Management Essays – Regal Marine
Regal Marine
Introduction
Regal marine is one of the leader manufacturers of luxury performance boats in the USA and established in 1967. It is family owned business and sells proudly different kinds of quality products to its customer. It is the largest retail supplier of new and used ski and wakeboats. It has a product line of 22 models such as Malibu ski & Wakeboats, Tabs plate aluminium boats, Mercury outboards and Sterndrives, Dunbier Trailers, Horizon Aluminium boats and Easytow Trailers (Regal Marine, 2008).
Implementation of product life cycle concept
Product life cycle concept is applied to Regal marine for the purpose of introducing new products into the existing line of products. It has product line of 22 models and every product is in the different stages of life cycle, as a result of this new products are continuously added because old ones reach the decline stage of their life cycle. The life cycle of Regal marine products begins with design inputs, which are proposed by dealers, customers and consultants.
After the design inputs are received they send to the styling studio in, which the inputs are placed into CAD machines fro the purpose of speeding the process of development.
Various boat designs of existing patterns are always evolved for the purpose of meeting the trends and competition. The average life cycle of Regal marine product is three to five years, so to develop a new flux of ideas is required to stimulate the continuous development of new products. Every product has four stages such as introduction, growth, maturity and decline. Regal marine uses different approaches in the introduction stage of its products (Product Design At Regal Marine, 2008).
Introduction stage: In this stage Regal marine perform different activities such as researches, product development, process development and supplier development from the purpose of introducing the new product in the market effectively. For example Virtual reality.
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Growth stage: In this stage Regal marine starts to stabilize product designing, forecasting the capacity for the aim of increasing growth of the new product in an effective manner. For example Roller Blades.
Maturity stage: In this stage Regal marine implement innovative products with high volume and effective measures for cost control to meet out the competition. For example Jet Ski
Decline stage: In this stage Regal marine adds new products in the existing product line and terminate the unprofitable products. For example Boeing 727 (Operations Management Design of Goods and Service, 2001).
Strategy for competition
In the present scenario every organization wants to develop some effective methods and policies in order to compete successfully to the competitor. Regal marine also develop some strategies to face the competition effectively. It continuously adds new products with innovative features in the existing product line of the company. It allows all stakeholders to submit their ideas on the designing of product. It implements all of those designs in the models, which are in demand and trends.
Regal marine analyze the demands & needs of customer and after it implement the suggested techniques within the manufacturing of the new product (Kotler, 2002). It uses computer added technology for the purpose of designing and development, which is an effective technology and assist it to compete in the marine industry effectively.
Benefits of computer added technology (CAD)
Regal marine uses computer added technology(CAD) for designing and development process of the product instead of traditional drafting technique. It is a powerful digital technology, which facilitate the process of standardization of various components involved in the manufacturing of boats and also enforces the design testing for analyzing their ability to manufacture. This technology offers different advantages, which assist the company to gain a competitive position in the market.
Improved product quality: The quality of Regal marine products has increased after the use of CAD technology in the manufacturing process. On the other hand traditional drafting technology dose not enhance the quality of product in broader way.
Reduced production cost: Production cost is the important factor, which determines the success or failure of any company. CAD technology makes it possible for the company to reduce cost of production, which is another benefit for the Regal marine to use this technology instead of traditional drafting technology.
Availability of database: Having a pull of important data is good for any company as it foster the effectiveness of information system, which assist the company in analysis of various factors. After the use of CAD technology Regal marine has develop an efficient database, which is necessary for the growth. On the other hand traditional drafting technology does not provide effective database, so it is not as good as CAD technology.
Shorter design time: CAD technology reduced the time involved in the designing of the product, which assist Regal marine to accomplish the manufacturing process timely. On the other hand traditional drafting technology involves greater time in the process of designing and development(Operations Management Design of Goods and Service, 2001).
Innovative capabilities: After the use ofCAD technology in the designing and development process, innovative capabilities have developed, which assist the Regal marine to achieve the goal of leading the business. It is not possible with traditional drafting technology as it does not have any innovative methods for the development of new capabilities.
Conclusion
From the above discussion it is concluded that to face the competition effectively it is necessary for the company to evolve innovative methods of manufacturing the products. Regal marine, which is a leader in the manufacturing of boats also uses innovative methods and implement new technologies in the designing and development process of the product. As a result of this it is possible for the company to meet the increasing customer demands and needs in an effective manner. It uses CAD technology in the designing process, which offers various benefits to the company and assist it to achieve goals and objectives effectively.
References
- Kotler, P. (2002). Marketing Management (11th revised edition). New York: Prentice Hall.
- Operations Management Design of Goods and Service. (2001). Retrieved July 30, 2008 http://web.njit.edu/~jerry/OM/ch05.ppt#66
- Product Design at Regal Marine. (2008). Retrieved July 30, 2008 from http://www.lotsofessays.com/viewpaper/1712438.html
- Regal Marine (2008). Retrieved July 30, 2008 from http://www.regalmarine.com.au/about-us.html