Regal Marine Case How Does the Concept Essay

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Regal Marine Case

How does the concept of product life cycle apply to Regal Marine products?

The concept of product life cycle is tremendously relevant to Regal Marine's industry. This industry is known for continually introducing new product lines into its market on a regular basis; usually annually. Regal Marine's product life cycle analysis is currently based upon the success how well the product sells within a fairly short period, generally within three to five years. The company's current product line consists of twenty two distinct models, each representing a different product life cycle stage. The products' life cycle is a considerably important factor since the overall market has seemed to stagnate (Chip, 2011)

Product life cycle applies to Regal Marine as a way of the company keeping their products ahead of the competition in terms of consumer perceived value. The new models are continuously being updated just as existing models near the end of their useful life cycle. Regal Marine's product life cycle begins with inputs from stakeholders such as customers, dealers and consultants. The newly introduced boat designs are undoubtedly a result of either the industry trends or consumer preferences.

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The product can complete the life cycle in as little as a few years if there designs aren't popular. Constant streams of new designs are of fundamental importance to maintaining a competitive edge in the marine industry (Heyman, 2010).

What strategy does Regal use to stay competitive?

Regal's strategy for staying competitive heavily rooted on innovation. The case mentions the success of their eleven foot, the small but powerful model, followed by a twenty foot performance model with innovative technologies throughout. In this industry innovation is critical. There must be something to market to a consumer that separates the product from the rest of the industry. Product differentiation not only attracts customers, but it also creates value (Jacobides, Knudsen, & Augier, 2006).

Innovation is almost always found within the market leader. The only exception is generally when someone competes on cost. However, with the low labor costs found in developing countries, it is hard for organizations in developed nations to compete on price alone. Thus innovation and technology is….....

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