5.8 Key terms

Question 1

Copyrights

Answer 1

The legal protection for the creators and owners of published works, including those of authors, artists, composers, journalists, musicians, photographers, and film directors.

Question 2

Disruptive innovation

Answer 2

A type of innovation that refers to any major innovation that introduces a new good or service designed to replace an existing one by radically altering the market.

Question 3

Development

Answer 3

The section of R&D that is concerned with adapting existing ideas and products in order to commercialise new products in a financially feasible way.

Question 4

Incremental creativity

Answer 4

A type of innovation that refers to small but continual adjustments or developments to a product or process that already exists.

Question 5

Innovation

Answer 5

The commercialization of a new idea in order to fulfil existing customer needs or to create unmet customer wants (desires).

Question 6

Intellectual property (IP)

Answer 6

This refers to the intangible assets of a business through its creativity and capital expenditure.

Question 7

Intellectual property protection

Answer 7

Also known as intellectual property rights (IPRs), this refers to the lawful and private ownership of certain creations, inventions, or works, namely copyrights, patents, and trademarks.

Question 8

Patents

Answer 8

The exclusive right given to the registered owner to commercialise an invention, for a pre-determined length of time.

Question 9

Prototype

Answer 9

A test (or trial) version of a product to determine whether it addresses the unmet needs of customers, thereby gauging the chances of commercial success.

Question 10

Research

Answer 10

The section of R&D that is concerned with the creation of new ideas and new products.

Question 11

Research and development (R&D)

Answer 11

The process of creating new products (goods and services) and processes (how things are done), in order to meet market needs.

Question 12

Sunrise industry

Answer 12

A rising (growing) industry as there is significant growth potential in the market, so R&D expenditure is justified.

Question 13

Sunset (declining) industry

Answer 13

A declining industry as there is no or negative growth in the market, so R&D expenditure is minimal or withdrawn.

Question 14

Trademarks

Answer 14

The sole right to the owner to use a particular sign or symbol that belongs to the organisation, such as brand names and business logos.