For me, it all boils down to my mood.
I have an inside joke with my friends where I refer to all the colors as obscure armors.
Funeral Armor: If asskicking is the subject matter, he's known to the most intelligent philosophers as the default of Occam's Razor. Marth WILL slay ANYONE, ALWAYS. Under that conditi- no, fact, wear this armor if you're cocky enough to boast the foresight of the outcome of the match, and attending the implied funeral.
Wine Armor: After donning Funeral Armor and, needless to say, kicking tons of Lenneth and Einherjar as(s) (they're ksers) at Ragnarok, his cape was doused in the wine dripping from Thor's very beard at the feast following the aftermath of apocalyptic slaughter.
Marriage Armor: This is just symbolic of Marth's ascendence to the master of mackin'. So next time someone insults Marth as being effeminate- just let 'em know he has married (and consequently, boned) every chick in the Nintendo universe. He's Intelligent System's, or moreover, Shouzou Kaga's subtle approval of polygamy and Japanese culture's under-the-radar nod to male dominance.
Cerulean Armor: Cerulean was the best color out of not only the 12, 24, 32, 64, but one hundred twenty-fuc(k)in'-eight pack of Crayola crayons. Needless to say, it's a bit obvious why he chooses to don this majestic shade of blue, or maybe Crayola should be honored Marth flourishes their best color.
Forest Armor: Let me tell you, I've so much as met Marth at anime conventions, and whoo, is he no tree hugger. When he's not finding new ways to look cool and/or kick as(s) in the process, he's eating whales (Japanese) and snuffing out popular wildlife. Marth isn't environmentally inconsiderate, only fa(g)gotiously inconsiderate. Because trees could communicate in his era so characterized by swords and magic, they offered nature's very essence as a symbol of ultimate subordinance, dominance, and submittal.
Default Armor: The plain, basic, starting armor. If the mechanics of Fire Emblem were such that armor wasn't a static value, you could say that through this armor, all your stats would be augmented by the way a yardsale bike decreases the performance of Lance on his super awesome Trek and Shimano collaboration bike. And under this constraint, Marth still kicks as(s). Sheesh. Someone shoot him with a tranq! [Insert cricket chirp .wav here]
So whether you're in the mood for some viking style ****, maybe some cocky slaughter, flower-stomping, or boning, Marth's not a jack of all trades, but a master of all.