MOORmillennials
Patrick Alkire, Kayla Delgado, Jen Johnson, Eloy Martinez, Lyndsey Shaw
Table of Contents:
- Competitors
- industry data
- SWOT
-Tr e n d s i n m i l l e n n i a l
Demographics
- Opportunities
- Best Practices
- Marketing and Communications
- Print Advertisements
- Broadcast Advertising
-Tr e n d s i n m i l l e n n i a l
demographics
- Target customer
- Target interests
- Social Media
- Fives Forces
- Personas
- First timer
- Luxury Seeker
- The Adventure seeker
- Strategy
- Current outlets
- Possible Outlets
- Reflective Wrtiing logs
- Lyndsey SHaw
- Kayle Delgado
- Eloy martinez
- Jennifer Johnson
- Patrick Alkire
- Example of Advertisement
- Journey Map
- Works cited
Competitors
1. Nielson 2. Sunsail - Caribbean; Mediterranean 3. OCC 4. Sailing Holidays 5. Kiriacoulis 6. Pitter Yachting 7. Athenian Yachts 8. DreamYacht Charter 9. Navigare 10. The Moorings – Caribbean; Mediterranean 12. Marine Max - Caribbean 13.Voyage 14. Barefoot 15. Conch 16. TMM 17. Catamaran Company 18.Horizon Yacht Charter 19. BVI Yacht Charter
Industry Data
Bareboat charters booked out of the North American market
were up 15% over 2012 to 21,495 weeks, with strong gains for
popular sailing destinations in the Caribbean and overseas.
The Virgin Islands and Puerto Rico hit a record high in market
share with 70%, representing 12,301 weeks.
2869 More Charter Weeks Booked Out of North American
Source Market
All seasons see increased business, but winter is the big
winner up 23%
Estimated Value of Bareboat Charter Fees for 2013 Up 30%
Sailboat imports into North America saw a significant increase
last year, up 55% for boats over 20 feet in length compared to
2012.
Domestic production of sailboats over 20’ also grew, up 7%
versus the previous year.
Multihulls comprised 38% of imported sailboats and 20% of
all sailboats built in North America.
Small sailboats under 20’ were the only category which was
off, losing 16% in terms of units produced in the US. (Library
Administration, 2005)
SWOT
S
W
Number 1 in the industry
Social Media Video Campaigns
(GoPro)
Financial Backing From TUI
Website Upgrade
Large Customer Base
Partnerships with aquatics
companies
Lack of dynamic marketing
strategy
Limited Social Media Presence
New Entrants (More
competition)
Lower industry prices
Lack of presence within the
millennial generation
O
T
Trends in millennial
demographics
Clean eating
Top 10 trends in travel http://www.hospitalitynet.org/file/
152005087.pdf
Now, Instantaneity, and Flexibility of Service
Booking online, using mobile boarding passes, check-in
online, use of apps for easy travel arrangements.
Real Time Information
Peer Review
Sponsorship through a twitter/IG blogger with a great
following
Online and Offline
Different Booking Structure
Millennials as Business Travelers
Required Essentials and Wanted Amenities
Authentic Local Experiences
Non touristy feel, secret local spots
Volunteer Travel/Social Responsibility
Pod Hotels
Opportunities
Increase Social media following
Build a following in YouTube by creating a page specifically
for Moorings of Clearwater.
Moorings App
Increase online bookings
Best Practices
Excellent reputation Range of destinations Custom and innovative yachts that meet clients needs/comfort In tune with technology needs of customers Great customer service
Marketing and
Communications
•
Online - Website, Social media, everything in regards to
the charter should have the ability to be handled online;
this is the preferred method of communication for
millennials, as they were born into an era in which digitally
provided services are commonplace. They expect speed,
convenience, flexibility and power of digitally provided
services and resources.
•
Advertising – Broadcast, Print and Outdoor – target the
shows and magazines viewed by the affluent millennial
demographic
•
PR – Pitch lifestyle articles to newspaper & magazines,
morning shows, etc. Keep up to date with industry news,
place ‘experts’ in stories whenever possible
Print Advertising Studies indicate that target, professional Millennials remain
active in keeping up to date on print media outlets relevant to
their particular industry.
