Research and Development

Question 1

what is innovation?

Answer 1

• the commercial exploitation of an invention
• the process of introducing new or improved ideas to create value for a business and its customers

Question 2

what is product innovation?

Answer 2

• bringing a new idea to the marketplace

Question 3

what is process innovation?

Answer 3

• bringing a new idea to the workplace

Question 4

what is research?

Answer 4

• the inquiry into and discovery of new ideas

Question 5

what is development?

Answer 5

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

Question 6

what are 3 benefits of a business investing in R&D?

Answer 6

• competitive advantage
• creates new and innovative products
• improved image

Question 7

what are the 7 stages of the product design and development process?

Answer 7

1. identifying a problem
2. research
3. development of ideas and solutions
4. development of prototypes
5. final design
6. testing
7. manufacturing and launch