Definition of 'Trade Secret'
Trade secrets can be anything that gives a business a competitive advantage, such as a recipe, a manufacturing process, or a marketing plan. They can be written down or they can be in the heads of employees.
Trade secrets are important because they allow businesses to keep their competitive edge. If a business's trade secrets were to be disclosed, it could lose its competitive advantage and its profits.
There are a few things that businesses can do to protect their trade secrets. They can keep them confidential, they can use non-disclosure agreements, and they can register their trade secrets with the government.
Keeping trade secrets confidential is the most important thing that a business can do to protect them. This means not sharing them with anyone who does not need to know them. Businesses can also use non-disclosure agreements to protect their trade secrets. A non-disclosure agreement is a contract that requires someone to keep information confidential. Businesses can also register their trade secrets with the government. This gives them legal protection against anyone who uses or discloses their trade secrets without permission.
Trade secrets are an important part of business. They allow businesses to keep their competitive edge and protect their profits. By taking steps to protect their trade secrets, businesses can ensure that they remain a valuable asset.
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