What is the owner allowed to do with these rights?
IP turns intangible assets into exclusive property rights, although for a limited period of time. Almost every country has its own set of laws on intellectual property.  
An owner of a intellectual property can decide who will benefit from the use of that. So, the owner can exclude others from the use of the property. This includes the right to exclude all other from making, offering, putting on the market, importing, exporting, using, selling, or stocking for such purposes.
If another person or business wants to use that property that it does not own, it will have either buy it and use it or take the prior permission of the owner.
IP rights provide you with the opportunity to prevent or stop competitors from making or copying products that infringe on your rights, or permit others to use it on mutually agreed terms and conditions.