Discussion – Research and Development

Discussion – Research and Development

Introduction

R&D is an important part of every company. The Department of Research and Development has access to advanced technology, which helps in researching the customer’s tastes and preferences and public behavior regarding the group. R&D helps in finding out the responses of the customers concerning the product produced by the company. It is interested in knowing what they are thinking about the preferences, tastes, and company products in general. R&D is responsible for bettering the product line, changing the quality of the existing goods, and inventing a new product that meets the demands of the customers and satisfies their needs. R&D is the instant top management outcome associated with the development of the new product. Organizations are responsible for the recent product development of products to the product managers, new product groups, new product departments, or new product directors. The product investors at times are not able to dedicate the time available to the new products as they have first to take care of marketing issues of the current products

The General importance of R&D

In any organization, R&D is paramount and improves the goodwill of the company. Moreover, it elevates the personality, knowledge, and skills of the employees. Trends in R&D have also enhanced the section of commercial services by prolonging the market and business share. Additionally, it is also important in improving the growth of the business and increasing customer and sales management. R&D is crucial in any field within the company (Padgett & Moura-Leite, 2012). Research is always required to resolve specific recent issues’ hence, there are a lot of companies embracing research and development. Research and development are responsible for reducing the high costs, and it is also time redeemable. Researchers have found it true that financial growth in the future will be decided by the application and creation of new skills. R&D is one way of company spending which energizes and develops these recent technologies.

Analyzing R&D strategy for the company

The fundamentals of a business model are defined by the methods through which the company brings value to its customers, tempting the customers to ignore quantity and pay for value and converting those expenditures to company profit. In making the strategy for the companies, I have used SWOT analysis (Peltola & Mäkinen, 2015). SWOT informs us about the strengths, weaknesses, opportunities, and threats of the company. It has helped my company in achieving its objectives and is also crucial in the growth of the business.

Initial strategy for R&D

For my company, the initial approach that I used was to introduce new products that would meet the demands of customers and, more importantly, a product that would stay competitive. In an industry that is competitive, the management should unceasingly come up with ways to recollect the present customers while still increasing the product advantages, which makes them attractive to new customers (Raassens, Wuyts, & Geyskens, 2012). This is mostly factual during these tough financial periods, as many groups and persons face financial constraints and hence ought to make the stingiest choices regarding the facilities they are in the acquisition. The present economic disaster might not be affecting the management of the company directly, but they feel the effect through their customers. In any company, competitors are the greatest threat; hence, the only way to deal with them is by introducing new products. When two companies are producing the same product, they are both facing a significant threat. Creating a new product is only possible through investments in R&D. R&D helps in first understanding the market by knowing what the competitors are providing. Also, I had to understand the target market and possible competitors. When one is clear on these three factors, one can conclude that one product has an advantage over the challenges of the target market. This strategy worked well since the product outperformed other companies, and as a result, unimaginable profits were achieved.

Change concerning R&D

In the R&D strategy, I changed the strategies for economic growth and associated developments. Another change made in the R&D is the change in technology. Enhancement in technology, such as electrification, is always radical to any company. Moreover, imperceptible capital plays a significant role in ensuring the success of any company. What I changed in the R&D strategy is the production of the products (Saad & Zantout, 2014). The company was less productive and delivered slowly. There was less stability and less scalability. The company infrastructures were not scalable as a requirement and as a result became a bottleneck for the process of deployment. Production had to change to ensure there were enough automation and unit tests. I also stopped working on many products since they made the products less motivated and less engaged. Working on a different product every time prevented the developers from having an engaging feeling and personal ownership.

R&D decisions

The R&D decisions used were based on the research which gathered data concerning the company product and knowing what the demand and requirement of the customers are and knowing what they want. Based on that info, the company has developed decisions based on the customer’s need and taste (Peltola & Mäkinen, 2015). Though there is a lot of evidence concerning the making of decisions pleasure through capitalization of R&D, experimental studies which directly inspects making of decisions discretion through the spending of R&D had not been extensive.

Conclusion

To sum up, it is evident that R&D is essential to any company for it to succeed. The best strategy of R&D for any company to succeed is through SWOT analysis. R&D should be used by any organization since it improves the goodwill of the company. For my company to experience success, the initial R&D strategy that I used is introducing new products meeting the demands of the customers. Lastly, before making any R&D decisions, it is necessary to research the demands and requirements of the customers and know what the clients want.

References

Padgett, R. C., & Moura-Leite, R. C. (2012). The impact of R&D intensity on corporate reputation: Interaction effect of innovation with high social benefit. Intangible Capital, 216-238.

Peltola, T., & Mäkinen, S. J. (2015). Influence of the Adoption and Use of Social Media Tools on Absorptive Capacity in New Product Development.

Raassens, N., Wuyts, S., & Geyskens, I. (2012). The market valuation of outsourcing new product development. Journal of Marketing Research, 682-695.

Saad, M., & Zantout, Z. (2014). Over-investment in corporate R&D, risk, and stock returns. Journal of Economics and Finance, 438-460.

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Discussion – Research and Development

Instructions

The Research and Development Department of the company is in charge of designing the product line, making improvements to existing products, and coming up with new products to meet customer demand and stay competitive.

Write a paper to discuss and analyze the general importance of R&D in an organization, and then specifically analyze your own R&D strategy for your company throughout the first six rounds.

What was your initial strategy for R&D?

Did that strategy work well?

What did you change in regard to R&D as the rounds progressed, and why?

What did you base your R&D decisions on?

Length: 3 – 5 pages, not including title page and references