Intellectual property is often referred to distinct creation of the mind types for which one is entitled to exclusive rights that are recognized by the corresponding field of the law. This usually refers to exclusive rights to intangible rights. The intellectual rights discussed herein include trademarks and trade secrets.
A trademark is often described as a distinct indicator or sign that is used by a business organization, individual or other legal entity in order to identify the products of services he/they provides to the customer. The trademark is seen to originate from a source that is unique which is holds to distinguish that particular product or service from others that are provided by other entities (Wilson 2004).
A trade mark is usually designated by a TM when its unregistered and used to brand or promote goods, SM when it's a service mark used to brand or promote a product but is unregistered and ® when it is a registered trademark. The trademark can either be a word, name, phrase, symbol, logo, image or a combination of these elements. Owners of the trademark are entitled to enter legal proceedings where there is a trademark infringement in order to prevent the trademark from being used without authorization. A trademark as such acts as a badge of origin or indicates the product's source (Wilson 2004).
A trade secret is referred to as a practice, formula, process, instrument, pattern, instrument or compilation of information which is not reasonably ascertainable or generally known, by which an establishment can be able to obtain some economic advantage over its competitors or its customer. Some jurisdictions often refer to trade secrets as classified information of confidential information. For information to subjected to trade secret protection it must not be known to the general public, it must confer certain economic benefit aspects to its holder as well as be subject to some effort of being kept secret by the holder (Douglas 2000).