BEING INNOVATIVE - RESEARCH AND DEVELOPMENT (R & D)

Question 1

What is research and development

Answer 1

Research and development is the process of scientifically investigating new products and processes.

Question 2

What is the basic process of research and development (these aren’t set in stone, but they are apart of the process)

Answer 2

Collection of data

Idea generation

Initial design

Feasibility assessment - Is it a realistic idea given the companies experience etc

Prototype

Product testing

Final design and launch

Question 3

What are the benefits of R&D

Answer 3

Creation of new designs imporves brand image and USP

Source of competative advantage

Charge higher prices

Refresh product portfolio

Long term survival

Worker motivation