The Importance Of Product Brand Case Study

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The competition in today’s market is challenging when developing a new product. Therefore, understanding the importance of product naming and branding should be included in the strategy of all new product development projects. In addition, to developing a great product name protecting the product is also important. Therefore, organizations need to consider the amount of time, research, and costs associated with the development of the product as they decide on intellectual property protection.
The Importance of Product Name A product’s name and brand is very important to the success of a new product as it affects the perception of the product. In addition, having a long-lasting and memorable name can position the product appropriately …show more content…

Providing intellectual property allows individuals to create new technologies while promoting economic growth (AllLaw, 2015). Intellectual property protection (IP) has three main mechanisms: copyrights, patents, and trademarks. New product development can involve extensive research and development while costing an organization millions of dollars. Therefore, having intellectual protection ensures competitors from copying a product and benefiting from the creators hard work. The benefits of copyrights, allowing the organization to reproduce their work, while prohibiting others from using their product without permission (AllLaw, 2015). Patents on the other hand, protect the product from being replicated within a certain time period. Therefore, allowing the inventor to receive financial rewards of the research and development. Lastly, trademarks protect the name of the product and the organization, while allowing customers to distinguish between competitors (AllLaw, 2015). The costs associated with product protection varies based on the complexity and the number of years the product needs to be protected. Therefore, acquiring application fees, patent attorneys, and yearly maintenance fees add to the overall cost of product

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