5.6 Research and Development

Question 1

Research and development

Answer 1

the process of creating new products and processes to meet market needs

Question 2

Types of innovation

Answer 2

Product, process, position, paradigm

Question 3

Product innovation

Answer 3

Creating/ developing new/ existing products

Question 4

Process innovation

Answer 4

Developing new methods of production/ product delivery

Question 5

Position innovation

Answer 5

Changing the context of a product by repositioning it (marketing to a different target market/ a change in the organization’s focus)

Question 6

Paradigm innovation

Answer 6

Radical innovation that has the capability of changing the nature of a market which is highly risky

Question 7

Adaptive creativity

Answer 7

incremental innovation which develops a product/ process that already exists (less costly and fewer risks)

Question 8

Innovative creativity

Answer 8

radical innovation that involves creating entirely new products/ processes (while extremely risky, they can get a competitive advantage from the first-mover advantage)

Question 9

Intellectual property

Answer 9

refers to the creations of the mind such

Question 10

Patents

Answer 10

the exclusive right to make, use, or sell an invention

Question 11

Copyrights

Answer 11

legal protection for the creative works of artists, authors, and composers

Question 12

Trademarks

Answer 12

the exclusive right to use a particular sign or symbol that belongs to the organization (brand names and logos)