Research and Development

Question 1

What is R&D?

Answer 1

Is a process in the product life cycle which includes innovation or adapting good or services

Question 2

What is innovation ?

Answer 2

Process of creating or Improving Products or services to meet new needs and solve problems.

Question 3

R&D Method?

Answer 3

Find a problem

Brain storm (Research)

Ideas

Prototype

Test

Launch

Question 4

Pros and cons of R&D?

Answer 4

PROS:
Differentiation
More choice for consumers
Reduce costs
Brand perception

CONS:
High costs
Uncertain outcomes
Long time frame