Is Product Development R&D

Is Product Development R&D?

Is product development R&D? Is it the same? What is the difference between the two? If you want to know more about this, then this article is for you. So, read on.

Is Product Development R&D?

Product development refers to the entire process of research, design, and development of a product. Product development is not a term that refers exclusively to R&D. It includes the entire process from the early stages of an idea to the actual product release or launch. It involves a lot of work, and many professionals and specialists are involved in it.

Product development does not end with R&D. In fact, it begins with R&D. It is only after thorough research, testing, and development of a product that a company goes out to market it.

The company may have all the necessary resources to develop the product. But if it doesn’t have the necessary market knowledge then it will fail in the market as well.

Further, it is only after thorough research that a company can decide which product will be most needed in the market. And what features it should have to attract customers. Aftermarket research, companies apply this knowledge to develop their products based on the needs of customers and their feedback on earlier releases.

The Difference Between The Two

R&D

R&D refers to “Research and Development” which means that R&D is primarily concerned with developing new products or improving existing products. It includes:

  • conducting detailed surveys and interviews with customers, 
  • competitors and other stakeholders to understand their needs and requirements for new products or improved products. 
  • It also includes research activities like in-depth analyses about new technology trends and developments in related industries or fields. Those that might impact a product or its features or design.   

Then, the primary focus of the R&D departments of companies in product development. They focus on developing or improving existing products or creating new ones based on:

  • detailed research about customer needs and preferences; 
  • competitive landscape of similar products; 
  • technology trends in related sectors

In some cases, they also suggest improvements in production processes, packaging, etc to make production more efficient. Some companies also conduct tests on their products at this stage.   

All these activities cost money as they involve manpower, equipment, and more. These are expensive but once done they will help companies develop their business.

Product Development

Product development, on the other hand, refers to the entire process of designing, building, marketing, and selling a product. The primary focus of product development departments of companies is to build new products and bring them to market. 

Then, these departments are also involved in product maintenance and support. They handle the entire process from the idea stage to the actual production, sale, and distribution of products.

This process of product development does not just involve R&D.

Further, it also involves other functions like:

  • marketing research about customer preferences, 
  • designing of the product or service, including choosing colors and designs that will sell better; determining what features it should have; 
  • how it should be priced etc, 
  • manufacturing of the product or service; 
  • developing its marketing plan; 
  • developing a distribution network for it;  
  • and so on.
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