R&D:- Research and Development
R&D stands for Research and Development. It refers to innovative activities that a Corporation or Government undertakes for developing new services or products, and/or improving the existing services or products. It is the first stage of development for the production process or a potential new service. These activities differ from one institution to another. There are two primary models of a Research and Development department. One is staffed by engineers and tasked with directly developing new products. The second is staffed with industrial scientists and tasked with applied research in scientific or technological fields. These help in facilitating future product development. It is different from the majority of corporate activities. This is so because there’s no immediate profit involved. It generally carries heavy risk with an uncertain return on investment. Despite this fact, it is crucial for acquiring larger shares of the market through the bringing in innovation by making new products.