Question

During the introductory stage of the industry life cycle, innovators will likely devote most of their time, money, and effort to ______.

A. Management
B. Human resource recruitment
C. Operations management
D. Research and development

Answer 1

In the introductory stage of the industry life cycle, innovators primarily focus on Research and Development (R&D) to create new technologies and improve products, which is critical for advancing production and fostering innovation. The correct option is d.

Step-by-step explanation:

Dur​ing the introductory stage of the industry life cycle, innovators are most likely to devote their time, money, and effort to Research and Development (R&D). R&D is crucial for the creation of new technology and the improvement of existing products or services, and is necessary for enhancing technical capabilities and production efficiencies.

Investments in R&D can be time-consuming and risky due to the uncertainty surrounding the future of technology; however, such investments can also lead to significant innovations, such as the development of a new apple variety that took decades to come to fruition.

To encourage companies to invest in R&D and innovate, governments grant exclusive legal rights, like patents, providing firms with temporary monopolies to recoup their R&D expenses. Once patents expire, other firms can produce the innovated product more cheaply, increasing the product's accessibility.