Marketing Management Report: Analysis of The World Residencies at Sea

Verified

Added on 2022/09/16

AI Summary

This marketing management report provides a comprehensive analysis of The World: Residencies at Sea, a luxury residential cruise ship. The report begins with an executive summary and table of contents, followed by an in-depth examination of the company's background, current market situation, and a SWOT/TOWS matrix. It delves into market segmentation, target markets, value proposition, and positioning strategies. The core of the report outlines the marketing strategy, including pricing, promotion, place, and product elements. Implementation plans and control mechanisms are also discussed. The report analyzes the company's strengths, weaknesses, opportunities, and threats within the cruise industry, focusing on its ability to target high-income customers with unique travel experiences. Recommendations suggest expanding the customer base. The report concludes with a summary of findings and recommendations for future marketing efforts.

Running head: MARKETING MANAGEMENT
Marketing Management
Name of the Student
Name of the University
Author note

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

1MARKETING MANAGEMENT
Executive Summary
The report has been able to understand and analyze the different marketing aspects of the
company The world residencies at sea which is situated at United States of America. It has been
seen that the company has been capable of targeting elite income grouped customers and it
enhances the effectiveness of the services delivered by them. Moreover, from the marketing mix
of the company, it has been found that the products which are offered include the wildlife
expeditions and the in-depth expeditions which are quite liked by the different passengers. On
the other hand, the promotional activities include the social media channels which are liked by
the customers and it enhances their effectiveness in a proper manner and it is capable of
improving the growth of company. In the recommendation part, it has been noted that the
company needs to include the different income group customers who will be able to enjoy the
services and it will be appropriate for the growth of the company.

2MARKETING MANAGEMENT
Table of Contents
Background of the Organization......................................................................................................2
Current Market Situation................................................................................................................. 3
Summary of SWOT/TOWS Matrix.............................................................................................3
Market..........................................................................................................................................4
Segment and Profiles................................................................................................................... 4
Target Markets.............................................................................................................................5
Value Proposition and Positioning.............................................................................................. 5
SMART Objectives for the Segments......................................................................................... 6
Marketing Strategy..........................................................................................................................7
Pricing..........................................................................................................................................7
Promotion.................................................................................................................................... 8
Place.............................................................................................................................................8
Product......................................................................................................................................... 9
Implementation.............................................................................................................................. 11
Control Mechanisms.................................................................................................................. 11
Implementation Planning...........................................................................................................11
Conclusion and Recommendations................................................................................................12
References......................................................................................................................................14

3MARKETING MANAGEMENT
Background of the Organization
The world: Residencies at Sea are considered to be the most private residential ship in the
entire world wherein the size of the ship is around 644 feet in nature. Since their first sail in the
year 2002, The World has been continuously circumnavigated globe, spending extensive amount
of time in most exotic as well as well-travelled ports. It allows Residents in waking up in the new
destinations in every few days by exploring to the different new depths which they have not
thought in their imagination (Aboardtheworld.com, 2020). With only 165 individual Homes, The
world’s Residents enjoys exclusive lifestyles imaginable in nature. Additionally, the residents
from 19 countries own the individual residences, on a collective manner, they own their ship
ensuring that experiences in both onboard or off. Through the travel through The world:
Residencies at Sea, the individuals are able to discover the rare experiences which enhances their
insights in roaming to different places and enjoy their journey through the ship.
In the ship, there are more than two hundred eight crew members and the capacity of the
ship is to carry more than two hundred individuals. It is considered to be the international
community for the different residents for spending more time in travelling to the different
destinations which are lavishing in nature. As the time passes by, the different neighbors try to
become the travel companions and residents try to offer one another ways to experience many
destinations the ship sails to (Aboardtheworld.com, 2020). There is high level of comfort and
good company and laughter to one another which helps them in making the journey quite
effective and efficient in nature. There is an in-depth expedition along with unique enrichment
program that is suitable for making the customers aware regarding the different cultures and
make their travel quite unique and lavishing in nature.

