R&D Investment Drives Product Innovation #productmanagement
Staying Ahead of the Curve: How R&D Investment Drives Product Innovation In today's rapidly evolving marketplace, companies face a fundamental challenge: ensuring their revenue streams remain robust as existing products inevitably age and decline. The solution lies in strategic research and development (R&D) investments that create a pipeline of innovative products ready to replace those reaching maturity or decline. Understanding the product life cycle and implementing proactive R&D strategies has become essential for sustainable business growth. The Product Life Cycle: A Natural Progression Every product follows a predictable journey through four distinct stages. The introduction stage sees slow sales growth as consumers become aware of the new offering. The growth stage brings rapid market acceptance and increasing profits. During maturity, sales growth slows as the product reaches widespread adoption, often accompanied by intense competition and price pressure....