Do u think that research and development are important for business promotion?
if, so how?
Answers
Answer:
yes
Explanation:
Research and development (R&D) is a valuable tool for growing and improving your business. R&D involves researching your market and your customer needs and developing new and improved products and services to fit these needs. Businesses that have an R&D strategy have a greater chance of success than businesses that don't. An R&D strategy can lead to innovation and increased productivity and can boost your business's competitive advantage.
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Why R&D is important
WHY R&D IS IMPORTANT
Having to deal with a competition that has became worldwide and under the pressure of its stockholders, SMEs have now to obtain higher level of performances days after days. In that context, the management of R&D activities is a key factor allowing achievement of future growth as they are eventually leading toward an increase of the company’s knowledge, a better technology capacities and products and processes innovation. In other words, R&D is, as an essential process to bring innovation into your company, a key strategic development factor for any SME wiling to operate worldwide (Hendry, 1998). Here are some facts to know to catch the essentiality of implementing R&D activities within your company.
Definition of R&D
In its 6th edition of Frascati Manual (2006) OECD defines research and development (R&D) as “an activity undertaken for the purpose of discovering or developing new products, including improved versions or qualities of existing products, or discovering or developing new or more efficient processes of production”. Thus, R&D activities result in a systematic creative work resulting with new knowledge that then can be used to formulate entire new products as well as to improve existing ones.
The importance of R&D to innovation
R&D has to be understood as the necessary first phase of any process leading to technological innovation.
R&D embodies a long-term vision of a company and its strategy when innovation operates more in a short-term economic model of the company. At the end of the day, R&D consists in investing your money to find innovation products, services or processes that will enable the company to earn some (thanks to the innovation you found). It is in that sense that R&D is essential if you want your company to be innovative.
The experience and the knowledge accumulated thanks to R&D activities enhance innovation for any given company (Brouwer et Kleinknecht, 1996). At the end of the day, your investment in R&D will allow you to gain in technology and future capabilities than would be eventually convertible into new products, processes, and services.
Advantages of R&D
Implementing and managing R&D activities within your business offers tremendous advantages for your company. In the overall, it allow you to create an environment within your organization favorable to questioning your processes and products, encouraging therefore your company’s flexibility and its ability to integrate new concepts and processes. Hence, it will allow your company to adapt itself in an efficient way to market changes (Freel, 2000).
Some other main advantages include the following ones: