XXXXXXXX Student Number: XXXXXXXX Subject: XXXXXXX Subject Code: XXXXXXXX XXXXXXX University of XXXXXX Introduction to Operations Management The product life cycle applies to Regal Marine products since the life cycle for new products generally tends to be from the time the product is developed until three to five years…
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From here the products move into the maturity stages and finally into the decline stage. Hence the product life cycle fits in the Regal products perfectly and each product that the company produced goes through the product lifecycle before declining and exiting the markets. It is important for Regal to identify the stages where each of its products is so that it can develop new products in a planned manner. In order to remain competitive Regal produces all boats in four stages, i.e. introduction, deign conceptualisation and once the design is conceptualised, then it tends to be more easier to put the design through the CAD models as well. The next stage includes the introduction of the product into the market. Here due to the innovations and the constant corrections and improvements, the products of the company grow well and fast in the markets and also helps in keeping a constant mix of new designs within the markets. This then leads to the maturity stage of the life cycle. The current strategy adopted by Regal is the product differentiation. Here the company keeps developing innovative products to meet its competition and to also provide better and higher value to the customers. For example it developed a 3-passenger Rush a boat priced at $11,000 that could pull a water skier.
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