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IBBusinessDPBusiness ManagementHLFlashcards5. Operations Management5.8 Research & Development (R&D)

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.

Previous:5.7 Crisis Management & Contingency PlanningNext:5.9 Management Information Systems

    1. Topic 1

      1.1 What is a Business?

    2. Topic 2

      1.2 Types of Business Entities

    3. Topic 3

      1.3 Business Objectives

    4. Topic 4

      1.4 Stakeholders

    5. Topic 5

      1.5 Growth & Evolution

    6. Topic 6

      1.6 Multinational Companies (MNCs)

    1. Topic 1

      2.1 Introduction to Human Resource Management

    2. Topic 2

      2.2 Organisational Structure

    3. Topic 3

      2.3 Leadership & Management

    4. Topic 4

      2.4 Motivation & Demotivation

    5. Topic 5

      2.5 Organisational (Corporate) Culture

    6. Topic 6

      2.6 Communication

    7. Topic 7

      2.7 Industrial Relations

    1. Topic 1

      3.1 Introduction to Finance

    2. Topic 2

      3.2 Sources of Finance

    3. Topic 3

      3.3 Costs & Revenues

    4. Topic 4

      3.4 Final Accounts

    5. Topic 5

      3.5 Profitability & Liquidity Ratio Analysis

    6. Topic 6

      3.6 Efficiency Ratio Analysis

    7. Topic 7

      3.7 Cash Flow

    8. Topic 8

      3.8 Investment Appraisal

    9. Topic 9

      3.9 Budgets

    1. Topic 1

      4.1 Introduction to Marketing

    2. Topic 2

      4.2 Marketing Planning

    3. Topic 3

      4.3 Sales Forecasting

    4. Topic 4

      4.4 Market Research

    5. Topic 5

      4.5 The Marketing Mix (7 P's)

    6. Topic 6

      4.6 International Marketing

    1. Topic 1

      5.1 Introduction to Operations Management

    2. Topic 2

      5.2 Operations Methods

    3. Topic 3

      5.3 Lean Production & Quality Management

    4. Topic 4

      5.4 Location

    5. Topic 5

      5.5 Break-Even Analysis

    6. Topic 6

      5.6 Production Planning

    7. Topic 7

      5.7 Crisis Management & Contingency Planning

    8. Topic 8

      5.8 Research & Development (R&D)

    9. Topic 9

      5.9 Management Information Systems

    1. Topic 1

      6.1 The Business Management Toolkit