Marketing is the major motion of a business. Marketing cannot articulate as single constituent business of business, but, it requires overall business proceedings to be perpetual to make it perpetual too. When business requires promoting itself or its products. It needs to know market analysis, market trends, threats in market and opportunities/potentials available in the market. Moreover, it forecasts the trade and profits for an entity as well as for products. Therefore, marketing management is most essential thing to maintain and seriously workout. Moreover, it defines the trends, the process and the success/failure of an organization and the products.
Industry trends and threats:
In a very common sense of marketing, trend can be defined as the base of marketing activities. Always it had have seen that the trends being changed always, it is a quite continues process which is still going on and will not be considered to be ending till the end of industry or life. At the same time, in a philosophical sense the constant is the identical constituent of business, life and universe.
In the business avenue one can quite easily coin out the ups and downs of industries. There are several examples of industries which have changed or altered their trends. Moreover, the entities in the industries have to have changed their means of doing business or otherwise they will completely get out of the industry and business. Therefore, trend is an evolution process which demands evolution from each stakeholder.
We can exemplify number of industries and the acting entities in the industries that had been threatened by the new trends. A very big example is of railroad which actually chalked out their own industrial persona and deemed that they are the industry. But, customer demand never considers entity but the industry. Therefore, huge customers’ demand of freight decline cannot be entertained by railroad. However, by the other industry competitors fulfilled the customer’s demand, as a result, railroad has transformed their customers to their competitors by them self. It just happened because of the railroad’s self oriented persona. With the same or quite similar reason many industries have faced threats and trends have evolved them or they are drained out by the trends (Levitt, 1975).
Marketing management and strategy:
Marketing is about to manage the enterprise’s business, at the same time, marketing strategy is to analyze customer and market. And enact according to the needs and demands of market and customer. Therefore, marketing management and marketing strategy has core importance to deal with the overall marketing activities. In addition, it defines the line and goals of business its prosperousness and success/failure (Mullins, Orville & Boyd, 2010).
According to Michael Porter marketing strategy is to evaluate the internal as well as external competitiveness of an organization. For this several forces are influential and need a concrete consideration to cop up with the trends and customer/market demands. These forces are power of customer, power of supplier, market competition and threats, competitors and their influence on market (Porter, n.d).
Hereinafter, marketing management and strategy can make the difference if properly handled. It will fuel the business and make it possible to get the maximum share of market.
Product life cycle:
A product’s life cycle can be determined with the specifications of each product. Every product is different from other, however, every product has a specific life cycle. With the trend change it is mandatory to change the product or its specification and technology to give new look and or technology to the customers. At the same time market competitions always keep busy the business to innovate or up bring the old product and change the product according to the new trend on the parallel basis.
Therefore, it is important to accurately measure the product life cycle and keep the neck on the market new trends to cope up with the new style and designs of products. It will ultimately ensure the high profits for an enterprise and for its product (Smallwood, 1973).
Regal Marine, industry and products:
Marine industry always remains busy in recycling products and introducing new style and new technology products. Therefore, one of the big producers of marine industry is Regal Marine. Regal Marine always introduces new and innovated marine products before the decline of their prior product or in the vacuity situation in the market. It enables Regal Marine to maintain its cash flow and to have their concrete presence in the highly competitive market (Regal Marine, n.d).
Major trends in marine industry:
Marine industry is always considered being a high fluctuated industry in the sense of competition and product life cycle. The major industry trends are design and functionality of product which always alarm the industry not for a specific period. In fact, products are designed to the precise customer needs and market demands. Therefore, every product has its specific life and time to perform with its supreme capacity. However, in the marine product the technical as well as design influence the market and market trends. These are number of trends which always alarm the marine industry and entity to keep them in competition and have maximum market share.
Regal marine’s market strategy to stay competitive:
The creative minds of Regal Marine always work for better product to stay competitive in the market. For that reason, the team keeps busy them to dig out new and innovated product ideas and put them into right direction for profitable results. That is the only strategy to stay competitive in the market by Regal marine. And they are competitive and trend setters to lead the industry.
At the end of treatise, major industry trends, market research and product life cycle is the outcome which is considered with the facts presented in the example of Real Marine. Hereinafter, now we can understand each constituent of marketing activities of an organization’s and marketing department. At the end, marketing is the core and concluding activity performed by an organization to achieve its goals.