Question

_______ such as processes, formulas, methods, procedures, and lists can be valuable assets that allow companies to obtain a competitive advantage.

Answer 1

trade secrets such as processes, formulas, methods, procedures, and lists can be valuable assets that allow companies to obtain a competitive advantage.

What is meant by trade secrets?

Any company information that derives a profit from secrecy is considered a trade secret.

Whether you have produced innovative technology, unique items, the ideal recipe, or a gold mine of consumer data, trade secrets can be highly valuable to you.

Trade secrets are protected by intellectual property (IP) rights that can be licensed or sold.

Generally speaking, for knowledge to be considered a trade secret, it must be: financially valuable due to its secrecy, and known exclusively to a small number of people.

The Coca-Cola recipe is possibly the most well-known trade secret in the whole globe.

Whether they are well-known or not, trade secrets and private information are the lifeblood of several businesses, and almost all businesses have them.

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