What is trademark Goodwill?

According to Merriam-Webster’s dictionary Goodwill is; 1. “the favor or advantage that a business has acquired especially through its brands and its good reputation 2. the value of projected earnings increases of a business especially as part of its purchase price 3. the excess of the purchase price of a company over its book value which represents the value of goodwill as an intangible asset for accounting purposes.” From a trademark perspective, goodwill is interchanged with reputation and represents the consumer’s willingness to purchase a good or service over and over again.