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