the secret trade and the patents

the secret trade and the patents

Introduction

The main topic covered in this week’s study regards the secret trade and the patents. The secret trade refers to the exercise of a given company that is only known within the company, and not outside the company. The practice includes the compilation, formulas, program method, and process. Various organizations upheld the customers, suppliers, margin, and cost as their trade secret. The trade secret must contain content as well as the economic value and should not be easily identified from others. For instance, Coca-Cola has an algorithm that is locked and remains the trade secret, and no law is protecting such trade, unlike the copyright or patent have. The information that is considered as a secret act as an economic advantage to the company against its competitors for it is an internal product of the company. The patent refers to the property right granting from a sovereign authority.

Topic Selection

I opted to focus on the trade secret as a topic since the topic can expand one’s knowledge on techniques of handling the business’ critical information. The exciting aspect of this topic is how the company can hold back some of its vital information. If a competitive company obtains some of this critical and confidential information, it may lose market value, and it may also be dominated eventually by the other company. Many businesses hold this information as they have consequently invested a lot of money to improve their mode of transacting. Anything that gives one dominance over competing marketing is worth securing.

Topic Focus

One of the company’s most significant roles is to secure the undisclosed info, which is a secret. This is because the information has a market value, and the reason it being a secret is that there are reasonable underlying reasons to sustain the information in an undisclosed state. The exercise, process, or information must be ensured strictly is prohibited from access for use by others and in acquisition in a way that is against the requirement of the company. According to (Andersen 2018), there are no specifications guarantee means of securing the trade secret of any business. Hence, members in the company involved are in standalone statues, unlike the patent or the copyright. SO the company is dependent on its set laws that should govern the handling of the secret information. TRIPS sets the standard for material to fall in the category of a trade secret, which may be vast. Some of the business’ confidential information may include the ingredients, list of the customer, marketing principles, price lists, process, algorithms, target customers, framework, technical ideas, chemical formulas, which may be facts relating to achieving a targeted outcome. At the moment when the business is not in the position of attaining the patent, that is at the early stage of when its market value and development are stable than (Jones, 2020).

Application of the Topic

One of the renowned companies that upheld and have adopted the trade is the secret is Coca-Cola. Coca-Cola declined the option of patenting its business and opted to utilize the trade secret strategy. Trademarking the market would have caused the confidential information of the company to be disclosed, for instance, ingredients. The recipe has the inclusion of cocaine, and the company decided to retain it discreet for its value sustenance. Another company that has branded its method with a trade secret is the algorithm of the Google search. Once the algorithm was developed, it didn’t end there as there is consistent progress ongoing on its rebuilding. Google can sustain without exposing some of the many changes that are made. Additional is the Lena rubbing mad, which was an exception amongst others that deals with foods. This business has managed to keep the trade secret, thus preventing a lot of people from walking on the source of its mud. All the dirt is sauced from the same place, but all are assured that the reference is on the public and. The mud rubbing came into existence for developing the baseball surfaces.

Conclusion

In conclusion, Companies are aware of the vitality of the trade secrets. Any other kind of firm may also rate trade secrets with a five-star compared to all different security protection types. This is because the trade effect is broad in scope coverage and has a high capability to cover up the information of the firm that is commercially valuable as long as it tis termed as subject to the secrecy. They are immediate instead awaiting the government for the government approval of trademark security or patent

Answer To the Question

The trade secret will remain forever only if the owner mainly stays discreet to the mystery. Notwithstanding, that if any other individual finds out the secret in a legitimate strategy, then the proprietorship is not privileged in prohibiting others from utilizing the hidden secret. In protecting a trade secret, one will need to protect them and ensure that not many individuals think about it. To decide whether or to apply for the patent, one must ensure that nobody else has used for a patent still for a similar thing. Which demands some investment to get access to the patent, in case the application is acknowledged, and patent conceded? In such a case, the patent is guaranteed to be thus creating awareness about that application of the patent.