Podcast
Questions and Answers
What is a major disadvantage of Research and Development?
What is a major disadvantage of Research and Development?
Which type of innovation involves a radical change in a product or business process?
Which type of innovation involves a radical change in a product or business process?
What is a characteristic of process innovation?
What is a characteristic of process innovation?
Which of the following statements about adaptive creativity is correct?
Which of the following statements about adaptive creativity is correct?
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What are some potential advantages of engaging in Research and Development?
What are some potential advantages of engaging in Research and Development?
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Study Notes
Research and Development (HL Only)
- Technical process of creating new ideas, discoveries, and inventions for commercialization or operational improvements
- Includes product design and manufacturing processes
- Highly expensive, often focused on meeting unmet needs or adapting to evolving demands
- Advantages include growth opportunities, increased productivity, competitive edge, customer loyalty, and job creation
- Disadvantages include high costs, skilled labor and capital requirements, time consumption, and high failure rate
Types of Innovation
- Process Innovation: Improves efficiency in production, such as quality enhancements, faster production cycles, better inventory control (e.g., Ford's production line).
- Product Innovation: Develops wholly new products or enhances existing ones, sometimes radically. New product development can address unfulfilled needs or changing demands. Positioning of a product or process influences consumer perception. Marketing plays a role alongside other factors like customer relationships.
Creativity Types
- Adaptive: Improves existing paradigms/systems through refinement and enhancement.
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Description
This quiz explores the technical processes involved in research and development, including innovation types such as process and product innovation. Understand the advantages and disadvantages of R&D and its impact on commercialization and operational improvements.
