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Research and development is an important process for business today Consumers needs and wants are always changing and so it is vital for the business to meet these demands with RD to hopefully exceed customer expectations It is also important for businesses to keep with advances such and technological and medical Otherwise they will be left behind in the competition As before RD is very important and relies on market research information After the research the company has to have good confidence that the product is fit for sale before they produce it If not they will lose money due to the large cost of production The product specifications vary depending on consumer needs wants and competition from other firms For example Sony have released the smallest minidisc in the world which creates competition and also covers the consumers wantsneeds Improving the operational processes developing new ones and developing newimproved products are part of the research and development commercial function RD should be looking at two areas which are to A Take as much care for the environment as possible B Make use of materials in the most efficient way By doing this they must calculate their costs and make sure they can do the above without getting into debts from the costs they produce The businesses labs keep links between the universities so that they can exchange research findings which they may be able to put into practise by incorporating the new technology in their products possibly to create something innovative It also can save time and unwanted investment RD must consider factors outside its research department in the external environment When designing a product the designers must look into the legal requirements of their product and see whether or not they comply Not only may that put the company at risk of receiving a court case but also give the company a bad reputation which may
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