• Prominent Magazines (Read Weekly)
• WSJ Magazine (Complimentary with the Journal’s
Weekend Edition)
• The Economist
• Barron’s
• Investor’s Business Daily
• Bloomberg TV
• Financial industry’s premier daily market data analysis
and reporting service.
• High profile interviews with top industry professionals.
• MSNBC
• Daily economic and financial reporting.
Trends in millennial
demographics
• Financial Times
According to the Journal of Behavioral Studies in Business
Gen Y cares all about the experience. Honesty, humor,
uniqueness, and information appear to be important.
Encourage them to explore new paths or options, they crave
challenge.
• New York Times
• Clean Eating/Health
• Bloomberg BusinessWeek
• Now, Instantaneity, and Flexibility of Service
• Barron’s
• Real Time Information
• Prominent Newspapers (Read daily)
• Wall Street Journal
Broadcast Advertising
• Peer Review
• CNBC
• Different Booking Structure
• Daily economic and market reporting, including daily high
profile interviews with top industry professionals.
• Fox Business News
• Daily financial market analysis and reporting.
• Required essentials and wanted amenities
• Authentic local experiences
Target Interests
• Social Media
• High Involvement
• Connecting with Friends and Co-Workers
• Networking – Meeting new people
• Other industry professionals
Target Customer
• Millennial Generation (Ages 25–35)
• Target Profile – Customer
• Target Age Range
• Aged 28 to 35 years old
• Target Income Level (Net – After Taxes)
• $80,000 – $100,000
• Career
• Industry Conferences and Social Gatherings
• Partying
• Clubs and Bars
• Golfing and Exercising
• The accumulation of wealth
• Spending time with individuals of similar wealth statuses
• Unique experiences
• Studies have shown that millennials are more likely to pay
for unique experiences.
• Financial Services
• Adventures – Long vacations with friends and loved ones
• Banking Industry
Attitudes – Internationally & Locally
• Insurance Industry
• Northeast has more sailboats and a variety of classic and
antique watercraft that participate in old-time yacht clubs
and cruising clubs
• Entrepreneurs
• Personal Business Owners
• Technology Industry
• Southern Florida is known for larger, expensive motor
yachts and sport fishing boats.
Millennial Focused
Mission & Vision
The Moorings will gain an understanding of the unique needs
of millennials, develop effective communication, and deliver
an exclusive, exceptional experience, from first ad to final
dock - and everything in between. The Moorings strives to serve as the premier luxury aquatic
experience provider to affluent millennials, crafting unique
adventures that cater to their thirst for exclusivity, while
continually building lasting client relationships and providing
service that is second to none.
Five Forces
Threat of Entry - low - Entry barriers are high
Buyer Power – low - Buyers are price sensitive
Rivalry – high - Large amount of competitors - Few
differentiation
Threats of Substitutes – high - Available and attractively
priced. - Comparable/Better performance features
Supplier Power – high - Long term relationship with main
supplier
Threats of Substitutes—> “Millennials are less loyal towards
travel brands than nonmillennials and more willing to switch
to another airline or hotel brand if they believe that loyalty
program has a better product or global alliance network or is
willing to match their elite status “(HVS Global Hospitality
Report 2014)
Rivalry—> “Everyone is looking to get the most out of their
budget, Many people are looking to have as many inclusions
as possible in their vacation, which is why all-inclusive resorts
are popular with the younger generation. I look for resorts that
have at least a free daily breakfast, free Wi-Fi and if possible
free round-trip transfers to and from the hotel and
airport.” (Travel Agent 2013)
Personas
The First
Timer
“Jack”
32 year old, male
several girls; he spends many nights taking in the local social
scene and is always open to new opportunities for fun. He is
active on social media and enjoys sharing (and bragging) about
his experiences to his friends.
Living in West Palm Beach, Jack enjoys time spent on the
water – usually on water sport toys such as kayaks and jet skis;
he also goes boating with friends. He doesn’t own a boat
because he’s not interested in the upkeep.
