What is the difference between product development vs R&D? How can you do each of these processes? To know more, read on.
Product Development vs R&D
Product development refers to the process of developing new products. Whereas R&D (Research and Development) refers to the research that is done before the product development.
Also, product development involves ideation, design, and testing, which can be done by different departments of a company. These departments may include design, marketing, engineering, sales, and finance.
When a company decides to develop a new product or service, it begins with an idea or concept. As said before, this process may involve different departments of the company. This is to develop an idea or concept into a product. This is done through the ideation process where ideas are generated and then tested through prototypes.
Then, the design stage follows the ideation phase and it involves the development of the product’s appearance or form factor. Lastly, the testing stage is where testing is conducted on the actual product before it is released to production or sold.
Moreover, the entire product development process takes time depending on how complex the product is. And how long it takes for each stage to finish. If a company wants its product to be successful in the market, it must be designed with utmost care to ensure that it will appeal to its target audience.
Good marketing strategy and advertising can also help a lot in ensuring that customers will want to use your product over others in the market.
R&D (Research and Development) Process
The R&D process is very important, especially for companies that involve manufacturing or producing goods and services.
The R&D process may include any of the following elements:
- Exploration. The first thing that happens in this stage of the R&D process is an exploration where companies research what they can do differently with their products or services. For companies to have better products in their market, they must invest in technology that will help them do something differently from other competitors in their market
- Share ideas. One important thing about R&D is sharing ideas. So that they can come up with something unique from what other companies have in their lines of products
- Experiment. After sharing ideas, experimentation follows where prototypes are made out of the ideas shared between employees
- Analyze. Then, the last step in this stage involves reviewing data gathered by experiments conducted by different departments like engineering and marketing
Why Are They Important?
When companies develop new products, they are always striving to improve their products so that they can have better sales in the market. For this reason, companies invest in conducting R&D to find ways how to improve their products and services.
Product development is also important because it allows companies to meet the needs of customers and keep up with the changes in the market. If a company’s product does not meet the demand of customers, it may be left behind by competitors who can provide products that customers want.