What defines trade secrets?

[King Belieal]

We have heard that businesses should always try to protect their trade secrets as they are very important. What are the scope of the details that constitute a trade secret for a business? Is trade secrets also directly related to production of goods and services?

 

[Kross]

Any information that gives a business a competitive edge over other businesses in the future industry is it's trade secret. Example is production formula.

 

[Fidelia]

One of the most important trade secrets is the strategy that a business uses to price it's products. Another one is it's product design process.

 

[eLdavis]

A trade secret could be anything, the most important thing is that it should give the business a competitive edge over other businesses.

 

[Suba]

Trade secrets can be defined as confidential information and have economic value, not informed to the public or even to employees, these trade secrets must be strictly guarded by business owners, such as food recipes, production methods, marketing strategies, etc.

 

[Augusta]

A trade secret or trade secrets encompass a wide range of information, including formulas, designs, processes, compilations of information of a business