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

4MARKETING MANAGEMENT
Current Market Situation
Summary of SWOT/TOWS Matrix
Strengths
The world: Residencies at Sea is basically known
for the tons of the different entertainment onboard
cruise ship wherein the customers are provided
with in-depth experience to the different kinds of
cruise and different places and destinations
The customer satisfaction rate is high and it has
been noted that the satisfaction rate among the
different customers have been high (Alaarj, Abidin-
Mohamed & Bustamam, 2016)
The world: Residencies at Sea has been capable of
achieving the excellent brand experience along
with the marketing due to the strong patent kind of
brand (Barney, 2017)
Weaknesses
There is intense level of competition present in the
cruise industry due to which it can be impacting the
performance of The world: Residencies at Sea in a
negative manner (Ansoff et al., 2018)
There is lack of flexibility available in the
respective cruise industry which creates difficulties
in creating the differentiation which impacts the
positive aspects of the customers towards the ship
In addition, the prices which are being charged are
high and it is only affordable by the different rich
customers (Blut, Teller & Floh, 2018)
Opportunities
There is high level of scope for expansion in the
respective aspect wherein it will be capable of
providing and giving the margins along with the
elite customers which are efficient in nature
There is scope of large number of investment
which will be effective in gaining competitiveness
in the market and improve their growth (Borland et
al., 2016)
Threats
High level of competition is the first and foremost
aspect which needs to be taken care as it can be
impacting performance of The world: Residencies
at Sea negatively
There can be chances of accidents which will be
impacting brand image and presence of the
company negatively (Fernandes et al., 2017)

5MARKETING MANAGEMENT
There are scope for The world: Residencies at Sea
to merge with the different small players which will
be increasing number of ships along with capturing
the high level of share in the market effectively
(Furr & Kapoor, 2018)
Market
In case of The world: Residencies at Sea, the market which is being owned by them
include the different individuals from the rich family and income background. The company has
been trying their best in providing customers with studio residences for one or two bedrooms and
they have the exotic suites for offering the different guests. In such scenario, the cruise tries to
create the homely type of atmosphere which will be beneficial in improving the experiences
provided to customers and gain competitiveness in the market as well (Gillis, Combs & Yin,
2020).
Segment and Profiles
In case of segmentation, The world: Residencies at Sea mainly segments their services
and products on the basis of the following:
Demographic Segmentation- In this segment, The world: Residencies at Sea mainly
includes individuals from different age groups starting from new born to the elderly person who
have the enthusiasm for travelling to the different new destinations around the world (Gillis,
Combs & Yin, 2020).

6MARKETING MANAGEMENT
Psychographic Segmentation- In this scenario, the customers who are being segmented
based on their lifestyles specially the ones who have the knack to travel and are belonging from
the high-income group families. The modern type attitude and the attitude to travel to new
destinations are being segmented in this aspect.
Geographic Segmentation- The different individuals who are being segmented are from
the different urban cultures that have the ability to spend money for the luxurious aspects in an
appropriate manner (Gillis, Combs & Yin, 2020).
Target Markets
In the case of The world: Residencies at Sea, the main target customers will be the ones
who have the ability to spend a high sum of money on travelling through cruise. The world:
Residencies at Sea mainly prefers the customers who have the enthusiasm in travelling to
different destinations and these include both males, females along with babies who have the
interest in travelling (Girod & Whittington, 2017). It does not specify any such age group as the
main aspect of targeting include all age groups and demographics which makes their business
highly efficient in nature. In addition, The world: Residencies at Sea targets the family market as
a whole along with go free offers for the children on the different events or special occasions
wherein they offer discounts and it is liked by the different individuals. Mainly, the elite class
who likes to travel and explore the entire world and in-depth view on different destinations are
the target groups of the respective cruise company (Hill, 2017).
Value Proposition and Positioning
The world: Residencies at Sea is one of the leading cruise ship operators who have the
capability in providing the different customers with the elite experiences in the cruise. The value

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

7MARKETING MANAGEMENT
proposition of The world: Residencies at Sea is that section of the facility is professional who
are capable of providing the customers with the high end luxurious travel and making them feel
comfortable (Hitt & Duane Ireland, 2017). The ship offers homely experiences with the different
kinds of cuisines available at the request of the passengers along with the different types of room
available for their convenience.
In addition, The world: Residencies at Sea has positioned themselves as the best cruise in
the United States market. They have been capable of providing the customers with different
kinds of services and cuisine around the world and the entertainment is being liked and preferred
by all the individuals who are on board. The positioning has been done on the basis of the costs
and prices which are high and the quality of services and entertainment which are being provided
are effective which is liked by the different elite group customers present in the United States
market (Huq, Chowdhury & Klassen, 2016).

