Research and Development Flashcards

1
Q

What is R&D?

A

Is a process in the product life cycle which includes innovation or adapting good or services

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2
Q

What is innovation ?

A

Process of creating or Improving Products or services to meet new needs and solve problems.

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3
Q

R&D Method?

A

Find a problem

Brain storm (Research)

Ideas

Prototype

Test

Launch

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4
Q

Pros and cons of R&D?

A

PROS:
Differentiation
More choice for consumers
Reduce costs
Brand perception

CONS:
High costs
Uncertain outcomes
Long time frame

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