Final answer:
A trademark is the legal term for a brand name, brand mark, or trade character, used to legally protect and differentiate a company's product or service in the market.
Step-by-step explanation:
The legal term for a brand name, brand mark, or trade character is a trademark. A trademark is a word, name, symbol, or device used in manufacturing or creating a product that is recognized by consumers as representing a company or product. For instance, while many companies may produce orange drinks, only Fanta has the legal authority over their specific branding, thereby holding the trademark for it. Moreover, entities like Chiquita for bananas, Chevrolet for cars, or Nike with its iconic "swoosh" have trademarks that are registered with the U.S. government, amounting to about 1.9 million active trademarks.
These trademarks can be continually renewed as long as the brand identity remains in active use, ensuring that the company maintains legal protection and differentiation in the marketplace.