Most paints specifically marketed as touch-up paint are acrylic lacquer. While lacquer has its benefits, primarily it is the fastest drying of paint types, that fast drying nature is also a curse. You have very little flow time to work with. The paint starts to set-up very quickly and it's hard to get it to flow within the chip.
Acrylic enamel or urethane (with the appropriate hardener) is my preference for single stage repairs where you do not intend to follow with a clear, or for the color coat when you will follow with clear. Water borne base coats also work well when you are following with a clear. Any of these will flow much better than lacquer and give you more working time. Plus, if you are not happy with the application, they are very easy to remove and start over.
For the clear coat my preference is a two-component urethane.
It really boils down to your expectations. If you just want to get some color in the chip so it doesn't stand out from 10 feet away, then the traditional touch-up lacquers will do. But if you want a repair that is harder to detect, even under closer inspection, that is harder to achieve with traditional lacquer-type touch up paints.
