Research and development Flashcards
What is research and development
Involves identification of new ideas and turning them into products, services and processes
What is innovation
Bringing a new idea to market place known as product innovation
Doing so in the workplace is known as process innovation
Why do governments encourage innovation
Because it helps grow the economy creates employment and wealth
What is research
Inquiry into and discovery of new ideas
What methods are used to generate new ideas
1 pure research - finds out how and why without any product objective
2 laboratory research -
3 evaluation of existing products - are the problems with this product
4 brainstorming using discussion groups - thinking outside the box
What is development
The process which changes ideas that result from the research process into commercially viable products
What is the product design and development process
1 identification of problem
2 research
3 development of ideas and solutions to solve the problem
4 development of prototypes
5 final design
6 testing
7 manufacturing after launch
Why invest in research and development
1 reduction in cost and improve company image
2 launch new products in order to gain a competitive edge
3 benefits consumers with a grater variety of goods and services
4 improves the working environment making it safer and cleaner
Why is research and development needed by a business
Most markets there is constant requirement for invention and innovation to keep up with competitors and attract customers
New products are required for businesses to grow and survive
Which type of companies rely on research and development
Pharmaceutical, aircraft, electronics- their existing products are redundant in short time
What has UKs relationship been with research and development
1 Has been a world leader in research, for many years
2 Britain has had a poor investment record in R&D many companies looking for short term gains and profit.
3 Recently seen a reversal business have linked with universities providing funding and research fellowships
What does research and development do to a-products lifecycle
Shortens it - small companies find it hard to survive this
Why is market research the foundation of R & D
If an unfulfilled demand is discovered then products need to be developed to meet this demand.
