Conducting effective R&D involves several key steps:
Idea Generation: Brainstorming and generating creative ideas based on market research, customer feedback, and industry trends. Feasibility Study: Analyzing the technical, financial, and market feasibility of the ideas to determine their potential for success. Prototyping: Developing prototypes or minimum viable products (MVPs) to test the concepts and gather feedback. Testing and Iteration: Conducting thorough testing and making necessary iterations based on feedback to refine the product or service. Implementation: Bringing the final product or service to market and continuously monitoring its performance.