Explain trademarks
What will be an ideal response?
A trademark, granted by the U.S. Patent and Trademark Office, is given to grant the exclusive use in a business name, sound, or logo. To qualify for federal protection, a mark must be distinctive or have acquired a secondary meaning. For example, marks such as Dr. Pepper, and Roto Rooter, are distinctive, while a term such as English Leather has taken on a secondary meaning as a trademark for an aftershave lotion. Words that are descriptive but have no secondary meaning cannot be trademarked. An applicant can register a mark if (1) it was in use in commerce (e.g., actually used in the sale of goods or services) or (2) the applicant verifies a bona fide intention to use the mark in commerce and actually does so within six months of its registration. The following types of marks can be trademarked:
• Trademarks. A trademark is a distinctive mark, symbol, name, word, motto or device that identifies the goods of a particular business.
• Service marks. A service mark is used to distinguish the services of the holder from those of its competitors.
• Certification marks. A certification mark is a mark used to certify that goods and services are of a certain quality or originate from particular geographical areas. The owner of the mark is usually a nonprofit corporation that licenses producers that meet certain standards or conditions to use the mark.
• Collective marks. A collective mark is a mark used by cooperatives, associations, and fraternal organizations.
Trademarks registration is valid for 10 years and can be renewed for an unlimited number of 10-year periods. The registration of a trademark, which is given nationwide effect, serves as constructive notice that the mark is the registrant's personal property. A successful plaintiff who succeeds in a trademark infringement case can recover the profits made by the infringer by the unauthorized use of the mark, damages caused to the plaintiff's business and reputation, an order requiring the defendant to destroy all goods containing the unauthorized mark, and an injunction preventing the defendant from such infringement in the future. The court has discretion to award up to treble damages for intentional infringement.
You might also like to view...
Arun paid the following taxes this year:Real estate taxes on rental property he owns$4,000Real estate taxes on his own residence3,600Federal income taxes8,000State income taxes3,400Local city income taxes500What amount can Arun deduct as an itemized deduction on his tax return?
A. $7,500 B. $19,500 C. $15,000 D. $15,500
________, such as Best Buy and Sears, allow customers to serve themselves, but also have knowledgeable sales associates available to provide guidance
A) Self-service retailers B) Full-service retailers C) Specialty retailers D) Off-price retailers E) Limited-service retailers
Material is added at the beginning of a process in a process costing system. The beginning Work in Process Inventory for the process was 30 percent complete as to conversion costs. Using the FIFO method of costing, the number of equivalent units of material for the process during this period is equal to the
a. beginning inventory this period for the process. b. units started and completed this period in the process. c. units started this period in the process plus the beginning Work in Process Inventory. d. units started and completed this period plus the units in ending Work in Process Inventory.
It can be useful for customers to have some type of comparative price when considering a product purchase. Such a comparison is referred to as ________ pricing, which in the case of price bundling is the total price of the components of the bundle if purchased separately versus the bundled price.
A. prestige B. odd/even C. product line D. reference E. captive