5.8 - Research And Development

Question 1

Define research and development

Answer 1

Activities related to innovation, launch, improvements of products. Apples to all industries

Question 2

What are the benefits of research and development

Answer 2

First mover advantage, competitive advantage, extension of PLC, cost reduction in the long term

Question 3

What are the negatives of research and development

Answer 3

Very long time, increased costs in short term, no guarantees and high risk of failure, ethical implications

Question 4

What is a umet need

Answer 4

Customers not knowing what they need

Question 5

What are the positives and negatives of a company meeting a customers unmet need

Answer 5

Implications of developing products that address unmet needs and wants are similar to those of R&D and product oriented approaches:
Pos - if you hit the spot, market is yours
Neg - if no, its a waste of money and time

Question 6

What is intellectual property

Answer 6

Intagebale property as a result of creativity

Question 7

What are the three types of intellectual property rights

Answer 7

• copyright
• trademark
• patent

Question 8

Define innovation

Answer 8

Process of commercialising creative idea and given it a practical use

Question 9

What are they 2 types of innovation

Answer 9

• incremental - adaptive, sustaining (iPhone)
• disruptive innovation - creation of a new product that changes the industry or create a new one