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Brief assessment for a Tourism, Marina (Nautical) business / Market plan assesment

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  1. 1. Ocean World Marina Staff Meeting July, 2007 Phase I Pending further investigation Prepared by; Capt. Gabriel Emanuelli
  2. 2. Index <ul><li>Objective / Synopsis </li></ul><ul><li>Introduction </li></ul><ul><li>Competitive Analysis </li></ul><ul><ul><li>SWOT Analysis </li></ul></ul><ul><ul><li>Marina Statistics / Benchmark – Comparison </li></ul></ul><ul><ul><li>D. Rep. Local Marina’s </li></ul></ul><ul><ul><li>Luperon Bay </li></ul></ul><ul><ul><li>Ocean World: Strengths </li></ul></ul><ul><ul><li>Ocean World: Weaknesses </li></ul></ul><ul><ul><li>Cruising Route / Location </li></ul></ul><ul><ul><li>Hurricane Map </li></ul></ul><ul><ul><li>Other Considerations </li></ul></ul><ul><li>Target Markets </li></ul><ul><li>Action Steps </li></ul><ul><li>Marina Revenues - Goals </li></ul><ul><li>Conclusion (Bottom Line) </li></ul>
  3. 3. Objective <ul><li>Evaluate several aspects of the Marina looking for Marketing opportunities </li></ul><ul><ul><li>Competitive Analysis </li></ul></ul><ul><ul><li>SWOT Analysis </li></ul></ul><ul><li>Identify areas of business opportunities </li></ul><ul><li>Identify and suggest areas of Improvement </li></ul>
  4. 4. Ocean World Marina features and services Dominican Republic is one of the growing economies in the Caribbean as well as an important market with an aggressive growth in the tourism industry at the Caribbean. Ocean World a full Size Marina is located 3 miles west of Puerto Plata, Dominican Republic. Its strategically location is positioned between the Florida / Bahamas route and the Puerto Rico / Eastern Caribbean Region. Introduction:
  5. 5. Competitive Analysis
  6. 6. Competitive Landscape <ul><li>Important statistics: (Benchmark – Comparison) </li></ul><ul><li>4,300 Marina’s in the US </li></ul><ul><li>Only about 50 (1%) Operators own more than one Marina </li></ul><ul><li>Avg. Marina has between 3-10 employee’s with larger Marina’s up to 100 </li></ul><ul><li>Typical Marina has between 50-100 slips </li></ul><ul><li>10% on Avg. / slips dedicated for “Transient” (not on lease contract) </li></ul><ul><li>Avg. Annual Revenues = $400k </li></ul><ul><li>Average Revenue distribution: </li></ul><ul><li>45% Revenue is generated from Slip and storage rentals </li></ul><ul><ul><li>10 % from “In-Transit” vessels </li></ul></ul><ul><li>25% Revenue from Fuel sales </li></ul><ul><li>20% Maintenance </li></ul><ul><li>10% From Food & Provisions </li></ul>
  7. 7. MAP Competitive Landscape: Local Marina’s @ Understand each strength & Weakness / promote your strengths
  8. 8. Competitive Landscape <ul><li>95% vessels are Sailboats </li></ul><ul><li>Mostly Bay – Mooring Anchorage 100+ vessels </li></ul><ul><li>Target > Mid-low ($) boater market / Dinghy dock / Bike rentals / Town access </li></ul><ul><ul><li>Free Internet – Wi-Fi zone </li></ul></ul><ul><li>North Coast location </li></ul><ul><li>Clearing and immigrations offices </li></ul><ul><li>Recognized Hurricane Hole = Longer stay’s </li></ul><ul><li>Located about 40 miles from Pto. Plata Airport </li></ul>Luperon Bay <ul><li>Marina’s; </li></ul><ul><li>Puerto Colon – Not open </li></ul><ul><li>Atlantica – Not open </li></ul><ul><li>Marina Luperon - Open </li></ul><ul><li>Marina Puerto Blanco - Open </li></ul>
  9. 9. <ul><li>O.W. Marina: Strenghts </li></ul><ul><li>Immigration / Customs </li></ul><ul><li>Laundry & shower facilities </li></ul><ul><li>Duty Free Shop </li></ul><ul><li>Food and Liquor store </li></ul><ul><li>Car Rental services </li></ul><ul><li>Location (in-transit vessels) </li></ul><ul><li>Upscale Restaurant & Facility </li></ul><ul><li>Park attractions </li></ul><ul><li>Casino </li></ul><ul><li>Club Show – entertainment </li></ul><ul><li>Large Vessel Accommodations </li></ul><ul><li>( Up to 200’ + 12’-16’ depth) </li></ul>Phase I Pending further investigation
