What does your child do if someone hit him/her

Some times small kids can get violent.
He took my toy.
She is not letting me ride the bike
I want that biscuits...
For such small reasons they can start a fight and beat each other up...

What should we do in such cases?
Should we let our kid get beaten up?
Or tell them to beat the opponent?

This is what I have thought Yashvi to do.

Try to hold the Hands of the opponent to stop them.
In no case she should hit back.
But in no case she should let them hit her.

If she can take the kid to an adult by holding his/ her hand, she should.

If she can not hold the hands , then she should walk away from the kid and say in a loud firm voice that "I will not allow you to hit me"

If required, I step in and separate them.

I am trying that I need not step in and Yashvi can handle her fights on her own.....

What do you do???