5.8 Research & Development (R&D) (DP IB Business Management)

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  • What is research and development (R&D)?

    Research and Development (R&D) is scientific and technological research to identify new materials, innovate new products and improve processes.

  • Define the term prototype.

    A prototype is an early sample or release of a product built to test a concept or process.

  • True or False?

    R&D guarantees commercial success.

    False.

    R&D spending does not guarantee commercial success. Effective marketing, distribution, and quality also play important roles.

  • Define the term first mover advantage.

    First mover advantage is the competitive edge gained by being the first to enter a market or implement a new technology.

  • Define the term intellectual property.

    Intellectual property refers to creations of the mind, such as:

    • Inventions

    • Literary and artistic works

    • Designs

    • Symbols, names and images

  • What is an intangible asset?

    An intangible asset is a non-physical asset that has value, such as patents, trademarks or copyrights.

  • What are product trials?

    Product trials are tests conducted to evaluate the performance, safety and interest in a new or improved product before its full-scale launch.

  • What is meant by the term innovation?

    Innovation is the process of bringing new products to customers and developing new processes that can lead to greater business efficiency.

  • What is the role of innovation in economic growth?

    Innovation plays a vital role in economic growth by driving productivity improvements and creating new industries.

  • True or False?

    Innovation only occurs in the technology sector.

    False.

    Innovation can occur in any sector, from agriculture to healthcare to manufacturing.

  • What is disruptive innovation?

    Disruptive innovation is the development of a changed or entirely new product which disrupts the existing market e.g. artificial intelligence.

  • What is incremental innovation?

    Incremental innovation is the gradual, small-scale improvement of products, services, or processes over time.

  • Define the term competitive advantage.

    Competitive advantage is a factor that puts a company in a favourable or superior business position, ahead of its competitors.

  • True or False?

    Innovation requires significant financial investment.

    False.

    While some innovations require substantial investment, others can be achieved through creative thinking and process improvements with minimal finance.

  • What are intellectual property rights?

    Intellectual property rights legally protect inventions, creative works and some specialised processes from being copied.

  • True or False?

    Patents need to be registered to be valid.

    True.

    Patents need to be registered with the government patent office to be valid.

  • Define the term copyright.

    Copyright protects written works from being copied without permission.

  • True or False?

    Copyright protection begins automatically when a work is created.

    True.

    Copyright protection begins automatically when a piece of work is created.

  • What is a trademark?

    A trademark is a distinctive sign or symbol that is used to distinguish between brands.

  • True or False?

    Trademarks can include sounds and colours.

    True.

    Trademarks can include words, names, logos, symbols, slogans, and even colours or sounds.

  • What does the ® symbol indicate?

    The ® symbol indicates a registered trademark.

  • True or False?

    All intellectual property disputes must be settled in court.

    False.

    Many businesses prefer to settle intellectual property rights disputes out of court to avoid significant court costs.

  • What is a cease and desist agreement?

    A cease and desist agreement is an arrangement where a party agrees to stop using designs, processes, or trademarks that infringe on another's intellectual property rights.

  • True or False?

    Patents provide inventors with a permanent legal monopoly.

    False.

    Patents provide inventors with a legal monopoly for a limited time.