Regal Marine Product Life Cycle and Competitive Strategy

Regal Marine Product Life Cycle and Competitive Strategy
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Regal Marine Product Life Cycle and Competitive Strategy
Regal Marine Corporation is an international producer of luxury boats and yachts. The company tackles the complex issues of the shipping trade. The paper seeks to examine whether the idea of the product life cycle applies to Regal Marine’s product selection. In this case, it will explore how the management has used strategies that have helped it retain its competitive edge in the market.
The Product Life Cycle at Regal Marine
A product life cycle is a model that explains the process in which a product is realized. These include phases that affect one another in succession. The first phase for Regal Marine involves research, development, marketing, and production of various luxury yachts. The main models are stylish, have the latest technology, and attract attention from people. Myhopster (2011) delineates