Occupation:
Entrepreneur, owns a
technology company
Web habits: Wired, Facebook, Instagram, Fox News,
Huffington Post, Netflix, Spotify, Buzzfeed, New York Times
Income: $150,000/yr
Favorite vacations: NYC, Bahamas (cruise), Greece, and
Alaska
Marital Status: single
Location: West Palm Beach, FL
Motivations: independence, financial success, environmental
responsibility, having more fun than everyone else
Quote: “Work hard, play harder!”
Role model: Richard Branson
Jack schedule is very flexible, he generally works around 60
hours a week during peak times and as little as 10 hours a
week when business is slow. He is someone who works very
hard but really enjoys his down time. Jack is casually dating
First Timer
Personas
The Luxury Seeker - Jill is 30 years
old and has a taste for the finer
things in life. Being a marketing
professional for a major company
she can definitely afford to indulge
a bit.
Luxury Seeker
Personas
The Adventure Seeker - Keith
has spent most of his life
traveling the world with his family.
He is a personal trainer and loves
photography. Not just Instagram
photos though.
(Assuming you have more info on
luxury seeker and adventure seeker
from Jen & Patrick when they first
made them, all I have is what was
included in the presentation.)
Adventure
Seeker
The Moorings – Strategy
According to a recent Advertising Age article, contrary
to popular belief, millennials are willing to make phone
calls and have personal connections when it comes to
purchasing. “Millennials are the most likely of any age
group to make a research-and-purchase decision the
old-fashioned way -- by talking to someone. They are
most likely to call a business from a digital
advertisement.” (Advertising Age)
“A global study by SDL found that 58 percent of
millennials expect to engage with a company whenever
they choose and via whichever channel they elect. This
means that while these consumers move effortlessly
between on and offline touch points, they expect a
consistent experience from brands.” (Forbes)
“98% of 18- to 34-year-olds reported using their
smartphone on a daily basis to consume video content—
42% higher than on computers, and 17% higher than on
TVs. 62% of smartphone purchasers indicated that
YouTube influenced their purchase with how-to videos
and reviews.” (Fullscreen/YouTubeInsights report
supplied by Google)
Based on these findings, we recommend developing
high quality digital ads in places where the desired
target segment of the millennial population will see
them, thus elevating both engagement and sales.
Additionally, the web and mobile presence of The
Moorings needs to match the user experience they
deliver via phone and in-person to ensure the customer
experience is the same no matter which outlet they
choose to communicate. The Moorings should have a
unified voice across all mediums - including website,
social media (particularly Facebook, Instagram and
Twitter), advertising and customer relations.
Current Outlets
While effective for their current/baby boomer target,
the outlets in the current list of publications supplied
by The Moorings are mostly leisure driven, and are
largely not where millennials are spending their time.
Condé Nast Traveler
GQ
Travel + Leisure
Robb Report
Ski Magazine
Coastal Living
Food & Wine
Possible Outlets
According to our research, these outlets have substantial reach
within the millennial demographic. The percentages account
for the % of unique visitors to the sites in October 2014 that
fall into the millennial demographic.
NY Times (32%)
The New Yorker (36%)
GQ (39%)
Esquire (38%)
Vogue (43%)
YouTube (47% - which is more than any cable network)
Spotify
Pandora (#2 downloaded iPhone app of all time)
Hulu (82% of users are 18-49)
Elite Daily (59%)
Buzzfeed (50%)
Huffington Post
Reflective Writing Log – Lyndsey
I really feel like we honed in a on a lot of strategic
decision making skills that will be applicable as
everyone begins their careers. Each step of the project
provided us with an opportunity to understand and
apply various techniques for making sound business
decisions.
During the research and analysis phase we were tasked
with gaining a broad understanding of the sailing
charter environment, including competition, the
industry as whole, demographic trends, best practices,
as well as consumer and employee information. This is
an extremely important part of any project, because
you cannot make good business decisions without a
complete understanding of what is going on in the
environment around you. We also utilized the fiveforces model to generate a formal analysis of the
competitive environment.
