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Research and Development - Coggle Diagram
Research and Development
R&D involves the identification of new ideas and turning them into products, services and processes.
Development
The process that changes ideas, which result from the research process into commercially viable products or processes
Development is a costly and complicated process,
which for some products may take many years
It is important that businesses reduce the development time of new products to regain R&D costs ASAP
Research
Research is the inquiry into, and discovery
of, new ideas
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Innovation
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Innovation is not cheap and resources have to be committed by the businesses to bring new products to the marketplace
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Benefits of R&D
New machinery can be developed, which may cut costs and raise productivity
R&D can lead to the development of new products, which may give a business a competitive edge
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