Innovation, research and development Flashcards
Innovation
Research and development
when businesses gather knowledge to create new products or discover new ways to improve their existing products and services.
explain the reasons for innovation within a business and an industry
In order to make existing business processes less costly, less time-consuming to complete, and more sustainable.
explain the reasons for research and development within a business and an industry
it provides powerful knowledge and insights, leads to improvements to existing processes where efficiency can be increased and costs reduced.
Product innovation
the process of creating a new product or improving an existing one to meet customers’ needs in a novel way.
Process innovation
The process/cycle of innovation
The process/cycle of R&D
Advantages of inovation
Disadvantages of inovation
Advantages of R&D
Disadvantages of R&D
Importance of innovation to a business
Importance of innovation to the consumer
Importance of innovation to the economy
