Companies usually choose to have an hierarchic way of organizing the internal activities that built up the lifecycle of a new product before it gets on the market. At least this is the case of bigger companies that have a R&D department.
Management team >> Strategy >> Requirements
Technical team >> Technical Requirements
Design team >> Configuration
Test team >> Validation >> Implementation
Strategy >> Requirements >> Technical Requirements >> Configuration >> Validation >> Implementation
The management team determines the strategy based on the customers needs or more in general market data analysis. The technical team specifies technical requirements and asks the design team for most valid options in order to efficiently meet the goals. A test team will verify each choice and determine whether it must be changed of it can be integrated into the final product.
R&D usually doesn’t bring to an immediate profit but if well implemented is the best way to save the competitiveness of the company on long term.