Importance of reserch and development to an innovative company Assignment

Importance of reserch and development to an innovative company - Assignment Example With reference to the context, it can be observed that Exxon Mobil Corporation from the United States has comprehensively introduced R&D management into its business process. With due consideration to the aspect, the paper intends to discuss about the ways in which Exxon Mobil makes use of R&D in its business operational process to obtain an edge over its market competitors. Exxon Mobil is one of the leading multinational and publicly traded oil and gas companies of the world having its headquarters in Irving, Texas, United States. It was created in the year 1999 after the merger between Exxon and Mobil and is recognized as a decedent company of Standard Oil founded by John D. Rockefeller. In serving the local communities with oil and gas along with other petrochemicals, Exxon Mobil has been able to expand its business operations on a global basis. Consequently, it has been able to achieve certain milestones which can be identified as the business segments of Exxon Mobil has expanded overseas within a very short span of time. Furthermore, in expanding business to overseas, Exxon Mobil has been capable to possess 31 refineries of oil. With the help of the final products produced in these refineries, Exxon Mobil is serving 21 countries with their products. Contextually, with the help of the sustainable performances in the recent years, Exxon Mobil has ach ieved the status of being the number one corporation in the USA according to Forbes Global 2000 list of the year 2012 by increasing its organizational revenues and profits (Forbes, 2012). Moreover, for surviving in the competitive marketplace, Exxon uses innovative and modern technologies in order to develop an aggressive and advanced operational process for serving the customers. In accordance with the aspect, it is observed that Exxon Mobil has introduced R&D management into its operational process (Exxon Mobil, 2012). R&D management can be defined as the management