5.6 Research & development

Trademark

________: distinctive name, symbol, motto or design that identifies a business or its products- can be legally registered and can not be copied.

Copyright

________: legal right to protect and be the sole beneficiary from artistic and literary works.

R & D

________ is expensive and has an opportunity cost.

Innovation

________: practical application of new inventions into marketable products.

Inventions

________ do not always lead to successful innovative products.

technical development

Research and development (R & D): scientific research and ________ of new products and processes.

R & D

________ does not always lead to an invention /discovery.

Innovation

practical application of new inventions into marketable products

Research and development (R&D)

scientific research and technical development of new products and processes

Intellectual property rights

legal property rights over the possession and use of intellectual property

Copyright

legal right to protect and be the sole beneficiary from artistic and literary works

Innovation

Practical application of new inventions into marketable products

Research and development (R&D)

Scientific research and technical development of new products and processes

Competitive advantage; intellectual property rights; customer loyalty; high, premium prices; publicity; lower costs

6 benefits of successful R&D spending to business

Intellectual property

Intellectual property refers to creations of the mind such as inventions, literary and artistic works and symbols, names, images and designs used in business

Intellectual property rights

Legal property rights over the possession and use of intellectual property

Copyright

Legal right to protect and be the sole beneficiary from artistic and literary works

Trademark

Distinctive name, symbol, motto or design that identifies a business or its products can be legally registered and cannot be copied

Product innovation, process innovation, positioning innovation and paradigm innovation

4Ps Innovation Model

Nature of the industry; R&D and innovation spending plans of competitors; business expectations; risk profile or culture of the business; needed finance for effective R&D; ethical considerations

6 factors affecting R&D practices and strategies in an organization

Competitive advantage

What sets your business apart from your competition

Product innovation

Introduction of a good/service that is new or significantly improved with respect to its characteristics or intended uses

Process innovation

Implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software

Positioning innovation

Repositioning, taking a product/service and offering it in a new market, or with a new slant

Paradigm innovation

Shifting of an underlying mental model via a change