Topic described in, order description section – The role of R and D for Syngenta. Essay Example

and chemists who conduct systematic investigations to find answers to agricultural problems. For instance, chemists at Syngenta investigate thousands of compounds in search for potential new crop protection products.

Upon finding a suitable compound, development is expected to occur, involving the transformation of research findings into a product. Syngenta, through its R;D, claims to develop new products and support existing ones. Given that it can take up to 9 years for a product to reach the market, this process can be expensive (Case facts). To ensure a return on investment, Syngenta must regularly assess the cost benefit analysis of the product in development. Protecting their R;D investment, the company may patent the new product, although this protection is time-limited.

Hence, it is logical to argue that for the company to ensure payback and profit, it would be beneficial to focus on fully patentable products rather than introducing new innovations to existing products. This approach can lead to lower costs and higher bottom line figures. Understanding the company's R&D program requires aligning it with the company's main goals, which include providing effective products for farmers and growers that are safe for human health and the environment, developing superior plant varieties for higher yields and quality in various soil and weather conditions, and maximizing crop productivity while enhancing farmland biodiversity. Having comprehended the role of R, we can now address how the maturity stage can be prolonged by introducing new innovations at appropriate times. The process of introducing innovations to extend the maturity stage follows a similar path as R. A knowledgeable product development analyst understands when a product should mature and determines the optimal timing for introducing

new innovations.The succeeding parts will discuss good theories in research and development strategies that could be utilized to address this concern. Additionally, this paper aims to utilize appropriate portfolio analysis models to determine suggestions on how the company can compare the relative success or failure of its various product lines. Before answering this question, it is crucial to understand the concept of business portfolio. According to Tutor2u (n.d.), a business portfolio refers to the collection of businesses and products that constitute the company. It further explains that the optimal business portfolio is one that aligns with the company's strengths and capitalizes on the most attractive opportunities. This paper expands on this definition by asserting that a portfolio analysis should generate a combination of products and services that would greatly benefit the company in achieving its corporate objectives.

According to Tutor2u, the company should analyze its current business portfolio and determine which businesses require more or less investment. It should also develop strategies for adding new products and businesses to the portfolio, as well as deciding when to remove existing ones. The Boston Consulting Group Portfolio Matrix and the McKinsey/General Electric Matrix are two commonly used methods for comparing the success of different product lines. Before utilizing these methods, it is important to understand their processes. In both methods, the first step is to identify Strategic Business Units (SBU's) within the company's portfolio. The definition of an SBU can vary depending on how the company is organized, but it generally represents a division, product line, or brand that can be planned independently from other units. Each SBU is expected to have its own mission and objectives.

In order

to prioritize and plan effectively, Syngenta is now recommended to classify its current products based on their individual goals or objectives. This will allow for a comparison of these products in a matrix, considering factors such as profitability and other criteria. Tutor2 (n.d.) demonstrated the use of market attractiveness and competitive strength as categories in applying the McKinsey/GE Matrix to the UK retailing market. The factors that influence the market attractiveness of a product include market size, growth, profitability, pricing trends, competitive intensity, risk of returns, opportunity for differentiation, segmentation, and distribution structure.

Retail, direct, and wholesale are the different classifications of products that Syngenta can apply based on market size, growth, profitability, pricing trends, and other factors that affect their market attractiveness. This allows the company to compare the success of its product lines. To help Syngenta, this paper aims to apply the theoretical constructs presented by Booz, Allen & Hamilton in the decay curve of new product ideas to answer how this can be done for Syngenta. According to Durham Associates Group Limited (n.d.), Booz, Allen & Hamilton's original research found that it took 58 new product ideas to create one potentially successful product. However, even during the commercialization stage, there was still a 50/50 chance of the product not being successful. If applied to Syngenta, this suggests that the company would face challenges in its research and development efforts to innovate. Durham Associates Group Limited (n.d.) also stated that Booz, Allen & Hamilton's later research suggested that fewer new product ideas were needed to create a successful product.As far as Syngenta is concerned, it is becoming increasingly difficult to come up with new

products regularly, suggesting the need to focus on improving existing products. This approach is grounded in the reality that products can be repackaged and enhanced with new features to extend their lifespan. The case of Coca Cola Products serves as a prime example. The content of this popular soda has remained unchanged for a long time, yet the company has successfully marketed the product to satisfy different needs and desires. To delve deeper into the topic, this paper aims to address how theoretical concepts can be applied to the product life cycle and life cycle extension strategies for Syngenta. According to Indigo Development (2005), product-life extension is a strategy that enables significant reductions in materials and energy consumption while meeting the growing demands of consumers.

It is believed that by using productivity estimates, the productivity per unit of resource can be increased by ten times. This promises improved resource productivity, which can lead to increased profitability and competitiveness. With the reality of fewer chances for success with new products following Booz, Allen & Hamilton's theory on the decay curve of new product ideas and the benefits of product life cycle and life cycle extension strategies, Syngenta is in an advantageous position to apply these principles to their research and development activities (Indigo Development, 2005). Finally, this paper aims to address the question of how to apply theoretical constructs on Rogers' diffusion of innovations. Rogers' diffusion of innovations is related to diffusion theory, which provides generalizations on how innovations typically spread within a social system (Orr, 2003). According to the theory, a tipping point makes it easier for change to spread.

In 2003, Orr explained that diffusion involves

the communication of an innovation over time within a social system. According to the author, decisions made under this theory are not authoritative or collective; instead, each member of the social system faces their own innovation-decision. This decision-making process consists of five steps: knowledge, persuasion, decision, implementation, and confirmation. Orr also highlighted a noteworthy aspect of diffusion theory, namely that the innovation-decision heavily relies on the decisions of other system members. This process follows an S-shaped curve, with initial adoption by about 10-25% of members leading to a relatively speedy adoption by the remaining members and eventual adoption by holdouts. The decision to innovate is subject to a cost-benefit analysis, with uncertainty serving as a major obstacle. Innovation adoption occurs once the utility of the product or service is believed to be enhanced.

This passage emphasizes the importance of logical thinking for innovators, who are rational economic agents (Terry, 1998; Huy, 2002). The text discusses how Syngenta's research and development activities contribute significantly to the company's new product development process. By focusing on how R;D leads to successful innovation throughout a product's lifecycle, this paper explores the use of models to guide Syngenta in achieving its objectives. It suggests methods to extend the maturity stage by introducing new innovations at the right time. The paper also highlights Booz, Allen & Hamilton's idea that improving existing products is more likely to succeed than creating entirely new ones, which aligns with the observation that needs are usually permanent while wants change over time.

The findings suggest that implementing product life cycle and life cycle extension strategies can provide greater benefits. However, it is crucial for Syngenta to

ensure that these strategies align with its corporate objectives (Bergen and Soper, 1995; Smith, 1996; Haedrich, 1993). To achieve this, Syngenta should employ portfolio analysis principles and categorize its products as strategic business units (SBUs). Additionally, factors such as market growth, market share, and profitability should be considered to evaluate the success of its products in relation to meeting corporate objectives.