How Does Research and Development (R&D) Differ from Product Development?
What Is Research and Development (R&D)? Research and development is the practice or business unit involved with developing or enhancing new products and services. Often in research and development, companies or governments conceptualize new products. The research portion occurs when a company's R&D team tests the viability of a potential product. This is the act of discovering new sciences that can be used to create new products. The development portion comes after the research and is the act of turning the discovered science into a useful product that the company can market and sell. Companies invest in research and development when their product lines become outdated, to gain or maintain a competitive edge, or when competitors create similar or superior products. Research and development is vital for the sustained growth and success of a company. Research and development activities can differ among companies within an industry and across different industries, and they can be assigned...