Business Studies, asked by RockstarAryan6020, 1 year ago

What are trade secrets?

Answers

Answered by ammu1234562
2
hi.


A trade secret is some information that gives a company an advantage over its competitors. Its value lies in the fact that it is not widely known, and making it known would deminish that value. Trade secrets are protected under law, notabley by the Lanham Act and Uniform Trade Secrets Act, however there is no formal registration procedure. Protection lasts only as long as the trade secret remains that way, but can last forever if nobody discloses the secret.

Anything that has independent economic value for a company can be considered a trade secret. This includes:

Recipes and formulas, like the KFC Colonel's secret recipe

New inventions for which you have not filed a patent application

Marketing techniques unique to the company

Manufacturing methods

A company's customer information

hope it helps u

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