The Advantages of Research & Development Business Strategies
Research and Development departments are common in many larger companies, especially those working with newer products or technologies subject to important shifts. While research and development work can be instrumental in creating new products or adding features to old products, the work that the department does is more complex than simple innovation. R&D is connected to marketing, cost management and other parts of business strategy.
Leaps in Market Participation
急速PC28彩票Market participation refers to the ability to attract new customers and win customer interest. At its core, research and development is about innovation, about offering consumers something they have never seen before. When R&D can pull off such a product offering, the interest that consumers have can cause a sharp leap in market participation and sales. It may even create an entirely new market for the company.
Cost Management Benefits
急速PC28彩票Research and development does not produce value directly in relation to how much funding the department receives. It is unique in this property; the success of R&D depends more on the practices, talents and innovations of the people working there than on how much money the department receives. This means that a company can actually spend less money on research and development than many competitors but work to secure talented employees and proper goal orientation and still produce good results.
Strong Marketing Collateral
急速PC28彩票Research and development strategies allow companies to create strong marketing campaigns and advertising strategies. The two work together very well. The research and development department works to make new product designs or add features, and the marketing department interprets these changes in the most exciting light possible in order to attract customers, creating synergies between the two branches.
Matching and Embracing Trends
Many times a market is already embracing a trend, and the research and development department can be used to make the business active in that trend and increase sales. For example, in markets rapidly embracing green products, a company can use research and development to make products out of natural ingredients, recycled materials or biodegradable substances, allowing for the release of an eco-friendly version of the product that increases sales. When R&D can catch up with trends, the business is seen as adaptable and profitable.
Esprit de Corps
An important, if somewhat intangible benefit of a company's orientation toward research and development is esprit de corps急速PC28彩票 – a French phrase that translates, roughly, to "group spirit," long acknowledged as an important quality in any organization, but also, specifically, as something that business management must strive to attain if an organization's full potential is to be realized. Companies that encourage innovation, especially those that empower employees to follow their passion, are markedly more productive than others.
急速PC28彩票An ongoing study reported in the Harvard Business Review noted that "great companies think differently." One of those differences is their emphasis on innovation as a core value; it's invariably accompanied by group spirit. The combination makes these companies highly stable and productive.