  10. 10. <ul><li>Weaknesses: ( Challenges) </li></ul><ul><li>Sea Currents / Wake rocking motion </li></ul><ul><ul><li>Vessel damage / impact repeat biz </li></ul></ul><ul><ul><li>Docking comfort / line difficulty </li></ul></ul><ul><ul><li>Crew comfort – safety a priority </li></ul></ul><ul><ul><li>When selecting a Marina-Berth after </li></ul></ul><ul><ul><li>Rough leg - passage </li></ul></ul><ul><li>Puerto Plata / Surrounding’s </li></ul><ul><ul><li>Not 5-star image </li></ul></ul><ul><ul><li>No close attractions – yachts </li></ul></ul><ul><ul><li>Bay’s, Islands, destinations of </li></ul></ul><ul><ul><li>interest in close proximity Vs </li></ul></ul><ul><ul><li>USVI, BVI, etc. </li></ul></ul><ul><li>Marina shortfalls </li></ul><ul><ul><li>Boat Yard / Maintenance options </li></ul></ul><ul><ul><li>ALL Yachts require extensive maintenance, </li></ul></ul><ul><ul><li>Specially under way. Parts, mechanics, similar </li></ul></ul><ul><ul><li>Options may be important when selecting berth, </li></ul></ul><ul><ul><li>Marina lay-over </li></ul></ul><ul><ul><li>Location / limited customer base for wet-slips, </li></ul></ul><ul><ul><li>Long-term lease </li></ul></ul><ul><li>Hurricane Season </li></ul><ul><ul><li>Most mega-yacht are Insurance “Restricted” from </li></ul></ul><ul><ul><li>Area = resulting on lower traffic during season </li></ul></ul>Phase I Pending further investigation
  11. 11. Cruising Routes 250 NM @ Puerto Rico Marina’s / Considerable distance for Yacht guests to make trip towards Ocean World from Puerto Rico a Challenging task
  12. 12. 35-Acre complex / 120 wet-slips / vessels up to 200’ LOA / Entrance depth 16’ average depth 12’ throughout / Dry Storage capacity for up to
  13. 13. <ul><ul><ul><ul><ul><li>Most mega-yacht are “Restricted” from zone during season = resulting on lower traffic / mostly enforced by Financing – Insurance agencies </li></ul></ul></ul></ul></ul><ul><ul><li>Season lasts 6 – months / 1 st . June through 30 November </li></ul></ul><ul><ul><li>50% of yearly “Revenue Projections” could be impacted </li></ul></ul><ul><ul><li>What can be done? Worth exploring? Historical statistics? Dom. Rep. Favorable? Lower Risk zone? Marine Losses? </li></ul></ul><ul><ul><li>Hurricane plan ? Including favorable “Hurricane Hole” – Luperon Bay? </li></ul></ul><ul><ul><li>Worth study? Risk assessment - Re-evaluation Insurance industry? </li></ul></ul>The Atlantic hurricane season is officially from 1 June to 30 November Competitive Landscape / SWOT / Threat Analysis
  14. 14. Competitive Landscape <ul><li>Transportation: Strength </li></ul><ul><li>Air – accessibility / options </li></ul><ul><li>Puerto Plata Airport </li></ul><ul><li>Yacht Charter Co. / Offer option </li></ul><ul><li>Start – ending point </li></ul><ul><li>Gather / present Airline options </li></ul><ul><li>Emergency / stop-over option </li></ul><ul><li>Meet point option / crew – guests </li></ul><ul><li>Worth considering? Presenting </li></ul><ul><li>Yacht Charter businesses </li></ul>
  15. 15. <ul><ul><ul><li> Full Service Marina : A full service Marina with good maintenance, boat yard, travel-lift facility may be of top priority for a Captain in the Marina (berth) selection. </li></ul></ul></ul><ul><ul><ul><ul><ul><li> Mechanics and Services : ALL Yachts require extensive maintenance, 90% Vessels Cruising through this “Zone” will at a minimum open their engine compartments to check engine-systems prior to resuming next leg-course. </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li> Fish & Tackle Shop : important due to North coast / Atlantic fishing grounds </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li> Fuel services : Fuel is one critical factor in maintaining costs / they compare fuel prices through all Course-route and determine best options for re-fueling. It is important to compare Marina fuel prices with Bahamas / Turks / Luperon and Samana to create a competitive offering. </li></ul></ul></ul></ul></ul>Competitive Landscape Additional Considerations:
