Which of the following best defines 'intellectual property'?

The definition of 'intellectual property' centers around creations of the mind that are utilized in commerce. This includes a variety of intangible assets such as inventions, literary and artistic works, designs, symbols, names, and images used in trade. Intellectual property rights are essential as they provide legal protection to creators and inventors, allowing them to control the use of their work and benefit from it financially. This protection encourages innovation and creativity, as individuals and businesses are motivated to develop new ideas and products when they know their intellectual contributions will be safeguarded.

The other options do not accurately capture the essence of intellectual property. For instance, a marketing strategy is focused on promoting products and services rather than the legal protection of ideas and creations. Physical assets strictly refer to tangible items owned by a company, which does not encompass the intangible nature of intellectual property. Lastly, business liability pertains to financial obligations or debts of a business, which is unrelated to the concept of intellectual property. Thus, the most fitting definition is indeed the one that highlights the creations of the mind used in commerce.