What's the difference between a 'brand' and a 'strong brand name'? ... The value of a brand is built over time by continuous investments in marketing, research and development, constant product and service quality, adaptations to new trends and technologies. This results in continuous innovations and improvements not only in the product offered but also in the overall brand image. A brand is an intangible marketing/business asset that helps people identify a company, product, or individual. However, it is often confused with things like logos, slogans, or other recognizable marks, which are marketing tools to help promote goods and services
John Stewart, co‐founder of the strong brand QUAKER OATS, once highlighted "If this business were split up, I would give you the land and bricks and cement, and I would keep the brands and trademarks, and I would fare better than you".
With the continuous increase of competition in the current market, brands have to be innovative, upgrade their product or service, and also protect themselves. Brand-owners need to understand that once there is an 'attractive' product in the market, others will copy it. Also the risk of getting infringed increases. However, effective management and monitoring of intellectual property rights will at least limit the possible harm that counterfeits or infringements may cause for the brand.
Brand audits, consumer feedback documentation and effective mystery shopping can be valuable data that helps to manage and monitor the brand with better outcome. As some further suggestions for avoiding, or at least minimizing counterfeits and piracy, brands should adopt new technology to strengthen authentication of their products. Brands can also design a product with such superior features that the market and customers will not accept any type of alternatives. IP rights is an asset that offers stronger and stable future for the brand as it grows. With successful efforts in brand management together with intellectual property rights, a brand's competitive advantage can be leveraged higher.
In conclusion, brands need to have a dedicated workforce which understands the importance of intellectual property as an asset, and also have the skills for managing and monitoring its intellectual property rights.
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