activity performed by a team of professionals working to transform a product idea into a technically sound and promotable product; also called research & development (R&D). Corporate research and development (R&D) departments are found in both large and small companies and are generally responsible for product development and testing, researching brand names, and creating an effective packaging concept.
activity performed by a team of professionals working to transform a product idea into a technically sound and promotable product; also called research & development (R&D). Corporate research and development (R&D) departments are found in both large and small companies and are generally responsible for product development and testing, researching brand names, and creating an effective packaging concept. For example, a cordless telephone manufacturer's R&D department may work on researching and developing a phone with even better voice quality and reach than its current model. Since the outcome of product R&D is frequently so uncertain, many companies find the prospect of budgeting very difficult and are constantly striving to allocate an optimal funding to the department.
