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This article will focus on explaining the ins and outs of research and development of a product. We will try our best to explain the two terms, explain why they are of the utmost importance and what budget should you set to go to product research and development.
These are two very broad terms that have very different meanings from each other, but still as important as they could get. Let’s take a direct approach to this and start with the definitions.
What is research and development of a product (R&D)?
Research and development of a product is the name of taking action in researching how your product differs from your competitors, what could be done to make the product better, and researching the market you are planning to sell your product in.
It involves a set of activities that will help you better understand the product’s benefits better, define its selling points and competitiveness on the market.
The difference between the two lies in the timing of the terms. Research is usually done prior to launching the product itself, while product development is done when the conceptual phase of the product is over. However, the difference has been somewhat blurry lately, and many researchers advocate for using research even after the concept phase.
Why Is Research and Development Important?
We could spend hours on this topic, but let’s boil it down to three important pillars, where your product could benefit from well-done research.
Market
With proper market research, you can establish what selling point you want the product to lean into. Different markets have different needs, and you wouldn’t take the same approach to a well-developed, commercial-heavy western market and a less-developed African market. But you get the gist, when proper research is done you will know what needs the product is supposed to satisfy, and then tailor your strategy accordingly.
Product
Will someone use the product? Is your prod… Read More
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