How Does the Concept of Product Life Cycle Apply to Regal Marine Products?

TUI University

OPM 300

MOD 3 Case Study

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

Every product undergoes a Product Life Cycle (PLC). PLC consists of four stages, introductory, growth, maturity and decline. Each stage has its own characteristics regarding marketing objective, competition, product, price, promotion and place. At Regal Marine, there is always constant pressure to introduce new products. Regal Marine's new product life cycle was lasting relatively only a few years. Less than five years before a boat is out of style and the life cycle is terminated. The concept of product life cycle applies to Regal Marine products as a means of continually introducing new products into its existing line. Regal Marine's product line consist of 22 models, all in different product life cycle stages, while new models were constantly being added as old models were reaching the end of their life cycles. At Regal Marine, design inputs were being submitted by customers, dealers and consultants, which began the product life cycle. The inputs were immediately going to the styling trends and competition. With the product life cycles having the potential of being only three years, it is necessary to constantly influx new design ideas to fuel the constant development of new products. The product life cycle concept helps Regal Marine plan alternate marketing strategies to address the challenges that their products are likely to face.

What strategy does Regal use to stay competitive?

One strategy Regal Marine uses to stay competitive is by differentiating their products. By delivering constant innovations, unique features and high quality products, Regal Marine has made this strategy very effective. Regal Marine has ensured that quality in their product is given more importance. The company must always have a global view of their operational strategy.

What kind of benefits are Regal achieving by using CAD technology...