Which term describes the use of existing knowledge to create new or improved products?

The term that describes the use of existing knowledge to create new or improved products is development research. This type of research primarily focuses on taking foundational knowledge, understanding market needs, and applying that knowledge to innovate or enhance products. It often involves the practical application of scientific and technical insights to produce goods that better satisfy customer requirements or to improve upon existing products.

In the context of business, development research not only addresses the creation of new products but can also involve significant refinement of current offerings, ensuring they remain competitive in the market. This approach is crucial in industries that evolve rapidly, where staying ahead of consumer demands is key to success. By leveraging existing knowledge, businesses can reduce time and costs associated with innovation, making development research a strategic element in product lifecycle management.