In the next phase of the project we dug deeper to
develop a SWOT analysis, as well as create a mission
statement, vision statement and our initial millennial
strategy. I feel as though these are extremely
important exercises for any business to go through on a
regular basis. The SWOT analysis defines strengths,
weaknesses, opportunities and threats facing the
organization. Since we are all living in an ever-changing
competitive environment, these are metrics we should
have our eyes on at all times. The mission and vision
statements are equally important, as they give the
organization direction. They should be forward
thinking, and reflect the ultimate goals of the
organization. When looking into new markets/products/
strategies, they should serve as a guide – are the
decisions you are making in keeping with the mission
and vision set forth?
Next we explored competitive advantage identification
and analysis. This involved identifying the
organization’s biggest strengths, which cannot be easily
copied or duplicated, which set you apart from
everyone else. Without a sustainable competitive
advantage, you are always at risk for losing revenue or
your place in the market.
Last, we designed personas and mock journey maps for
our desired target market. This enabled us to gain an
understanding of who we are trying to communicate
with, and develop effective messages and ad placement
to ensure our message was received. We were also able
to identify additional consumer touch points based on
the steps the consumers were going through. This
allowed us to develop an overall strategy for
communicating with our target, and ultimately assist in
solving a real-world business problem.
Reflective Writing Log - Kayla
For this final Writing Log, I’m going to sum up what I learned
from this class. The book, Management by Hitt, Black, and
Porter, definitely taught me a lot about strategic skills to
management, and the individual classes applied that using
fun examples. I found the different ways a company could
sustain a competitive advantage to be the most interesting
thing I learned. The book explains that a company is
sustainable if the elements of strategy give buyers a lasting
reason to prefer a company’s good or service. Companies can
also choose to outcompete rivals on the basis of
differentiating features, like higher quality. One great
example that comes to mind is Tiffany and its luxurious and
prestigious jewelry. When people hear that name, they
associate it with high quality merchandise, great customerservice, and reliability. This unique combination of qualities
meets customer needs more effectively than rivals, which
therefore, drives up their customers’ willingness to pay
higher prices. The business strategy is also concerned with
building competitive advantage in a single business. The
business strategy has to maintain this competitive strategy,
as well as improve it. The book then adds on to this and talks
about combining the company’s strategy with the objectives
and strategic vision. The strategic vision portrays a
company’s aspirations for its future. This is very different
from a company’s mission, which describes its purpose and
its present business. I think of it as someone who is farsighted. When a company has no vision, they are only looking
at the short-term, or the here and now. However, a company
has to also think about the threat of a new entry, which can
be little to great. It depends on the expected reaction of
incumbent firms to new entry and barriers to entry. Some
companies in a certain industry are ready with defensive
maneuvers that can ward off new entrants. The VRIN tests
for sustainable competitive advantage can help a company
figure out what resources are valuable for defending. The
letters stand for valuable, rare, inimitable, and nonsubstitutable. If a resource or capability is valuable, it will
make a company a more effective competitor that is able to
ward off or fight new competitors. It must also be directly
related to the company’s strategy, and have the ability to
strengthen its business model. As a general rule, strategic
offensives should be based off of the company’s strongest
competitive assets and strengths. Something very important
to target is the rival company’s weaknesses, such as buyer
segments that they are being neglected or companies with
low customer service capabilities. Creating a strategy that
does not tie in with the company’s biggest strengths and
their rival’s weaknesses are sure to fail. A strategy can
simply be for a company to decide to enter foreign markets.
They may want to do this to gain access to new customers,
which is only one reason why it is smart to do. Expanding in
other areas with increase revenues, profits, and long-term
growth and it could possibly lead to more opportunities. The
amount of people you can reach in the company’s home
country is very limited. Another reason to expand in other
countries is because you can achieve lower costs through
economies of scale, experience, and increased purchasing
power. Economies of scale are when a company makes a
certain amount of goods and it makes the costs of producing
additional amounts of that good less. However, a company
must also make sure that they have the five components of a
corporate social responsibility strategy too. These help earn
the trust and respect of the stakeholders and essentially
shows customers or clients that the company really cares
about something other than money. Overall, there is a lot to
think about for company.
