The framework allows a business to identify and analyze the important forces that determine the profitability of an industry. It is these forces that determine how much competition will exist in a market and consequently the profitability and attractiveness of this market for a company.
The Cruise Industry General Analysis and Overview Over the last decades, the modern cruise industry has responded to extensive market and consumer research with the presentation of innovative naval design concepts, new ship lengths, ever more exotic destinations around the globe, and new on-board and on-shore activities and themes, developed to offer a vacation alternative that satisfies the expectatives of everyone.
The Cruise Industry Development The cruise industry, which modern version dates from the s with the development of the North American industry, has experienced an increasing process of popularization, becoming a major part of the tourism sector, and reaching a level of enormous significance world-wide as an economic factor.
The modern cruise industry is also one of the most outstanding examples of globalization, with an increasing number of ports of call and destinations around the globe, a multinational clientele and onboard personnel from every continent, and a level of detachment from communities and nations never seen before in history, with important economic, legal, environmental and social implications.
A crisis-resistant industry with a diversified offer of airlift options and modernized port structures that have open up cruising as a vacation alternative available for an increasing, more affluent customer base, offering a exciting, eventful, relaxing and definitely enjoyable experience for millions of passengers from across the world each year.
This dynamic sector is continuously expanding its offer of products and services, and developing new markets, with an average 8. In terms of capacity, the cruise industry has also experienced unprecedented development since the turn of the century. A fleet compossed of several hundred large cruise ships carrying millions of passengers plies routes in all geographical areas in an expanding range of more than destinations worldwide, with the Caribeean cruises as the favourite ones, followed by Mediterranean cruises and European itineraries that visit diverse popular ports and cities — Barcelona, Venice, Nice, Athens and the Greek Islands, Monte Carlo, Istambul, London, Amsterdam, the Scandinavial Fjords, Helsinki, San Petersburg, etc.
Indeed, the cruise industry has increased in popularity all around the world, serving an heterogeneus clientele with well-differentiated expectations and preferences in the Asian, European and North American markets.
The cruise Industry Consolidation In the other hand, the growth of the cruise industry has been severely conditioned by diverse events, such the Achille Lauro hijack inthe Iraq and Kosovo wars, and especially the aftermath of the September 11 attacks, followed by an accentuated process of restructuration and consolidation in the sector.
Carnival Corporation, headquartered in Miami Florida, USA and London England, UKis the undisputed leader in the sector and the most profitable leisure company in the world, with 12 cruise brands in North America, Europe and Australia that operates 89 cruise ships, around 65, shipboard employees andguests at any given time.
In the other hand, althought the corporate offices of the main cruise companies are located in the United States and Europe, and their clientele comes mostly from these same areas, these organizations, as an integrant part of the shipping industry, are incorporated and have most of their fleet registered in Panama, Liberia, Bemuda and Bahamas to obtain a series of benefits and advantages that allow a better economic balance and competitiveness derived from more favourable standards concerning taxation, labour laws and safety and environmental regulations.
The Cruise Industry Competition The volume of the cruise ship market is relatively small, with important barriers both to entry and exit associated with the extremely high cost of purchasing or selling a single cruise ship, and the high investment needed to maintain and manage a cruise line, which has a decisive influence on diverse aspects and strategies related to organizational and management issues.
In the same way, the bargaining power and capability to take advantage of economies of scale present in the cruise industry are also affected by the size of the market in two different and contradictory ways: Such a reduced number of companies allows them to watch closely for potential commercial threats in a constant competition for a clientele influenced by general economic conditions and with other vacation alternatives, such sightseeing vacations, land-based resort hotels, thematic parks, etc.
A situation that has given place to diverse strategies and plans to identify and specialize in the specific areas within this business framework, resulting in a division of the cruise industry into well-differentiated sectors or market niches — luxury, premium and contemporary — that offer diversified and targeted cruise products and services to satisfy both mass consumer markets, interested in budget packages, and a distinctive clientele seeking the exclusive environment onboard small ultra-luxury ships.
Marketing, innovation and brand image are therefore vital elements in such a competitive commercial environment, and key factors to succeed in a sector in a constant effort to find new sources of income and new strategies to maximize economic performance and profit.
Cruise Industry Revenue The main revenues in the cruise industry are generated for the most part from cruise ship passengers, and the ability to attract and maintain a clientele is therefore essential to its financial success. However, cruise fares are currently just another element in the complex mosaic of commercial relations around the cruise activity, quite far already from the relatively inexpensive or initial all-inclusive vacation packages offered in the s, with a growing number of strategies for generating onboard revenue.
Nowadays, cruise ships offer an increasing range of shipboard stores and boutiques, spa and personal care services, photography departments and art auctions at prices that compete with land-based establishments.
Most of them provided and managed by concessionaires and subcontractors. In addition, while many people go on a cruise with the intention of doing nothing more than relaxing and unwinding; other customers are interested in participating in all sorts of activities and experiencing the destinations to the fullest, and willing to pay for it.
As a result, there is an increasing offer of shipboard activities and services, such as Bingo and casino gambling, adventure sports, culinary workshops, videogames, computers and virtual reality centres, theme nights, etc.Electrochemical Analysis is a powerful technique that is increasing in utility in the Pharmaceutical Industry due to its high sensitivity, speed of analysis, reduction in solvent and sample consumption, and low operating cost compared to other analytical methods.
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1 Table of Contents 1. Executive Summary Based on the industry analysis, McDonald’s was identified as the market leader and an Their international marketing mix was evaluated to identify success factors, drawing focus upon international branding.