What term is used to describe information or processes that give a business an advantage over its competitors?

The correct term to describe information or processes that provide a business with a competitive advantage is a trade secret. A trade secret refers to confidential information that gives a business a unique edge in the market, such as formulas, practices, processes, designs, instruments, or patterns that are not generally known or easily accessible. The protection of trade secrets is crucial for businesses because it helps maintain their competitive position without the need for formal registration processes required by other forms of intellectual property.

In contrast, a patent is a legal right granted for an invention that provides exclusive rights to use, manufacture, or sell the invention for a certain period, but it requires public disclosure of the details. Confidential information is a broader term that includes trade secrets, but does not necessarily imply competitive advantage unless it meets specific criteria for secrecy and value. A trademark, on the other hand, relates to brand identity and protects names, symbols, or logos that distinguish goods or services, rather than processes or information that confer a competitive edge. Therefore, the specificity and context of trade secrets align perfectly with the concept of providing competitive advantages in business.