Research and development (also known as R&D) is the function that generates new innovations for your business. This training video helps you understand how your organization performs R&D activities. It explores questions like: How does your organization innovate? Is there a formal R&D function? Or is R&D outsourced or acquired?
- New products, new services, and improvements to…products and processes is the purview of research and…development.…Depending on your industry, R and D lead times for…new products can be short, like for an internet business, or…they can make a quick change.…Medium, like for a consumer package goods company,…or long, say for a pharmaceutical company.…How does your organization innovate?…Is there a formal R and D function?…Or is R and D outsourced to another company?…Do you acquire new innovations, going out…and buying companies because they've got a great capability,…and you want to bring it in house?…Buying innovation is a very lucrative method,…and it can be very fast.…
What type of R and D does your organization do?…Is it all about new products?…Or cost reductions?…Is R and D changing your processes?…Different R and D models are dependent…upon your business model.…I worked with a pharmaceutical company that had very long…lead times for new products, getting a new drug to market.…They had a large formal R and D function.…
- What business are you in?
- What's your market and who is your competition?
- What problem does your business solve?
- How are your products and services created? What are your pricing and growth strategies?
- How do you measure performance?
With the answers in hand, you can be assured your have the knowledge to make the best decisions for your business.
- Define and explain business acumen.
- Describe different types of growth horizons.
- Identify critical elements of knowing your business.
- Explain the effects of price changes on profits.
- List common growth methods.
- Evaluate your initiative pipeline.
- Define common business terms.
- Assess trends and your competitive environment.