Like any other tool such as a hammer or a screwdriver, Intellectual Property consisting of patents, trademarks, and copyrights each have their own functions. Patents, trademarks, and copyrights are more expedient for some purposes rather than others. Therefore, in order to effectively develop a sound and meaningful IP portfolio, you must understand their advantages and disadvantages.
Patents are the gold standard when it comes to Intellectual Property. The reason is that Patents are based upon strict liability, and if drafted carefully and with diligent foresight, patents can be used to limit reverse engineering of competitors. The main drawback with patents is their relatively short term of 20 years for utility patents and 14 years for design patents.
Trademarks do not suffer from short terms of enforcement. It is actually possible that Trademarks may be enforceable forever so long as they are used continuously as proper source identifiers. For instance, the trademark NESTLE'S EAGLE BRAND, based in Hong Kong harkens back to 1874. On balance, Trademarks are weakened by various fair use exceptions and other concerns to the inherent strength or weaknesses that may inhere with the mark where the mark may be too descriptive of the product or service to which it is associated.
Copyrights are also afforded a relatively long term. Their terms of enforcement begin from the time of creation plus the life of the author, plus an additional 70 years after the death of that author. They are also encumbered with fair use exceptions.
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