research and development

• What does R&D stand for in a business context?

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

  It helps businesses compete in a dynamic marketplace.
• What is the primary goal of R&D?

  To identify new ideas and turn them into products, services, and processes.
• 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 in businesses?

  Because it helps grow the economy, creating employment and wealth.
• What is pure research?

  Research conducted just to find out how or why, with no product objective.
• What is laboratory research?

  Testing new pharmaceutical compounds on animals.
• What is the purpose of evaluating existing products in research?

  To identify problems and find resolutions.
• What is brainstorming in the context of research?

  Using discussion groups to generate novel ideas for solving problems.
• What is development in the context of R&D?

  The process of turning research ideas into commercially viable products or processes.
• Why is development considered a costly and complicated process?

  Because it can take many years and requires significant resources.
• When was Concorde originally conceived?

  1962
• When did Concorde enter regular service?

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

  Because shorter product life cycles are now the norm.
• How has the automotive industry changed regarding product launches?

  Manufacturers now launch new models or revamp existing ones three times a decade.
• What is the typical cost of development for car manufacturers?

  It can cost hundreds of millions of pounds.
• What are the distinct stages in 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 one benefit of launching new products?

  It helps gain a competitive edge.
• How does R&D improve a company's image?

  By reducing costs and improving product quality.
• How does R&D benefit consumers?


  By providing a greater variety of goods and services.
• Why do pharmaceutical, aircraft, and electronics companies rely heavily on R&D?

  Because their existing products become redundant quickly.
• How do car manufacturers and the construction industry approach R&D?

  They often wait to see what the competition is doing.
• What is the role of marketing in industries that do not prioritize R&D?

  Marketing often takes precedence over R&D.
• What was Britain's historical position in research and development?

  Britain was a world leader in research.
• What percentage of major inventions in the last 60 years were conceived by British entities?

  Over 50%
• Why do companies need to budget for R&D?

  Because it is a highly expensive business activity.
• What trend has been observed in British companies regarding R&D investment?

  Many companies have focused on short-term gains instead of R&D.
• How have businesses started to reverse the trend of poor R&D investment in Britain?

  By linking with universities for funding and research fellowships.
• What is the role of science parks in relation to universities?

  They allow small companies to develop ideas based on university research.
• How does effective research impact product life cycles?

  It shortens life cycles and helps businesses stay competitive.
• What challenge do small businesses face due to shorter product life cycles?

  They find it hard to survive due to increased R&D costs.
• What has happened to companies like Lotus, Rolls Royce, and Aston Martin in the UK automotive industry?

  They have become parts of larger motor groups due to R&D costs.
• How can market research support R&D?

  It can identify latent demand that products need to meet.
• What is the difference between research and development and market research?

  They are very different activities, although market research may lead to R&D.
• What are some discussion themes related to R&D?

  • 'Businesses that do not invest in R&D are doomed to failure.'
  • Why is R&D considered risky by some stakeholders?
  • Evaluate the costs and benefits of innovation for a business and its stakeholders.
  • Why did the Canadian business buy this UK-based business?
• What is the URL provided for the Cardiff University spin-out technology firm Mesuro?

  http://www.walesonline.co.uk/business/business-news/cardiff-university-spin-out-technology-firm-8530959