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Royal Caribbean Company: Market Diversification Research Paper

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Updated: Jun 14th, 2020

Introduction

Currently, Royal Caribbean Company is facing some problems concerning their business. First of all, the company is second in its market after Carnival Cruise Line. Secondly, the prices for fuel impact the business directly. Thirdly, Royal Caribbean has a low rater presence in the market of Europe. This is especially unfortunate due to the population growth in Europe, which offers a larger number of potential customers (Marketing Plan: Royal Caribbean Cruise Line 3).

Finally, the services offered by the company are very pricy, and in the circumstances of the poor economy, many potential customers prefer to save the costs. Besides, the company has a number of serious competitors, many of which offer very similar services (Marketing Plan: Royal Caribbean Cruise Line 4). To overcome these challenges, the company is recommended to diversify its market and begin its expansion to Europe in order to maximize the customer base.

The Mediterranean Sea is located in the center of Europe and washes a large number of countries such as Spain, Italy, Morocco, Croatia, Montenegro, Greece, Cyprus, Algeria, Turkey, Malta and Tunisia among others. This is why it can become a perfect target for the expansion of the Royal Caribbean.

Overview of the Biggest Mediterranean Ports

Among the biggest and business destination ports, there are ports of Italy, Spain, France, Albania, Morocco, Algeria, and Montenegro. The cultures of the countries are extremely diverse; this is why a cruise, including visits to the ports of these countries, would attract a whole new range of customers willing to learn about the specificity of the Mediterranean cultures.

The economic situations in the Mediterranean states are very different. For example, Spain, Italy, Morocco, and France are known as rich and luxurious countries; they would attract wealthier tourists, whereas Montenegro, Albania, Croatia are cheaper but have beautiful geographies and exotic cultures fascinating for the tourists of all kinds. Demographically, the population of the Mediterranean countries has a great number of aging baby boomers, who are able to afford cruises that are gradually winning their favor as a type of vacation.

This way, there are options for cruises, Royal Caribbean may introduce a luxurious one targeting wealthier countries, and a less expensive cruise for another set of Mediterranean states. There may also be one long cruise circling the Mediterranean Sea and visiting all of the mentioned states. For example, the cruise could start in Marseille and visit Nice in Spain, then travel to Port-La-Nouvelle in France and cruise around Italy, targeting Genoa, Livorno, Naples, and Palermo. After that, it would head to Bizerte in Tunisia, Jijel in Algeria, and Nador in Morocco. Another cruise could just travel around Italy; this country has a great number of cruise ports and a magnificent coastline. Italy is a popular destination from people all around Europe and the United States; this cruise could help Royal Caribbean Company diversify its market and attract new customers.

Conclusion

In order to successfully expand to the European market, the company is to invest in new vessels and to hire staff to work on them. The cruises circling in the Mediterranean will be in need of staff speaking the most popular European languages such as French, Spanish, and Italian. In order to increase awareness about the company in the European market, Royal Caribbean is to launch a new marketing campaign in social media, engage the most well-known websites for travelers, and cooperate with the European traveling agencies encouraging them to promote Royal Caribbean cruises.

Works Cited

. Worldpress. 2010. Web.

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1. IvyPanda. "Royal Caribbean Company: Market Diversification." June 14, 2020. https://ivypanda.com/essays/royal-caribbean-company-market-diversification/.


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IvyPanda. "Royal Caribbean Company: Market Diversification." June 14, 2020. https://ivypanda.com/essays/royal-caribbean-company-market-diversification/.

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IvyPanda. 2020. "Royal Caribbean Company: Market Diversification." June 14, 2020. https://ivypanda.com/essays/royal-caribbean-company-market-diversification/.

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IvyPanda. (2020) 'Royal Caribbean Company: Market Diversification'. 14 June.

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