Product Name and Intellectual Property
A product launch is a crucial period for an enterprise in its early stages of development. Launching a new product requires a firm to take note of the research, planning and marketing team possessing the right skills and knowledge (Junghans & Levy, 2006). The product has to fulfill the needs of the customer and provide an emotional connection through its brand name. Among the critical tasks during the launch of a new product is the development and clearance of its name. The process of launching a new product involves two different legal issues and a range of intellectual property concerns. The first legal issue concerns the product name, and the second legal issue is the intellectual property rights.
Product Name and New Product Launch Concerns
Product launch concerns are critical checks a company must consider prior to launching a new product (Carvalho, 2010). They include competition, target customer, creation of value proportion, defining the marketing strategy and tactics, testing the marketing approach, and rolling out campaigns. In increasing chances of a new product to have high market acceptance, the product name must be very appealing to the consumer (Barrett, 2008). Therefore, product name has a role to play in making a new product have a competitive landscape.
Impact of Brand Image on Customer Loyalty
Brand image creates an overall impression in the mind of customers. Buyers develop diverse associations with the name. The image is all about the brand based on the idea of subjective perceptions of association package that customers have concerning the name (Carvalho, 2010). A brand image has a profound impact on the customer’s preferences, since it is the current view of the product according to the perception of the user. Brand image helps the customer to identify with the product depending on factors such as company reputation, product packaging, type of media used and brand name itself. A brand image thus influences the consumer’s taste preferences and individual frequently evaluates a name based on its image. Therefore, a brand image encompasses both the aesthetic and emotional impressions a product has.
Benefits of Using Intellectual Property Protection Mechanisms
Intellectual property refers to products protected under laws associated with copyright, trademark, trade secrets, industrial design and patent (Barrett, 2008). Intellectual property protection has two main benefits. First, it makes it possible for authors as well as inventors to receive remuneration for their work, which has the beneficial effect of escalating the generation of expressions and ideas (Seville, 2009). Second, it does not allow duplication and can help check the entrance of counterfeit products and service into the marketplace. Moreover, intellectual property protection gives the author and inventor power to set…