Research and development, often abbreviated as R&D, is the process that companies and organizations use to create new products or improve existing ones. It involves exploring new ideas, conducting experiments, and testing theories to find innovative solutions. For example, a tech company might invest in R&D to develop a new smartphone with advanced features. R&D is crucial for staying competitive in the market. It helps businesses understand customer needs and adapt to changing trends. Companies like Apple and Google allocate significant resources to R&D to ensure they remain leaders in technology and innovation, ultimately benefiting consumers with better products and services.