Relective Writing log - Eloy Martinez
This semester I have learned a lot about strategy and creating a
marketing plan that can be targeted to specific market
segments. I was able to relate everything that I learned in this
class to the company I work for, Kobie Marketing, and for my
own company, Keno Marketing.
During this semester I was able to apply things from class to
my business. I learned that I needed to have a competitive
advantage, not just one but multiple that would keep me ahead
of my competition. I have thought of ways to make my
company stand out from all the other marketing firms in St.
Pete. I am branding my company as a boutique marketing firm
that creates completely custom branding and identities. I
created my business model canvas to map out how my
business would work and created strategic partnerships to
ensure my business’ success. I wrote in a past paper that
creating a business and strategic plan is like playing a game of
chess. You need to calculate your moves well ahead of time in
order to keep ahead of your competition and ahead of the
social demand.
While creating my business plan I have put a lot of thought
into creating an offensive approach to generate a client list that
will in some cases take clients away from competitors and has
also taken into account that I need to keep my clients as well.
My retention plan for keeping my clients is my defensive
approach.
My next thoughts were about diversification. I wanted to
create a diverse offering in a very saturated market. Where
everyone can offer the same thing, I need to find a way to offer
the same products in a different way. I am not selling my
products, I am selling why I do something for a company.
My partners and I met and decided that we need to create a
product that pushes the boundaries of innovation and
imagination. The most important thing I had to think about
was my team and strategically choosing them in order to
ensure my success. I chose the best photographers I know of
my generation. The best designers in USFSP and the best sales
and development person I know. I partnered with people that
have experience and people that want to be the best in their
industry.
My team and I are trying to stay miles ahead of our
competition and are trying to keep our lead, we are also trying
to make our company known as the best in St. Pete, for now, in
the future I want to be the best in Florida. I am starting in two
locations and am creating something that will take over those
locations very quickly.
Writing Log - Jennifer Johnson
This semester in GEB 4890 with Dr. Diasio, I have
gained an abundance amount of knowledge in various topics
concerning strategies in a business environment. There were
topics covered in the text, lecture, and projects that have been
drilled in my head that I know I will be using in the future.
We were introduced to identifying a company’s
strategy in our first week of class, McDonalds being a prime
example of this chapter as they used the “Plan-to-win”
strategy. McDonalds main focus was being “better” not being
“bigger” that their competitors, showing us the five strategies
in doing so by minimizing costs and providing the utmost best
customer service around. Another chapter that stood out during
this semester was chapter four, which was Evaluating A
Company’s Resources, Capabilities, and Competitiveness
giving an overview of tools to use in an internal and external
situation. Disney World was mentioned to be the best company
out there as far as showing how they use capabilities in the
work place,
During class we also broke out into our groups to work
on our class projects. I believe it was the second week of class
when we worked with our groups on our first exercise together
which was to come up with a symbol and describe it as an
analogy. That exercise broke the ice for the entire class, going
around introducing ourselves and describing what our symbols
meant. This was just one of the several activities done in class,
Dr. Diasio also got the entire class on their feet on some
physical activities that taught us how paying attention and eye
contact is important in not only the classroom but the
workplace. Also other exercises in class taught us the
importance of focusing and staying attentive towards our
peers’ presentations, showing respect towards our classmate’s
hard work.
Lastly, throughout this semester we worked with The
Moorings, our goal with The Moorings was to help them to
come up with strategies to attract the millennial market in
purchasing the services they offer. Working on this project has
taught me patience; working with a group of four other
students whom all have different opinions have taught me to
improve my communication skills among the group and most
importantly be patient with others when there are
disagreements on certain topics.
I have never too keen on public speaking, but this class
has definitely helped me improve on that. Over the semester
we had several times where we got in front of the class and
presented our work, I think that was a great way to help me
improve especially for the final presentation to our clients. Dr.
Diasio always gave us great feedback on certain tasks we
needed to improve on as far as our project goes as well as how
to improve our presentations especially for the final
presentation for The Moorings.
