TOPIC:Topic 5: Operations Management LESSON TITLE:Factors affecting Innovation (HL) COMPETENCY FOCUS: Technological Impact (C4): students will develop their understanding of how technology has made an impact in the production process of products for a business. [IB Learner Profile Development: Inquirer] Learning Objectives By the end of the lesson, you should be able to… LO1) To describe the importance of research & development for a business LO2) To explain the role of intellectual property rights for a business LO3) To analyse the factors affecting innovation SMSC: You will assess the organisational culture of businesses in terms of fundamental structure, purpose and strategy development. CRITICAL THINKING KEY: Knowledge Application Analysis Evaluation
The Importance of Innovation/R&D To solve problems (developing new drugs) Improve quality (this will extend the life cycle of products) Develop new products Reducing costs (find cheaper ways of doing things) Developing new materials (i.e. synthetic materials) Reducing environmental damage
Innovation/R&D COSTSBENEFITS CostlyCompetitive Advantage Time-consumingImproved working environment Employment of specialistsImage Businesses feel pressure to invest in R&D to stay in the competition Motivation R&D does not always lead to innovation Customer loyalty Ethical issuesConsumer benefits (wider choice of products which lowers cost)
Intellectual Property Rights (IPR) Intellectual Property: refers to creations of the mind such as inventions, literary, artistic work including images, symbols, designs. Intellectual Property Rights: legal property rights over the possession and use of intellectual property. Patent: legal right to be the sole producer and seller of an invention. Copyright: legal right to protect and be the sole beneficiary from artistic and literary works. Trademark: a distinctive name, symbol, motto, design that identifies a business or its products, can be legally registered and cannot be copied.
TOK In the light of growth of the market for GM crops, how do you know whether society benefits from R&D into different types of product?