A supply chain is defined as the network in between a specific company and the supplier that produces and supplies certain final goods to a buyer (Christopher, 2016). Regal marine has a good supply chain though there never lacks challenges in any business. The biggest challenge in this supply chain is "Brunswick," who is a billion-dollar competitor. Regal marine’s uses technology to differentiate itself from other suppliers, but Brunswick is in a position to do the same, and also, there is the risk of other competitors emerging with new and better technology. Also, being in the fun business, people normally don’t invest when there is a slowdown in the economy because it is vulnerable to the economic crisis (Christopher, 2016). The product life cycle is the complexity in the marine’s supply chain, where they have to introduce new products into an already existing product line. It is very uncertain to bring in new products to an already existing market with over 300 competitors, though the company has a well-developed stage of production where customers, dealers, and consultants are the proposers.
What Strategy Should Regal Marine Apply for Better Forecasting to Optimise the Supply Chain, Please Explain Why?
Supply chain strategy is a repetitive process where operational components cost-benefits trade-offs are evaluated (Christopher, 2016). The strategy used by regal marines should use the strategy of the creation of differentiation through innovative techniques embedding and application of creative features as well as providing perfection and quality. The best strategy for regal marine is to build a responsive supply chain by utilizing data sources such as POS sales and also information in the social media in order to identify the demand changes and trends (Christopher, 2016). This way, the supply chain will be able to respond faster and be able to main the main strategy, which is stated above.
What are the Potential Risks in the Supply Chain? And How Would You Mitigate those Risks?
The company majors on quality and perfection; hence it should always ensure that there is supplier quality. Company reputation can be impacted in a big way by suppliers. The company should not only maintain the quality of suppliers but also be keen on how they treat their customers, interact with other different partners, and source their materials (Christopher, 2016). Finally, financial due diligence should be conducted by the company to ensure there is viability to long term supplier (Christopher, 2016).
Christopher, M. (2016). Logistics & supply chain management. Pearson UK. https://books.google.com/books?hl=en&lr=&id=NIfQCwAAQBAJ&oi=fnd&pg=PT7&dq=Christopher,+M.+(2016).+Logistics+%26+supply+chain+management.+Pearson+UK.&ots=x2b2AyGrot&sig=ilyU0OwwR2bSbAmy049S2QvMV38
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