research and development

• What does R&D stand for?

  Research and Development
• Why is R&D essential for businesses today?

  To compete in a dynamic marketplace
• What is the definition of innovation?

  The commercial exploitation of an invention
• What is 'product innovation'?

  Bringing a new idea to the marketplace
• What is 'process innovation'?

  Implementing new ideas in the workplace
• Why do governments encourage innovation?

  To grow the economy and create jobs
• What is pure research?

  Research to find out how or why
• What is laboratory research?

  Testing new pharmaceutical compounds
• What does evaluation of existing products involve?

  Identifying problems and solutions
• What is brainstorming in research?

  Generating novel ideas through discussion
• What is development in the context of R&D?

  Turning ideas into commercially viable products
• Why is development considered costly and complicated?

  It can take many years to complete
• When did Concorde enter regular service?

  1975
• Why is it important for businesses to reduce development time?

  To keep up with shorter product life cycles
• How has the automotive industry changed regarding model launches?

  New models are launched three times a decade
• What can development costs reach for car manufacturers?

  Hundreds of millions of pounds
• What are the stages of the product design and development process?

  1. Identification of problem
  2. Research
  3. Development of ideas and solutions
  4. Development of prototypes
  5. Final design
  6. Testing
  7. Manufacturing and launch
• Why do businesses need to invest in R&D?

  To keep up with competition and attract customers
• What is the risk of not investing in R&D?

  Businesses may face failure
• Which industries rely heavily on R&D?

  Pharmaceutical, aircraft, and electronics
• Why do pharmaceutical companies need R&D?

  Existing products become redundant quickly
• What are the benefits of R&D for businesses?

  • Launch new products for competitive edge
  • Reduction in costs and improved image
  • Safer and cleaner working environment
  • Greater variety of goods and services for consumers
• How do car manufacturers approach R&D?

  They often wait to see competition's moves
• What happens in industries where R&D takes a back seat?

  Marketing becomes the primary focus
• What was Britain's historical role in research?

  World leader in research and inventions
• Why do companies need to budget for R&D?

  It is a highly expensive business activity
• What trend has been observed in UK businesses regarding R&D investment?

  Companies are starting to link with universities
• What is the role of market research in R&D?

  It can identify latent demand for products
• How does market research help existing products?

  It discovers consumer attitudes for improvements
• What is the common error learners make regarding R&D?

  • Confusing R&D with market research
  • Understanding they are very different activities
  • Recognizing market research can lead to R&D
• Innovation


  A new idea, product, process, or service that adds value to customers
• Research and Development (R&D)

  A systematic process to create new or improved products, services, or processes through experimentation, testing, and iteration
• Product Design and Development Process

  Concept Generation, Ideation, Design, Prototype Development, Testing and Iteration, Production Readiness, and Launch
• Benefits of Innovation


  Revenue growth, competitive advantage, market share, improved customer satisfaction, job creation, brand premium, increased efficiency, and knowledge creation
• Costs of R&D


  Financial investment, opportunity costs, time, risk, human capital, and facilities and equipment
• Benefits of R&D


  New products and services, process improvements, innovation, competitive advantage, job creation, increased efficiency, and knowledge creation
• Innovation Impacts on Stakeholders

  Employees, Customers, Investors, and Community
• R&D Impacts on Stakeholders

  Employees, Customers, Investors, Community, and Government
• R&D Impacts on Business

  New Products and Services, Process Improvements, Innovation, Competitive Advantage, and Improved Efficiency
• Innovation Impacts on Business

  Reputation, Competitive Advantage, Revenue Growth, Market Share, and Improved Efficiency