Good will of the trademark and the best value test need to be known
Trademark – “A valuable Asset “:
Two most valuable assets of an enterprise are its “trademark and Workforce”, both of which do not appear in the balance sheet. The trademark assists the enterprise in creating, maintaining and developing its markets.
What is Best Value Test?
A customer buys the brand or the product which, in his view, provides the best value at the time of the purchase. It is a successful trademark which must pass the best value test and not the product. A good trademark comes to represent in the customer’s mind and the fulfillment of a purpose, a standard of performance in meeting the purpose, a price level and a personality. With the passage of time, trademarks develop a personality of their own, comparable to the persons.
Marketers see the trademark having a personality of its own in isolation with products. In legal parlance, the trademark is firmly embedded in and associated with the product and it cannot be segregated from the product. The trademark is the only direct contact between the consumer and the enterprise, with which the consumer does not have any other link.
Factors influencing “Best Value Test”:
A marketers create customers by providing them what they believe to be the best value. A marketer’s price job is to retain customers by ensuring that after the trial of the trademarked product, the trademark continues to pass their best value test. This best value test is influenced by many players, including the competitors in the market. As a purchase matures on the best value concept of the consumer, the marketer continuously adapts to the needs or new needs of customers; or conversely creates a need either for its trademarks or products through promotion and advertising.
Variation in Value Appreciation:
Value is, of course, subjective. Each and every person has their own view in terms of appreciating the value of the product. The needs and requirements of individuals change, as do their economic and social circumstances, and so it follows that their value appreciation will also change from time to time.
The four key attributes of a trademark in its value appreciation are:
Purpose defined as, it is the term where the trademark meets the consumer needs or benefits the customers through the product which they purchase. Customer needs often change and it becomes much wider. For example, there has been a shift in the expectation from the soap from cleaning to cleaning and also softening of skin.
Performance will be defined or rated by the purpose of the product which meets the customer requirements. The product processing method, formulation technique and ingredients quality are significant to enhance the trademark performance. Ultimate thing is the rating given by the consumers for the good will and the market power of the trademark. In the long run , consumers could able to give a sound judgement about the performance of the trademark.
It is the measure of money, which the consumer pays which subsists on the occasion of decision of buying. Price is a key attribute which can be changed most rapidly as against the difference in purpose and performance. An appropriate price at all times as compared with the competing brands. It makes the trademark successful and builds its market power.
In the presentation, all the above attributes are translated in persuading a customer to try the brand. In the case of goods of regular use, ensuring the re-trial of the trademark.
Considering the above factors, reputed international trademarks are bound to be acceptable in markets of developing countries. There are many reasons. Firstly, internationally reputed trademarks have already acquired a brand image, personality and credit of successful operation in their industrialised home countries. Those proprietors has a huge amount of experience in marketing when compared to the domestic competitors. The goods with the reputed trademark is a pride in developing countries.
Trial creates a brand impression and retrials or regular use builds a brand personality referred to as brand image. If all the key attributes are right, they build on each other and this creates goodwill for the trademark and the resultant market power. The trial, re-trial and regular use of the trademark by the consumers build the market share and later the market power of the enterprise. This becomes possible when the consumer is convinced of the best value of the brand compared to competitive brands or products.
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