Overall, this class was a great class to wrap up my
college experience. I’ve learned different techniques on how to
approach different strategies to solve certain problems. Also I
have learned how to respectfully give my full attention for
those giving their time to present anything to me, as I would
want that full attention back when it is my time. I have learned
how to work patiently in a group setting; working with
different people brings in different styles of work and
opinions. I have learned how to prepare myself when it comes
to presentations. Lastly, I have learned how to do research on
companies, and getting down to the nitty gritty on a companies
profile to match them to their markets likes and dislikes.
Writing Log - Patrick Alkire
This writing log will reflect on the primary lessons I learned
and experiences I had this semester while in Mr. Diasio’s
Strategic Management course. One of the richest men in
world, Azim Premji, once said that, “One must have strategies
to execute dreams.” The quote from Mr. Premji accurately
describes the lessons that I learned and overall experiences I
had throughout this semester during Professor Steve Diasio’s
Strategic Management course. Strategies are essential to our
lives, society and the world we live in as a whole. In order for
individuals and companies alike to grow and succeed in
achieving their dreams, sound strategies must be developed
and implemented before real development can occur. Without
successful strategies, goals are simply dreams that will not
come to fruition. Throughout this semester, the primary focus
of the course was on strategy in order to create a strategic edge
for success. The practical real world experience we had the
opportunity to participate in with the Moorings was priceless
in learning how to market to the millennial generation. On a
similar note, learning to develop successful strategies and
work as a team throughout the semester in order to accomplish
our task of marketing the Moorings to the millennial
generation allowed me to grow as an individual.
Throughout the semester, we learned about and focused on
many key aspects involved in strategically managing firms,
businesses and ourselves. Some of these lessons included
ethical business practices, evaluating a company’s internal and
external environments, and most importantly the importance of
strategy to name a few. Perhaps the most importance of these
lessons that I learned was the importance of creating,
developing, and implementing a successful and sound strategy
in a consulting capacity for a business or an individual.
Dreams and goals often go hand-in-hand when discussed
among those seeking to succeed in life. However much the two
are similar, they also have their distinct differences.
Throughout this semester, I learned that dreams are simply
wishes that each of us have that lack a plan for action in order
to achieve. On the other hand, goals are concrete, writtendown and detailed dreams, but include a plan or plans of action
in order to achieve them. When I look back on this semester in
Strategic Management, I see a multitude of experiences that
are quite difficult to describe with just words. However, the
experiences and lessons I learned throughout the semester
equipped me with the tools necessary in order to have a
successful career, and more importantly, a fruitful and
prosperous life in the financial industry.
Overall, I am extremely grateful for the time and effort Mr.
Diasio gave to each of us during the semester in every lesson.
The experiences and lessons that I learned from Mr. Diasio this
semester were priceless in equipping me with the necessary
tools in order to succeed after graduation and when I begin my
career in financial services.
SURVEY RESULTS
1. Have you ever heard of a yacht charter vacation? Yes = 57%; No = 43%
2. Which type of climate area is your favorite in which to vacation? Warmer Climate = 74.07%; Colder Climate =
25.93%
3. On average, how often do you travel for vacation each year? 0 to 3 = 66.67%; 4 to 7 = 22.22%; 7 or more =
11.11%
4. Did you know that yacht charter vacations are affordable for the average Millennial? Yes = 26.92%; No =
61.54%; You’re Crazy = 11.54%
5. Would you consider a private yacht chartering vacation in the future? Yes = 65.38%; Maybe = 23.08%; No =
11.54%
6. How would you describe your general consensus toward yacht-charting vacations? Positive = 67%;
Negative = 33%
7. Where do you primarily vacation? North America = 38.46%; Caribbean Islands = 26.92%; Europe = 15.38%;
South America = 11.54%; Asia = 7.69%
8. Have you ever heard of the Moorings, a private yacht charter company? Yes = 36%; No = 64%
Sample size = 47 people (ages 18 to 32)
Example of Advertisement
Typical journey map
Works Cited
Smith, M. (1993). Taking care of boaters from stem to stern. American Agent & Broker, 65(3), 24. Retrieved from http://
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Yachtworld launches global charter portal. (2009). PR Newswire Europe Including UK Disclose, Retrieved from http://
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The State Of The Sailing Industry: 2014 Sailing Market Study. (2014, February 18). Retrieved from http://
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