5.8 - Research and Development Flashcards
what is research and development
the scientific research and technological development of new products and processes which can increase a business
what does research and development include?
- creating new products
- updating old products
- new methods of producing
- creating new industries
why is research and development important
- to get an advantage over competitors
- to meet needs of consumers that are unmet
- lower costs of production
what is an IPR (Intelectual property right)
legal rights assigned to a business that shows ownership of a works related to human creativity
what is a patent
a form of intellectual property protection that relates to inventions
what is a trademark
a form of intellectual property protection protecting the brand, logo, image and name
what is copyright
a form of intellectual property protection that protects the works of artists, writers and musicians
what is incremental innovation
when a business make small improvements to a product or process over time
what is disruptive innovation
when an innovation or new invention enters a market and significantly changes it, creating a whole new market and product - this disrupts leaders in existing markets
