Effect of Advertisement on Sales
JAN - APRIL 2013 CAT 1 Using the knowledge and skills acquired in this course (Research methods) explain how would improve the performance of your Research and Development Department in a firm (15 marks)
A research and development (R&D) department in a firm is responsible for innovations in design, products, and style. This department is responsible for creating innovative new products to keep companies a step ahead of the competition. Many companies also rely on the R&D department to improve existing consumer products, and to explore new ways of producing them.
Companies thrive and succeed by creating innovative products, as well as by increasing company profit and utilizing cost-efficient methods. A research and development department is primarily responsible for ensuring that these goals are met. This is an especially important function in the fields of manufacturing and pharmaceuticals, but can be applied to virtually any industry.
Often, research and development works closely with the marketing department. Marketing studies consumer trends by surveying and researching consumer demands, purchasing methods, product sales, and the existence and development of technology across the relevant market. The marketing department gathers all the data, and makes this information available to the R&D department, which will take action in response to the findings and proceed to keep the company on top of current market needs.
Consumer demands often change very quickly, and the research and development department must be alert and adapt to these market fluctuations accordingly. I would invest a substantial amount of money to research and development so that it can continually modify and update the firm’s products to preserve a brand's position within the market. This is because even if our product would be leading in the market, however much it is a key product, usually will not remain in the number one market position