“Product development and design is basically a research and development activity”. Elaborate the statement with suitable examples. 

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Product development and design is a core function of research and development (R&D) within an organization. This process entails systematic efforts to create new products or improve existing ones, ensuring that they meet customer needs, align with market trends, and remain cost-effective. R&D activities in this context focus on innovation, problem-solving, and efficiency improvements, ensuring that the product lifecycle—from concept to realization—is optimized.

The Role of R&D in Product Development and Design

1. Innovation and Conceptualization:
   R&D initiates product development by exploring new ideas and concepts. For example, in the automotive industry, the shift towards electric vehicles (EVs) represents an outcome of extensive R&D efforts. Companies like Tesla invest heavily in designing EVs that are efficient, sustainable, and user-friendly, addressing both market demands and environmental _________ ___ __ ___________ ___________ __.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master in Business Administration
Course Code : MBA
Subject Name : Management of Machines and Materials
Subject Code : MS 5
Year : 2022