What is Research and Development?
Research and Development (R&D) refers to the investigative work a business conducts before designing a new product. Businesses are looking to see if there are any similar products out on the market and if so is it worth making improvements to the already existing design. This investigative work helps businesses make decisions on whether to pursue the manufacturing of their product. Companies across all sectors and industries utilize R&D to improve on product lines and on development of new goods and services. It is crucial to prioritize R&D as one of the first and most important steps in the product development process.
Examples of the R&D process would be:
- Establish the target market
- Conceptual design
- Product testing
- Focus groups
- Market studies
- Product marketing plan
- Determining product specs
Why do you need R&D?
With consumers eager to purchase the next new product and technology, R&D is extremely important in today’s competitive markets. Taking advantage of its R&D efforts and improving an existing product or creating a new one all together will put you ahead of your competitors. R&D should not be considered as expenditure but as a long-term investment. R&D provides a platform for creativity and innovation to flourish in an organization. Most innovative breakthroughs happen only because of the painstaking efforts of R&D.
- Extensive knowledge of market
- Insight to manufacturing ability
- Possibility of developing innovative products
- Time consuming
- Expensive initial cost
- Not the most thrilling work
Don’t know where to start ? Contact us and learn more about Lime Design’s Research and Development service today!