Is a creative work undertaken on a systematic basis in order to increase the stock of knowledge, includingknowledge of man, culture and society, and the use of this stock of knowledge to devise new applications
New product design and development is more often than not a crucial factor in the survival ofa company. In an industry that is fast changing, firms must continually revise their design and range of products. This is necessary due to continuous technology change and development as well asother competitors and the changing preference of customers
R&D has a special economic significance apart from its conventional association with scientific and technological development. R&Dinvestment generally reflects a government's or organization's willingness to forgo current operations or profit to improve future performance or returns, and its abilities to conduct research anddevelopment.
Research and development is nowadays of great importance in business as the level of competition, production processes and methods are rapidly increasing. It is of special importance in thefield of marketing where companies keep an eagle eye on competitors and customers in order to keep pace with modern trends and analyze the needs, demands and desires of their customers.
Unfortunately,research and development are very difficult to manage, since the defining feature of research is that the researchers do not know in advance exactly how to accomplish the desired result. As a result,higher R&D spending does not guarantee "more creativity, higher profit or a greater market share.
The work of research and development involvesdeveloping new products
and improving current ones through various forms of research. New
products and improvements to current products are needed to meet the
requirements of customers, taking into...