R&D Flashcards
1
Q
What is Research and Development (R&D) in business?
A
R&D involves identifying new ideas and turning them into products, services, and processes
2
Q
What are the Methods of Research used in R&D?
A
- Pure research: Conducted to understand concepts without a specific product goal, often by universities.
- Laboratory research: testing new compounds, such as pharmaceuticals, on animals.
- Evaluation of existing products: Finding and solving problems in current products.
- Brainstorming: Generating novel ideas for solving problems through group discussions.
3
Q
What is Innovation?
A
Innovation is the development of an invention, either by introducing a new product (product innovation) or improving processes (process innovation).
4
Q
What is Development in the context of R&D?
A
- Development turns research ideas into viable products or processes. It is costly and time-consuming
5
Q
What are the Benefits of Investing in R&D
A
- prevent competition.
- positively impact sales with new products.
- New machinery can reduce costs and increase productivity.
- improve a company’s reputation.
