Design of Goods and Services
The four stages of a product lifecycle: entry into the market by the product, growth of the product in the new market, maturity of the product in the market segment and the decline of the product in the market are necessary in any organization. Any Regal boat’s life cycle is usually three years. This might be attributed to the presence of vigorous competition in the boat making market. In addition, this is also attributed to the new technology, which aids the companies involved in the boat making business develop new products, which might rival other companies like Regal. Hence, Regal is prompted to develop constantly new products, which are highly competitive in the market. In addition, the boat making business is a lucrative one provided an entity could maintain its competitive advantage through the development of new products, which have an appeal for the selected target consumer markets. In addition, the constant development of new products is necessitated by the need to gain market share by regal given that the boat making industry requires detailed products for the various target market niches in the boat industry (Funk, 12).
The use of technology is essential to regal for the development of new boats given the wide range of new boats, which are needed, in the consumer market. The use of technology is essential for Regal because of its operations in a digital world. Computer Aided Design (CAD) also enhances the quick research and development of new products given the market has a huge demand for new products (Funk, 27). In addition, Regal incorporates ideas from suppliers in the early stages of designing the various boats. This is essential for Regal in that, diversity in knowledge is provided by the various suppliers to produce high quality boats, which are appealing to the various consumers. This is an indication of the value of partnerships emphasized by Regal in manufacturing of boats.
The use of Computer Aided Design has accrued numerous benefits to the organization given the need to develop highly competitive boats. CAD as a system helps in the determination of engineering data such as the engine placement space, torque, weight of the boat, aerodynamics and dimensions and shape of the boat. Such are among the most essential facets of a boat for any boat enthusiasts. In addition, it also enables the designers as well as engineers to ensure that the acquired supplies will fit perfectly into the design of the boat.
Traditional methods of drafting relied on the presence of talented artist for sketches of the new products or boats. This is a tedious and draining process because it involves the use of sketches, which are at times inaccurate. Hence, this was relatively slow due to the need to attain accurate designs, which could incorporate the various parts and design specifications of the boats. Hence, the use of CAD was essential for attainment of relevant and accurate designs. In addition, technology is essential for the development of appealing products for the consumers such as fuel-efficient boats, powerful boats, and small or large boats that consume less fuel (Thomke, & Reinertsen, 26).
None of the identified aspects was given emphasis in the use of traditional drawing and sketching of boat designs. This is however possible given that such aspects are detailed in the use of CAD, which gives detailed designs for the eventual construction of boats. This is an indication of the use of technology in enhancing business operations. Such has enabled Regal to attain productivity by reducing time in the research and eventual development of new products. Furthermore, it has also aided Regal in the aspect of competitiveness by enabling the entity to develop highly efficient, competitive and high quality products for the various target boat enthusiasts whose preference varies (Thomke, & Reinertsen, 29).
Funk, Jeffrey L. “The Product Life Cycle Theory and Product Line Management: The Case of Mobile Phones” IEEE Transactions on Engineering Management, Vol. 51, (2). May 2004. Print.
Thomke, Stefan. & Reinertsen, Donald. “Six Myths of Product Development” Harvard Business Review, Vol 4. 2005.Print.