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
2
Q
What is innovation ?
A
Process of creating or Improving Products or services to meet new needs and solve problems.
3
Q
R&D Method?
A
Find a problem
Brain storm (Research)
Ideas
Prototype
Test
Launch
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