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Good Day!!!
Marketing Management is full of trade secrets. Every marketing personnel has his own and unique way of managing the the operation to become at par or above among his peers & professional acquaintances.
Agreed to the examples given by Mr. Haseeb.
Trade Secret can be any thing which is unique to you and gives competitive advantage at the same time unknown to most. in marketing it can be a strategy which give you advantage or competitive edge. it can be your communication , negotiation , incentive or reward based strategy or business information or anything gives you advantage .
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TRADE SECRET very interesting point you picked.
Well, there is nothing like a secret a marketing person get success when he is able to understand the person in front of him and also to make him understand himself.
The person who get expert in this art is always successful, and this is the only secret.
What you say ?
The most important point to understand about trade secrets is that there is no crisp, clear definition of what they are. Rather, the context in which a dispute over ownership of information arises will determine whether a court will treat the information as a trade secret. As a general rule, information that has commercial value and that has been scrupulously kept confidential will be considered a trade secret; the owner of the information will be entitled to court relief against those who have stolen or divulged it in violation of a duty of trust or a written nondisclosure agreement.
It is what you have developed as USP for your business/product and that has helped your business to grow and not known to competitor and could be anything ranging from a common thing like discount, price,pack,taste marketing campaign or a special thing like it has been your research or special manufacturing technique.
Mr. Vekitaraman, Thank U for your invitation, and I'd like to talk about:
What is the difference between patent protection and trade secret protection?
Both trade secrets and patents are forms of IP that can be used to protect innovation. although the overall subject matter that can be protected by trade secrets is broader than that which can be protected by patents. Trade secret protection is available for both technical information and information that does not relate to technical innovations. Non-technical information for which trade secret protection can exist includes: business and marketing plans, and customer lists. Patent protection is generally available for technical innovations, including a new and useful process, machine, manufacture or composition of matter. Software and software-implemented business methods have the potential of being protected by both patents and trade secrets.
Another significant difference is that patent protection requires the protected information become available to the public (through the publication of the patent application and/or patent), However, because patents and patent applicatons are made public, means that a third party is barred from duplicating and using the invention until the term of the patent is expired. Additionally, unlike trade secrets, patents can be enforced against someone who independently develops or “reverse engineers” an invention.
A trade secret has it’s own advantages. One significant advantage is that the term of protection for a trade secret has the potential to last forever – as long as the invention is kept a secret – whereas patents are only protected for a limited number of years (20 years from filing). Also, trade secrets can be less expensive to protect and to enforce.
In sum, the selection between patent protection and trade secret protection requires careful consideration of several factors. In particular, it is important to consider the nature of the subject matter being protected. Questions relevant to this decision include: Can it be independently developed?; can it be reverse engineered?; can it be maintained as a secret?; how long will the subject matter have market value?; and does the market value support investment in patent protection/enforcement?
i believe it is the product of experience and being at the right place at the right time.we all have come across formulas of success only to discover that time is the enemy to such secrets as you called them.
once you discover a new action plan that gets results everytime around ,you start using it and calling it my trade secret.i believe thay are short lived and can affect your future success if you are not aware of their life cycle and where they exist within the givin life cycle.
don't be fooled if you are succeeding today with such a formula,if it works today it might not work tommorow,the world is moving and can never stay still. so should you and your innovative thinking and mind.
Trade secrect = " X " Factor
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