Study Document
Cruise Line Industry the Objective Term Paper
Pages:8 (2119 words)
Sources:1+
Subject:Business
Topic:Celebrity Cruises
Document Type:Term Paper
Document:#8097498
(Ibid; paraphrased) on a more positive note, according to one report: "Cruise ships have become one of the many options for corporate meeting planners when faced with a decision regarding a destination for meetings and incentives (employee rewards). In the past five years, all major cruise lines have unveiled mega cruise ships to attract a piece of the more than $20 billion corporate meeting and incentives market (Buia, 2001; as cited by Phillips, 2005).
II. PORTER'S FIVE FORCE ANALYSIS SUMMARY
To summarize the competitive rivalry in the industry is fierce although the threat of new entrants is highly improbable due to concentration in the industry. The industry as stated by the Abacus system report will need to concentrate on luring female travelers and retirees into booking their cruise lines. Younger travelers will be targeted with budget cruise offers. Fuel costs, passport requirements, and environmental concerns, terrorists concerns, and natural disasters have likelihood to impact the industry's profit margin. Internet booking of cruises also has and will continue to impact the order book for cruise lines. All three cruise lines focused upon in this analysis will remain strong due to their membership in the Cruise Line International Association (CLIA). The Royal Caribbean Cruise Line and Carnival Cruise Line are both especially strong, however as shown in this analysis Norwegian Cruise Line is holding their own running only slightly behind the other two. Thematic cruise line offers are growing as well as are customized cruise packages targeting specific groups of travelers. Cruise line travel, growing historically at a rate of 8.4% each year is projected to continue at the same or even greater percentage growth in the years to come. Cruise ships are now the preferred setting for corporate meetings as indicated in the report of Phillips (2005). The work entitled: "The World Cruise Shipping Industry to 2020" states that the challenges faced by the industry in the years ahead are those of: (1) the continuing public perception of terrorist threats; (2) Reluctance by some market sectors to go on fly/cruises; (3) the image of cruises; (4) the availability of suitable itineraries; (5) opposition from environmentalist groups; (6) limited specialist port facilities; and (5) the continued low level of market penetration by Asia. (2005) Factors stated to suggest future industry health are those of: (1) continued year-on-year passenger growth; (2) an increasing range of cruise types and itineraries; (3) the increased affordability of cruises; (4) the introduction of ever-larger cruise ship with increased passenger capacity; (5) continued propensity for global leisure travel; (6) the changing images of cruises; and (7) increased economic wealth in populous Asian countries. (Ibid)
Bibliography
Which Way is the Travel Industry Headed? (2005) eMarketer. 14 Nov 2005 Online available at http://www.4hoteliers.com/4hots_fshw.php?mwi=1023.
Robertson, Graeme (2006) Cruise Ship Tourism Industry Lighthouse Foundation for the Seas and Oceans. Online available at http://www.lighthouse-foundation.org/index.php?id=112&L=1
New Breed of Travelers (2006) Abacus International 25 Feb 2006 Online available at http://www.4hoteliers.com/4hots_fshw.php?mwi=1184.
The World Cruise Shipping Industry to 2020 (2005) Bharat Book Bureau Online available at http://www.bharatbook.com/bookdetail.asp?bookid=7265&publisher=.
Eberhold, William B. (2005) Cruise Industry in Figures. Business Briefing, Global Cruise 2004.
CLIA 2006 Cruise Market Profile: Report of Findings (2006) CLIA April 2006.
Cruise Line Industry: Trends and Opportunities for Canadian Exporters (2005) Market Information United States Online available at http://ats.agr.ca/us/4120_e.htm.
ASTA Responds to Goldman Sachs Report (2006) ASTA Press Releases 24 March 2006. Online available at http://www.astanet.com/news/releasearchive06/032406a.asp.
FTC Closes Cruise Line Merger Investigations (2002) Federal Trade Commission Report. 4 October 2002 Online available at http://www.ftc.gov/opa/2002/10/cruiselines.htm.
Record Breaking Million Cruises (2005) IRN Research Press Release 2 June 2005 Online available at http://www.irn-research.com/press-release02June05.htm.
Phillips, WooMi (2005) an Analysis of Cruise Ship Meetings: Factors Influencing Organization Meeting Planners to…
Sample Source(s) Used
Bibliography
Which Way is the Travel Industry Headed? (2005) eMarketer. 14 Nov 2005 Online available at http://www.4hoteliers.com/4hots_fshw.php?mwi=1023.
Robertson, Graeme (2006) Cruise Ship Tourism Industry Lighthouse Foundation for the Seas and Oceans. Online available at http://www.lighthouse-foundation.org/index.php?id=112&L=1
New Breed of Travelers (2006) Abacus International 25 Feb 2006 Online available at http://www.4hoteliers.com/4hots_fshw.php?mwi=1184.
The World Cruise Shipping Industry to 2020 (2005) Bharat Book Bureau Online available at http://www.bharatbook.com/bookdetail.asp?bookid=7265&publisher=.
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