and a brand owner who is actively defending its brands and not allowing others to use them without permission will have a better chance of succeeding against future infringers.
Finally, companies creating their brands and general reputation should be aware of how their brands are promoted and presented in the market in comparison to their competitors. While trademarks, copyrights, patents, and designs are all important, they may not be enough in today’s competitive marketplace.
As a result, the image of brands and enterprises must be viewed as a composite reputation, and proprietors and counsels must make every effort to identify brands, defend, popularise, and enforce all IPs using ever-evolving new means.