SCIT3000 Lecture 3: Commercialization
18 Oct 2017
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Diligent enquiry or examination aimed at seeking or revising facts, theories, applicability (development) etcetera. Research and development (r&d) is a valuable tool for growing and improving your business. R&d involves researching your market and your customer needs and developing new and improved products and services to fit these needs. Businesses that have an r&d strategy have a greater chance of success than businesses that don"t. An r&d strategy can lead to innovation and increased productivity and can boost your business"s competitive advantage [queensland government june 2016] Your r&d strategy depends on the size of your business. In small businesses, r&d tends to focus more on product improvement because of budget and cost limitations. Larger businesses may be able to dedicate more time and resources to. R&d to introduce new products as well as improve existing ones. Focus on market needs and desires of the customers [harvard b. s 2013]
