Research and Development Flashcards
1
Q
What is R + D
A
Inquiry into new ideas and changing them from ideas into viable products
2
Q
What is innovation?
A
Finding new ways to solve the same problem
3
Q
What is invention
A
The creation of something new
4
Q
What is the process of research and development
A
- Identification of problem
- Research
- Develop ideas of solutions
- Develop prototypes
- Final design
- Testing
- Manufacturing and launch
5
Q
Why should businesses invest in R + D
A
- Benefits consumers
- Competitive advantage with new products
- Find a good USP
6
Q
Why do little and lots of R + D
A
Lots
- Better quality
- Lower risk of failure
Little
- first mover advantage
- lower cost
