research and development

Process undertaken by a business organization before the launch of a product. Research is usually scientific research into materials and production processes. Product development is application of that research to the development of existing or new products.

Large companies may have a research and development department with its own budget and staff. Smaller companies are less likely to be able to afford R&D. The relatively low expenditure on R&D by UK civilian manufacturing companies compared to their competitors abroad is one possible reason for the low rate of growth of the UK economy in the past.