Why research and development is important

The future economic progress for any country will be driven by the invention and application of new technologies. The importance of research and development lies there,as it is one category of spending that develops and drives these new technologies. The major decision in firms are made on basis of the importance of research and development. Product research and development goes hand in hand with market research and development. The product researchers use marketing information which helps them to develop products or services and chooses suitable designs.

It is a source of information and it updates the organization and insist the organization to tell change in the environment. Private sector and the innovation process Business,operating in a competitive global market system have numerous advantages in the creation and implementation of useful new ideas.

With the rise of a technology based approach to the production of new goods and services,the organization of high-tech business in the US and globally has changed. The private sector are benefited from research and development as it was seen to improve the quality of existing products to create new products and goods and to contribute to an increase in their market share of the local market. The Government policy already does promote research and development in many ways.

The last advantage of research and development is that companies can recruit quality candidates. What does research and development have to do with recruiting quality candidates? Not only candidates who are trying to get top companies, every company also wants to get the best candidates. Featured candidates are usually attracted to companies that are innovative and always do new things.

The first type of research and development is fundamental research. This information will later be used to build understanding that can help the business continue to grow and become better.

The next type is applied research. In applied research, companies usually use new technology, enter new markets as well, and increase safety or reduce spending. This stage focuses more on the commercial aspect and how products or services can be developed according to the target market.

The next type of research and development is design and development, converting collected data and information into a product or service. At this stage, there is a product design process, making prototypes, testing, and developing a product or service. It can be concluded that research and development is an important activity that companies must undertake if they want to remain innovative and excel in their field. You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed. Some of them are: 1. Trust Writemypaper The Goal of Research and Development The goal of research and development is to be a first step in fostering innovation within an organization. Louis Davis. View Post. You May also Like View Post. Search for: Search. Tips For Managing Commercial Vehicles.