5.8 Research and development

Question 1

Research and development

Answer 1

a form of innovation directly associated with the technical development existing products or processes or the creation of new ones

Question 2

Advantages of research and development

Answer 2

1. competitive advantage
2. extend the life of an existing product
3. open up new markets
4. enhance the prestige of the company
5. motivate the workforce
6. lead to improvements in quality
7. reduce costs

Question 3

Disadvantages of research and development

Answer 3

1. opportunity costs (what else could the money be spent on?)
2. may head in the wrong direction (a new product doesnt necessarily mean theres a market for it)
3. time consuming (workforce can be tied to a project for years)

Question 4

Development in context of research and develpment

Answer 4

Development involves taking ideas from the research phase and turning them into practical applications, such as prototypes, new products, or improved processes

Question 5

Intellectual property rights

Answer 5

creations of the mind, like inventions or designs, that are legally protected, enabling businesses to control and benefit from their R&D innovations

Question 6

Copyrights and rights related

Answer 6

a form of intellectual property that protects original creative works, like music and literature, giving creators exclusive rights to use and distribute their work

Question 7

Industrial property

Answer 7

intellectual property rights that protect inventions, trademarks, patents, and industrial designs, safeguarding innovations and brand identity

Question 8

Patents

Answer 8

legal rights granted to inventors, giving them exclusive rights to produce, use, or sell an invention for a specific period, usually to protect R&D investments

Question 9

Trademarks

Answer 9

a legally protected symbol, name, or design that identifies and differentiates a company’s products or services from those of others

Question 10

Innovation

Answer 10

the addition of something new, incremental or radical improvement

Question 11

Product innovation

Answer 11

type of innovation where new products are created or improvements to existing products are made

Question 12

Process innovation

Answer 12

type of innovation where some parts of the manyfacturing or service delivery are improved

Question 13

Adaptive innovation

Answer 13

an innovation in existing organizational elements

Question 14

Disruptive innovation

Answer 14

an innovation so important that it may change the industry itself

Question 15

Factors affecting R&D and innovation

Answer 15

1. organizational culture
2. past experiences
3. technology
4. the pace of change
5. level of competition
6. finance
7. hr
8. legal constraints
9. ethical concerns