Research and development Flashcards
What is research and development (R&D)?
A crucial part of many industries necessary for understanding consumer needs and improving products, processes, and efficiency.
What are the benefits of research and development for businesses?
- Lower costs
- Product development and patents
- Diversification
- Brand image
What is product development?
The process of developing new products for existing markets.
What is diversification in the context of R&D?
Developing new products for new markets.
What is a unique selling point (USP)?
A feature that helps to increase sales revenues by distinguishing a product from competitors.
How can R&D improve a company’s brand image?
By being at the forefront of new product development.
What is the significance of securing a patent?
It grants monopoly production rights and can lead to large profits over time.
What does process innovation lead to?
Improvements in manufacturing processes and lower production costs.
What is the risk associated with R&D?
Businesses can spend large sums of money that may not result in successful products.
What is a gap in the market?
An unmet need that a business can address to potentially earn a profit.
What does intellectual property (IP) refer to?
Creations of the mind such as inventions, artistic works, or brand names.
What are the types of intellectual property protection?
- Patents
- Trademarks
- Copyright
Define patent.
A license that gives an inventor exclusive rights to make, use, or sell a product for a specific period.
What criteria must be met for a successful patent application?
- Originality
- Viability
Define trademark.
A recognizable symbol, word, or phrase associated with a business.
Define copyright.
Legal protection for creative works, granted without application to any authority.
What is innovation?
The process of creating or developing new ideas and turning them into commercially viable products.
List the four types of innovation.
- Product innovation
- Positioning innovation
- Process innovation
- Paradigm innovation
Define incremental innovation.
A series of small, minor adaptations or changes occurring steadily over time.
Define disruptive innovation.
The creation of new industries or markets that fundamentally change existing ones.
