The answer to this question is going to be interesting and unexpected. It is also a more modern approach to the solution, and one that I see a lot of companies use, at least in conjunction with other things such as patents and trademarks.
I am not going to protect my intellectual property. I am instead going to create a superior product and brand, leaving no room for any direct competitors to succeed.
With the electronic instruments industry in particular, things are replicated easily and often. As I mention in my business plan, a company named Behringer is more or less the boogeyman within the industry for this reason. They don't make anything innovative or unique, and they don't have a real following or reputation. Instead, they take other people's products, replicate them within the confines of copyright/patent law, and manufacture them overseas with low quality materials. They then sell these things at a fraction of the cost. No company or product has been able to escape Behringer.
Additionally, companies that operate within the same market space will constantly vy to one-up each other and not be left behind. If Korg were to suddenly offer a product that did X, you can bet your entire savings account that Roland will be hot on their heels.
The approach that I am going to take is the same approach that most other successful company in the industry takes: compete and win. Brand loyalty and reputation is a massive factor in the purchasing choices that musicians make. As I detail in my business plan, I aim to deny any potential competition for my product by making a name for my brand, gaining a following, and selling my product at multiple price points to cater to every demographic (up yours, Behringer!).
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