Epsilon Electronics Inc is a Californian based company that is a pioneer in their industry. The company sells audio visual products for automobiles and households. Founded in 1983, the innovative company was the second company to ever enter their market. They were the first company to introduce a variety of innovative products such as mobile video products eventually leading them to capture the majority of their market share.
Epsilon’s success is due to to their “in-house” teams for research and development. Teams that are onsite allow for hands-on managing and overseeing. Research and development departments are common in many medium sized to larger companies, especially those working with the latest technologies and those that aren’t a monopoly. For companies that have much competition, they need to stay ahead of the game.
Work done in research and development is much more complex than simply coming up with innovative ideas. R&D involves market segmentation and targeting, cost management, market penetration and diversification as well as other business strategies.
Epsilon Electronics Inc has been very successful in market participation. They have the ability to attract new customers and win their interest. At it’s core, research and development is about innovation and striking an interest or curiosity within a customer. When research and development can come up with a product offering that does that, they will gain in many different ways sometimes even creating a whole new market or segment for the company.
The innovative company has given their in-house team the job of advertising as well. This allows Epsilon to put out strong marketing campaigns as the ones that developed the product and know it inside and out will be the force behind advertising.
Thus, there are some similarities and differences in how Epsilon Electronics Inc operates their R&D team compared to traditional companies. Epsilon sets themselves apart by having their research and development team in-house to get immediate feedback and be more effective in their operations. Management can oversee and be involved, collaborating, participating, and maximizing previous and new ideas and methods.