Paper Summary:

This paper claims that while the immediate future looks not too promising for this industry, the long term looks good. Three main reasons for this statement are given. First, the cruise line industry has been a leader in the steady growth being experienced by the entire travel segment for the last ten years. Second, the industry is seeing expanding markets in Europe and new markets emerging in Asia. The third reason to expect long term growth is that the cruise lines are now offering their customers a wider variety packages at different lengths and price ranges. This has helped them to expand their market into lower income level clients. An overview of the market is provided.

From the Paper:

"The key strengths of the cruise line industry are its high desirability among consumers. Cruises appeal to the American public's sense of adventure. The second strength is that cruise lines have shown a great ability to adapt their product to meet popular social trends and expand into untapped markets. The recent trend to offer a wider variety of entertainments and the recent popularity of "Theme Cruises" has been a valuable asset. The offering of various priced cruises is also evidence of the industry's ability to adapt and as a result expand their market. The expansion into foreign market is further evidence of this strength. The cruise line industry has demonstrated the ability to not only identify new markets, but to capture them as well. A third strength is that the cruise line industry operates at 100% capacity (Farley, 2000). In order to expand their market cruise lines need only to build more ships. "

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