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MGM 6 Managing Research & Development & Design notes

MGM 6 Managing Research & Development &...

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Sheet1 Page 1 Lecture 6: Managing Research & Development R & D fuction: responsible for designing, inventing, and innovating new products 1. Invention and innovation: a. invention: producing/ discovering new goods, ideas, procedures in particular ways b. innovation: taking an invention into the market. Must be profitable products. i.e. 3m post it notes: invented, brought to the management (invention). Once the management was convinced, they produced 2. Design: stovetop kettle --> electric kettle (new designs invented --> new ways of doing things/ new product ideas) a. apple ipods won the market due to their design b. design turns invention into successful innovation
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Unformatted text preview: c. monolithic design: logo that represents company (color is a factor that represents the company) d. endorsed design: GM endorse its brand such as pontiac, etc e. branded 3. research and development: basic research: studying the basic science to know the function applied research: developing ideas for the researched goods (transistor - used for radio. .) development & design: design the product and bring it to marrket 4. 2 factors for successful innovation: a. product champion (products must be attractive, useful, worthy, & have potential) b. market pull (market accepts the product/ market wants the product to exist)...
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