142 research and development

Question 1

what is innovation/research/development

Answer 1

• creating ideas and adding value-> leads to new products
• reasearch is the inquiry into and discovery of new items
• development is the process which changes ideas that result from research process into commercially viable products or process

Question 2

eval a benifits of research and development to employees

Answer 2

(+) increased job satisfaction as they will be part of developing new products- job enrichment as they will be working closely with new technology so decreased workload due to efficient processes

(-) potential to be replaced by tech redundancies

Question 3

eval the the benefits of R+D to customers

Answer 3

(+) greater variety of goods-better service-shorter lead time
(-) increased costs of R+D may lead to increased prices

Question 4

eval the the benefits of R+D to managers

Answer 4

(+) allows business to meet changing need of demand, have greater resources abaible to meet new targets
(-) expensive to fund R+D investment - could be too ambiguous with their target setting and demotivated employyes

Question 5

(+) of research development

Answer 5

• enables the launch of new products successfully and creates star products to gain a competitive edge - USP
• business scan meet changing demand of the market
• customers gain greater variety of goods
• improves company image
• reduction in long term costs due to developments of new technology

Question 6

(-) of R+D

Answer 6

• no guarantee of success
• amount of money required to fund the R+D process
• likelihood of negative cash flow
  -new ideas- competitors can copy

Question 7

evaluation of R+D

Answer 7

• depends on the nature of the industry eg.some need R+D like cars instead of making bread
• depends on money/time available
• ## depends on the skill of the workforce carrying out R+D