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CHAPTER 8: RESEARCH AND DEVELOPMENT, image, image, image, image, image,…

- - - - Development of scientific knowledge that is applicable to wide range of potential uses.
      - NASA conducts basic research in quantum physics to better understand the nature of space and time. Although this doesn’t have immediate applications, it could lead to future advancements in space technology.
    - - Development of a new product or process
      - Pfizer applied knowledge from molecular biology to research mRNA vaccines for COVID-19. Applied research allowed the company to use new technology in creating a safe and effective vaccine, addressing urgent public health needs.
      - Application of scientific knowledge to the solution of a specific problem
    - - Identification of the relevant consumers
        
        Apple used applied research on touchscreen technology and facial recognition to develop and manufacture the iPhone. Product development enables Apple to create innovative products that meet consumer needs.
        
        Tailoring of the product / process to the needs of these consumers
  - - - Hard to Protect
      - Knowledge Spillovers
      - Universities like MIT conducting fundamental studies in artificial intelligence, where findings are published, allowing other tech firms to apply this knowledge.
    - - Patents/Copyright Possible
        
        Tesla’s research on battery technology, where advancements are patented to protect competitive advantage, while other firms develop alternative approaches to avoid infringement.
        
        Apple's iPhone development, which combines applied research in touchscreen and facial recognition technologies into a marketable product. Being a first mover often secures a larger market share.
- - - - Long-term strategic technology needs
      - Difficulty in accepting capital allocation
    - - Combine different methods
      - The role of management judgment and negotiation
    - - Availability of capital
      - Budget year set
      - Performance fluctuations
    - - The company's long-term growth goals
      - Demand is stable
      - Competitor spending
      - Influence from large projects
- - - - Apple: Use a score model to evaluate new iPhone features and prioritize developing features that are highly appreciated by users
    - - Link Title
        
        Amazon: Use decision trees to choose investment projects in new areas such as cloud and artificial intelligence.
    - - Netflix uses machine learning algorithms to analyze users' movie viewing preferences and provide suitable movie recommendations.