Term
| Importance of Research and Development |
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Definition
- it is a form of innovation directly associated with the technical development of existing products or processes, or the creation of new ones.
- it helps extend the product life cycle by developing new ways to use existing products or by indicating new strategic directions for the company. |
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- Competitive advantage
- extend life of existing product.
- open up new markets.
- enhance prestige of the company.
- motivate work-force
- Improve quality
- reduce costs |
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Definition
- opportunity costs- what else could money be spent on?
- May be done in the wrong direction
- Time consuming- tied to project for years
- fiercely competitive
- Can become bureaucratic and non-productive
- Ethical issues involved |
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Quality can be improved through methods such as Kaizen and approaches such as TQM.
- Coca-Cola- modified secret formula.
-without innovation businesses can lose market share against existing competitors.
- Can help find gaps in existing markets.
- or to open up new markets.
- addresses customers unmet needs.
- Info can help R&D develop items for which there is a market demand. |
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Definition
- Protects the idea
- Undisputed rights to exclude anyone else from making the product exactly to the specifications laid down in the patent.
- Usually a period of 20 years.
- The business can then renew the licence if necessary.
- Does not stop production of similar products they just cant be the same. |
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Definition
- Applied to written material but now covers artistic forms of media.
- protected for about 50 years.
- protects from unlawful copying of the material. |
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Definition
Split into two general forms.
Conventional Trademarks
- Logos, slogans, designs and phrases
- Symbol TM
Non- Conventional Trademarks
- qualities that are distinctive to the design. |
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Term
| Intellectual property rights ensure that the business can: |
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Definition
- Have first mover advantage
- increase profit margins
- Safe guard continuity
- develop brand loyalty
- Time to develop new products
- benefit of creativity, innovation and R&D. |
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Definition
two types that can be recognised
- Product innovation
- Process innovation
And two further types
- Positioning innovation
- Paradigm Innovation
These are the 4P's of innovation |
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Definition
| New products are created, or improvements are made to existing products. |
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Definition
| Parts of the manufacturing or service delivery are improved. |
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Definition
Refers to a use of perception of a new product or service.
'in relationship to competitors'
- focus on business environment and competitive context.
- Lucozade - medicine changed to energy drink. |
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Definition
innovation that could change the industry itself.
- impacts both short and long term of the new product or service. |
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Definition
Adaptive creativity
and
Innovative Creativity |
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Definition
| Form of creativity that transfers and applies existing forms of thinking and problem solving to new scenarios or different situations. |
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Definition
| Generates new forms of thinking, addressing problems from an unusual perspective |
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| Adaptive style of creativity |
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Definition
Disciplinary approach
systematic, linear thinking
needs more structure
prefers incremental changes
Solves problems by adapting, refining, and improving the current paradigm
Thinks 'inside the box' |
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Term
| Innovative style of creativity |
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Definition
in disciplinary approach
shows divergent thinking
needs less structure
prefers radical structures
solves problems by breaking, modifying, and replacing the current paradigm
Thinks 'Outside the box' |
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Definition
- Organizational culture
- past experience
- Technology
- The pace of change
- Level of competition
- Finance
- HR
- Legal Constraints
- Ethical concerns |
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Definition
| if an organization has a rather low- risk, role-based, bureaucratic, or autocratic culture, innovation may then be very limited, fear of failure can outweigh the rewards of success. |
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Definition
'What has worked in the past?'
A proven track record of innovative practice can develop expectations |
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Definition
leading role in Development of ideas
Using CAD and the internet |
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Some industries more responsive to change than others.
- High-tech -> less able to stay ahead of the market for long, as the pace of development is so fast.
Other markets are not as affected |
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Definition
| Amount of finance available, R&D budget can limit amount of innovation. |
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Definition
| tied to availability of finance and available workers. |
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| legal concerns have a large impact. They will vary from country to country |
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