8MARKETING MANAGEMENT
Figure 1: Positioning Map of The world: Residencies at Sea
(Source: Created by Author)
SMART Objectives for the Segments
 To increase the bookings of the cruise by growing the commission by more than 15% in
each quarter
 To aim for booking three or four additional cruise cabins for the respective segment by
May 2020
 To set aside additional hours per week for devoting to the marketing cruises for getting
three additional cruise cabins successfully
 To build knowledge and increase the sales through the help of the new cabins which have
been included in the cruise
Marketing Strategy
With the help of the marketing mix, it helps in referring to the set of the different tactics
along with actions which the company utilizes for promoting the brand or the product in the
market in a successful manner. The 4Ps make up the typical marketing mix which includes price,
product, price and promotional activities which need to be implemented for the growth of the
company in a successful manner. Through the marketing mix, it allows the company in targeting
a specific group of customers for whom they will be able to serve and improve their performance
to a large extent within a short span of time.

9MARKETING MANAGEMENT
Pricing
The world: Residencies at Sea offers the different guests with the whimsical along with
fun-filled environment at the price which is high and it can be afforded only by the different
customers whose income is high in nature. However, the cruise is capable of offering the
different kinds of services to the guests with the in-depth kind of experience regarding different
destinations which are being taken by them. People in the market of The United States are
willing to spend more for what is being considered the latest and greatest cruise at the great price
(Im et al., 2016). The prices are quite high in comparison to the other competitors which are
present in the market such as Carnival Corporation Plc which are offering the services to the
different middle income grouped customers as well. It can be costing around $825000 to $7.3
million which is not possible to be afforded by the middle or lower income grouped people
(Ismail et al., 2018).
Promotion
In case of The world: Residencies at Sea, they are capable of offering the different kinds
of customer-loyalty programs for their different customers present in the United States Market in
the form of the guest recognition card. In addition, the cruise company tries to use the social
media tactics which are being used by them in promoting their brand and the different offers
which are being provided to attract the large number of customers in the market (Liu et al.,
2017).
Furthermore, there are different kinds of campaigns which are being included in the
process of attracting the elite customers in the market wherein they create the different vacation
images on their official website portal which is being liked by the customers in an effective
manner and it enhances their growth prospects in a successful manner. For additional kind of

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

10MARKETING MANAGEMENT
information, the customers who are interested to travel with The world: Residencies at Sea, they
can be contacting in their official phone number for understanding the entire tour in the detailed
manner (Meyer, Neck & Meeks, 2017).
Place
The world: Residencies at Sea has been highly effective and popular in nature in the
utilization of the internet. The main place for The world: Residencies at Sea for contacting with
the different customers is through their official portal for communicating with their target
customers in an easy manner. The different customers have the proper access to the different
phone numbers which are provided by The world: Residencies at Sea in addition to the
additional detailed information are available on their official website. The company has been
capable of providing the different offers and packages on their portal which helped them in
improving the growth of the company in an appropriate manner (Moutinho & Vargas-Sanchez,
2018).
Furthermore, The world: Residencies at Sea prefers the different travel agents and
channels in an enormous manner and they believe that the agents are knowledgeable regarding
the different offers and packages which are being provided and they are capable of giving the
customers with the detailed view on the different destinations wherein the cruise travels. They
mainly encourage the different customers in using the travel agents that helps them in improving
their presence in an appropriate manner (Nordin et al., 2018). Additionally, the international site
of the company is capable of offering the separate sections for the different guests and for the
various travel professionals. Travel professionals are being provided with the downloadable
marketing and sales materials which will be beneficial in making them understand that they have
the capability in using the respective information during the promotional events which will be

11MARKETING MANAGEMENT
performed by the company for their target customers present in the market successfully. The
world: Residencies at Sea is capable of offering the complete online booking available for the
different customers which helps them in attracting more customers in an efficient manner
(Pisano, 2017).
Product
The world: Residencies at Sea is one of the largest and most popular cruise related
services which are being offered by them to the different customers staying in the United States
economy. Recently, the company is planning to include the different other packages for the
different customers who are present in the market and it impacts their performance to a large
extent (Salvato & Vassolo, 2018). The ship is capable of offering the different kinds of services
and lot of different expeditions to the different places which will be liked by the passengers who
will be travelling with them. In addition, in the recent times, the cruise has been effective in
creating different kinds of wildlife expeditions created for the different customers which has
been highly attractive and it is the first cruise services which have been done by The world:
Residencies at Sea for managing preferences of the customers in an appropriate manner (Stead
& Stead, 2016).
Additionally, the cruise offers various other services that include the effectiveness present
in the different kinds of discussions which are being provided to the different kinds of passengers
or guests who are on board and need to understand the different aspects which are related to the
science, culture or general knowledge which engages the different customers. It helps them in
improving their performance of the cruise to an efficient manner. In the cruise, for making the
customers feel comfortable and hope they are enjoying, the cruise officials are capable of