Business – 8.1 Marketing analysis – Product development | e-Consult
8.1 Marketing analysis – Product development (1 questions)
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R&D is essential for competitive advantage because:
- Innovation of new products and services: It enables firms to introduce offerings that meet emerging customer needs faster than rivals.
- Process improvements: Developing more efficient production or delivery methods reduces costs and improves margins.
- Intellectual property creation: Patents and trademarks protect innovations, creating barriers to entry for competitors.
- Adaptation to technological change: Continuous R&D helps firms stay abreast of rapid technological shifts, preventing obsolescence.