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Tinashe Makichi Business Reporter
Local companies should emulate global companies in making budgets that go towards research and development to meet different market dynamics, an industry expert said.

Speaking at the unveiling of the top 100 brands for Superbrand of the Year 2015 yesterday, Dairibord Holdings group chief executive Mr Anthony Mandiwanza, who was the guest of honour, told marketers that companies should start taking research and development seriously for the benefit of building strong brands.

He said only research and development can enable local companies to build strong brands that can stand the test of time regardless of the prevailing economic environment.

“Some global companies have huge budgets that are earmarked for research and development, and marketers should understand that the assets of an organisation are human capital and brand value which can be enhanced by strong research and development.

“Strong global brands have sustained their presence because of the adoption of a good research and development culture,” said Mr Mandiwanza.

He said American multinational technology company, Apple last year spent $1,9 billion on research and development, 41 percent up on the previous year.

Global energy firm Toyota invested $860 million on research and development and Mr Mandiwanza said brands locally are bound to fail if no proper investments are made towards research.

This year Government promised fiscal incentives for companies who intend to invest in research and development in different firelds.

“The future of our economy depends on development of new products as new products enhance companies’ competitiveness on the export markets.

“Marketing is not about launching products but it is about making research of the market .Most marketers think launching more products in a year is the best marketing yet they are bound to fail,” said Mr Mandiwanza.

Speaking at the same event, Marketers Association president Mr Tapuwa Mandimutsira said this year’s Superbrand event would be bigger and better.