Research and development
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All 5 Flashcards — Research and development
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Question
What is R&D?
Answer
Research and development — systematic investigation to develop new products, improve existing ones, or find more efficient methods.
💡 Hint
New/improved products + methods
Question
R&D links to: PLC, finance, competitive advantage, ___
Answer
Innovation — R&D drives the product development stage of the PLC.
💡 Hint
Innovation
Question
Four reasons to invest in R&D?
Answer
Innovative products (competitive advantage), improve existing products, lower costs, patents create barriers to entry.
💡 Hint
Innovation + improve + costs + patents
Question
Three risks of R&D?
Answer
Very expensive, no guaranteed return, long time horizons, competitors may innovate faster, high failure rate.
💡 Hint
Expensive + slow + failure
Question
R&D is essential in fast-changing industries like ___
Answer
Tech and pharmaceuticals — innovate or die.
💡 Hint
Tech + pharma
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Topic 5.8 hub
Research and development (HL only)
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