Research And Development

Question 1

research and development

Answer 1

essential today for businesses to compete in a dynamic marketplace- it involves the identification of new ideas and turning them into products, services and processes

Question 2

research

Answer 2

the inquiry into, and discovery of new ideas

Question 3

methods used to generate new ideas

Answer 3

•pure research- research just to find out how or why, with no product objective
•laboratory research
•evaluation of existing products
•brainstorming

Question 4

development

Answer 4

the process that changes ideas which result from the research process into commercially viable products or processes

Question 5

innovation

Answer 5

the commercial exploitation of an invention: bringing a new idea to the marketplace or the workplace

Question 6

benefits to the business of investing in research and development

Answer 6

•can lead to the development of new products which may give them a competitive edge
•creates new/innovative products that may appeal to consumers- may have positive impact on image
•improved working environments: new machinery which may cut costs and raise productivity, or may be cleaner, safer improving working conditions and therefore involves profit margins
•improved image
•can motivate employees- helps to satisfy their higher order needs which may create positivity
•increased sales- consumers benefit from a wider variety of goods and services
•helps to adapt products to new technology