13: Operational strategies: innovation Flashcards
1
Q
Research and development (R&D):
A
The scientific research and technological development of a new product or process.
2
Q
Idea generation:
A
The process of identifying a wide range of possible new ideas.
3
Q
Idea screening:
A
The process of streamlining all the ideas generated to shortlist those worthy of further consideration.
4
Q
Concept testing:
A
The process of pitching potential ideas to consumer panels to assess their reactions.
5
Q
Business analysis:
A
The process of investigating the economic and practical viability of an idea.
6
Q
Innovation:
A
The launch if a new product or process, an invention, onto the market for commercial gain.
