Design of Goods and Services Case Study
Excerpt from Case Study :
Product life cycle is an approach that companies use when analyzing the evolution of their products. This is intended to determine the investments that must be made regarding these products, but also the incomes they are likely to determine. The concept of product life cycle also applies in the case of Regal Marine products. In this case, most of the company's products usually have a life cycle of three to five years. This can be considered a short life style in comparison with other products that benefit from life cycles of decades.
In this situation, products with short life cycles require increased levels of investments. This is because the company must focus on introducing new products on the market in order to be competitive (Wu et al., 2005). However, these products are also able to determine increased levels of incomes that can be used in investing in the style='color:#000;text-decoration: underline!important;' target='_blank' href='https://www.paperdue.com/topic/research-essays'>research and development of innovative boats. In addition to this, Regal Marine should focus on influencing consumer behavior in order to increase the life cycle of these boats. This can determine reduced levels of investments, because the company would not have to introduce new products on the markets as often as it currently does.
2. Regal Marine is able to develop a successful strategy that allows the company to be considered one of the most important players in the boats industry. The success of its strategy relies on differentiation. Regal Marine focuses on developing a product line of 22 boats. In addition to this, its strategy relies on the innovation of products in which the company significantly invests. In other words, the company prefers to innovate in providing boats with different new abilities, instead of providing well-known boat models that customers like.
In order to reach this objective, Regal Marine understands…
Sources Used in Documents:
1. Wu, D. et al. (2005). Managing Short Lifecycle Technology Products for Agere Systems. Retrieved May 3, 2013 from http://chrisarmbruster.com/documents/WhitepaperLifeCycle.pdf.
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