Research and development (R&D) refers to the activities and processes undertaken by organizations to innovate, create new products, and improve existing ones. R&D is crucial for maintaining a competitive edge, especially when companies are trying to avoid being 'stuck in the middle,' where they fail to differentiate themselves or compete on cost effectively. A robust R&D strategy can help organizations make strategic trade-offs between innovation and cost, ensuring they cater to market demands while maximizing efficiency.
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