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Product life cycle explains the life of a product in a given market. This is done in relation to sales measures and various business costs. Products have a life cycle because they pass through various stages. This is in relation to sales and it implies that a product has a limited life. Regal marine has continually introduced high quality and innovative new boats (Regal Marine, 2010, p. 9). As a matter of fact, the company designs new boats because every product has a life cycle.
The companys new boats have always gone through four phases of product life cycle. This is introduction, growth, maturity and decline. Product life cycle stages have an impact on costs, sales and profits over a given period of time. In the process of developing new boats, the company registers a negative cash flow. As the boat becomes successful in the market, these loses are recovered through good profits before decline. In addition, the companys successful boats in the market have had a product life cycle of 3 to 5 years (Regal Marine, 2010, p. 13).
Regal Marine is a global company and therefore needs good strategies to remain competitive. This is because strategies help the company to develop plans and policies that are used to achieve specific goals and objectives through effective and efficient allocation of resources. The company knows very well that its existence depends on goods (boats) that it offers to the market. To remain competitive, Regal Marine has continually differentiated its products for success.
Differentiation can be seen in its diverse and distinct product line (Regal Marine, 2010, p. 11). The company has always introduced high-quality and innovative new boats and this is reflected in its 22 models. Because of increased competition in boat business, the company has constantly designed new boats. This is meant to differentiate it from other competitors. Regal Marine has put in place good strategies to enhance the innovation of new products. This has been done by seeking design inputs from consultants, customers and dealers.
Regal Marine has continually developed innovative products by seeking design inputs from various stakeholders. These stakeholders include consultants, customers and dealers. Their ideas have always been absorbed into the companys styling studio. Regal Marines speeds up the development of new boats by using computer aided design technology. This technology is different from traditional drafting techniques. Design engineers start the development of new boats by coming up with a rough sketch.
This sketch can be an idea that will be put in the graphic display power. In the process, engineers are able to come up with a new geometry for the boat (Regal Marine, 2010, p. 17). Computer aided design technology is good because it helps engineers to determine engineering data. This data can be weight, strength and dimensions. In addition, it allows them to examine if parts will fit together. This has enabled the company to remain stylish and competitive by continually developing highly- innovative new boats.
Since boats have a short life cycle, CAD technology has enabled the company to maintain a steady stream of new products. Through computer aided design technology, Regal Marine has been able to redesign its products. Because of good models and innovations, its personnel and designers have responded quickly to pressure from the market. In a broad perspective, CAD technology makes its possible to involve key suppliers.
Reference List
Hard Rock. (2010). Hard rock information. Web.
Morris, R. (2009). The Fundamentals of Product Design. Lausanne: AVA Publishing.
Regal Marine. (2010). Marine products and services. Web.
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