Innovation and R&D

In today’s world, there is lot of competition in between existed entities and the reason behind that is to show their dominance. But this dominance attribute is not rose today but it exists since ancient era. And at that time kings of particular region were quite adamant to win the other regions too so they adopt disastrous ways to succeed. But now things are totally changed, now this dominance is shown by change in self with view of welfare of people.

And this change transforms into innovations and innovations are the one which makes the particular entity different from others.  Success requires leaders who are passionate about innovations and they know how to motivate their employees. And once the people like that innovation then that particular entity becomes dominant.  And matter of the fact is that an innovation can make established products obsolete.

And Research and Development facilitates the whole process. In R&D there are investigative activities that a business chooses to conduct with the intention of making discovery that can either lead to the development of new products or procedures, or to improvement of existing products or procedures. Research and Development consists of four types of activities:

• Basic Research: Basic research is original experimental work without a specific commercial aim, frequently done by universities.
• Applied Research: Applied research is original experimental work with specific aim.
• Product Development: Product development is the improvement and extension of existing products.
• Process Development: Process Development is the creation of new or improved processes.

Basically ideas of new products are arisen by interactions with scientific research, demand conditions and competitive conditions.

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