GMS 401 Lecture Notes - Lecture 4: Taco Bell, Functional Specification, Test Market

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Kalinga Jagoda

Document Summary

Organizations exist to provide goods or services to society. Great products are the key to success. Top organizations typically focus on core products. Customers buy satisfaction, not just a physical good or particular service. Fundamental to an organizations strategy with implications throughout the operations function. Goods and services are the basis for an organizations existence. Limited and predictable life cycles requires constantly looking for designing, and developing new products. The objective of the product decision is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage. Product development stages: concept/ideas, feasibility /ability, customer requirements, functional specification, product specification, design review, test market, introduction, evaluation. May be any length from a few days to decades. The operations function must be able to introduce new products successfully. May not make a lot of money, it may not be perfect.