Unit 5, Section 8: Research & Development (HL Only)

Copyright

The legal protection for the creators and owners of published works, including those of authors, artists, composers, journalists, musicians, photographers, and film directors.

disruptive innovation

A type of innovation that refers to any major innovation that introduces a new good or service designed to replace an existing one by radically altering the market.

development

The section of R&D that is concerned with adapting existing ideas and products in order to commercialize new products in a financially feasible way.

Incremental creativity

A type of innovation that refers to small but continual adjustments or developments to a product or process that already exists.

innovation

The commercialization of a new idea in order to fulfil existing customer needs or to create an unmet customer wants (desires).

intellectual property

This refers to the intangible assets of a business through its creativity and capital expenditure.

intellectual property protection

Also known as intellectual property rights (IPRs), this refers to the lawful and private ownership of certain creations, inventions, or works, namely copyrights, patents, and trademarks.

Patents

The exclusive right given to the registered owner to commercialize an invention, for a pre-determined length of time

Pretotype

A test (or trial) version of a product to determine whether it addresses the unmet needs of customers, thereby gauging the chances of commercial success.

research

The section of R&D that is concerned with the creation of new ideas and new products.

research and development (R&D)

The process of creating new products (goods and services) and processes (how things are down), in order to meet market needs.

sunrise industry

A rising (growing) industry as there is significant growth potential in the market, so R&D expenditure is justified.

sunset industry

A declining industry as there is no or negative growth in the market, so R&D expenditure is minimal or withdrawn.

trademarks

The sole right to the owner to use a particular sign or symbol that belongs to the organization, such as brand names and business logos.