Which of the following best defines a trade secret?

A trade secret is best defined as confidential information that provides a competitive advantage. This type of information is not generally known or easily accessible to others and is protected from disclosure. The essence of a trade secret lies in its confidentiality and its ability to give the business a leg up in the market by not revealing critical business processes, formulas, customer lists, or practices that competitors could use to their advantage.

In contrast, publicly available business information does not qualify as a trade secret, as it can be accessed by anyone and does not provide a competitive edge. A legally protected invention or patent, while it does provide exclusive rights and competitive advantage, falls under a different category of intellectual property, distinct from trade secrets. Lastly, a type of marketing strategy may encompass various business tactics, but it does not inherently relate to the confidential nature that defines a trade secret.