Cruise Line Industry the Objective Term Paper

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(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.

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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).....

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