Final answer:
A trademark is a symbol or name legally registered or established by use to represent a company or product, and it serves to identify and distinguish a manufacturer's or seller's goods from others.
Step-by-step explanation:
A trademark identifies and distinguishes the goods of one manufacturer or seller from those of others. Typically, a trademark takes the form of a symbol, word, or words legally registered or established by use as representing a company or product. For instance, the Chiquita brand is recognized by its blue and yellow sticker on bananas, Chevrolet is known for cars, and the Nike "swoosh" is unmistakable on shoes and athletic gear.
Trademarks are crucial for consumer recognition and are granted based on form and style, not the idea of the product itself. Several companies might produce an orange drink, but only Fanta holds the trademark for its specific branding of an orange drink. With about 1.9 million trademarks registered in the U.S., it's evident that they play a significant role in the market. A firm can renew a trademark as long as the symbol or name remains in active use, ensuring long-term brand protection.
In answer to the student's question, a trademark is meant to identify a company or product, distinguishing it from other entities in the market.