Definitions
Define Research
What is the commercial investigation of the unknown?
The purpose of R&D
What is the provision of continual advancement/launching new products to satisfy customer needs?
Define paradigm innovation
What is (radical) innovative change that changes the nature of certain markets?
Define Creativity
What is the process of generating new ideas (stemming from divergent thinking)?
Define Development
What is the use of research findings to create products that might be commercialized?
3 limitations of R&D spending
- High costs
- High failure rate
- Budgetary constraints
The 4Ps of innovation
- Product innovation
- Process innovation
- Positioning innovation
- Paradigm innovation
The three types of intellectual property rights
- patents
- copyrights
- trademarks
Define Innovation
What is the practical application of new inventions into marketable products?
3 benefits of successful R&D spending
- Growth Opportunities
- Producitivity Gains
- International Competitiveness
- Brand switching
- Job Creation
- Social Benefits
The ways innovation be classified (NOT THE 4Ps)
What is incremental and radical innovation?
The type of creativity styles most organizations tend to adopt
What is adaptive creativity?
Define Invention
What is the formulation or discovery of new ideas for products or processes?
The type of industries is R&D most beneficial for
What are sunrise industries?
2 industries in which product innovation is common?
- pharmaceuticals
- electronics
- car manufacturing
- telecommunications
- movies
3 factors that may influence the R&D strategy and level of R&D spending of a business
- Nature of the industry
- R&D and innovation spending plans of competitors
- Business expectations
- Risk profile or culture of the business
- Finance
- Ethical considerations
Define Intellectual Property
What are the legal rights to exclusive ownership of certain inventions or pieces of work?
2 benefits to a country of encouraging R&D spending
- Creation of high-tech jobs which increase average income levels
- Creation of high-added-value products that may then be manufactured in that country
- Prestige
- Attracting investment by multinational corporations
3 examples of innovation (NOT THE TYPES)
- Discovery of new production processes
- Successful exploitation of creative ideas
- introduction of new products
- entering new markets
How do the concepts of change, culture, and ethics influence the R&D practices of businesses?
No wrong answers... for the most part.