  16. 16. Yatch Owners : Keep in mind, most Mega Yacht owner’s are NOT aboard during this Cruising Zone as it is common they coordinate leisure time prior in the Bahamas and re-join new guests or owners meet vessels again once same one has reached the Virgin Islands. As a result 80% Mega Yachts cruising through area, are Crew Only on-board vessels . We need to motivate their visit to the facilities using the whole complex attractions not only the Marina. Preferred Destination / Surrounding’s Current Mega yacht (85’ +) destination of choice is the Virgin Islands (Peter Island – Bitter End in V.Gorda) / Lesser Antilles such as St.Barts / St.Marteen, Yacht Haven in St.Thomas newly inaugurated Mega-Yacht Marina Competitive Landscape Additional Considerations:
  17. 17. SWOT Analysis Competitive Landscape <ul><li>Competitive analysis is a critical action step (If not done already) </li></ul><ul><ul><li>Strengths </li></ul></ul><ul><ul><li>Weaknesses </li></ul></ul><ul><ul><li>Opportunities </li></ul></ul><ul><ul><li>Threats </li></ul></ul>
  18. 18. Target Markets <ul><li>Mega Yacht Owner’s (High end) </li></ul><ul><ul><li>Yacht Owners and their vessels choose their marina because they fall in love with the surroundings. The current facilities of Ocean Word provide a high end product that can fulfill this need. </li></ul></ul><ul><ul><li>Casino, Park, Up-scale Restaurant, etc. </li></ul></ul><ul><li>Yacht Crew (Medium / low end) </li></ul><ul><ul><li>Captain’s – Crew only vessel’s, maintenance options a plus </li></ul></ul><ul><li>Groups / Team building / Special events (wedding’s, etc.) </li></ul><ul><ul><li>Excellent facilities for Group-events purposes </li></ul></ul><ul><ul><li>Park, team building SAMPLE agenda can be developed (proposal) </li></ul></ul><ul><ul><li>Must be developed together with hospitality – lodging hotels in area </li></ul></ul><ul><li>Sport-fishing “Tournaments” / Angler’s Target market </li></ul><ul><ul><li>Excellent location – venue for the sport </li></ul></ul><ul><ul><li>1 st . Class Fishing “Academy” should be considered </li></ul></ul><ul><ul><ul><li>Unique experience in attracting “Groups, special events venue” </li></ul></ul></ul><ul><ul><ul><li>Push-Pull synergy with Fishing tournaments / exposure / marketing opportunities </li></ul></ul></ul><ul><ul><ul><li>Introduce / support Local market (Santiago biz. Execs.) to Marina – sport (Dry-storage potential customers) </li></ul></ul></ul>
  19. 19. Action Steps
  20. 20. <ul><li>Market / 80% Locals – 20% Villa Owner’s </li></ul><ul><li>Most dry-stack clientele different target market than luxury marina clientele </li></ul><ul><li>Develop a plan to reduce impact on overall guests-Marina image </li></ul><ul><li>Ocean World Marina may consider rules-regulations to ensure target clientele is attracted while discouraging other’s in a subtle professional manner, such as vessel conditions / year / length / membership- club ambiance, etc. </li></ul><ul><li>Right of refusal clause in order to ensure above. </li></ul><ul><li>Dry Stack Location-Distance! Current location-distance of dry stack facility towards drop point into dock-water is at a min. 10x farther any other Marina </li></ul><ul><li>All dry stack operations DROP vessels to the ground from the fork-lift incurring in boat damage, insurance claims, customer dissatisfaction, etc. </li></ul><ul><li>Open Fisherman’s boats prices have significantly increased on price ranging from $80k thousand US$ up to $400k thousand US$ for top of the line 40’+ Open Fisherman boats. </li></ul><ul><li>Time consuming will be an operational challenge due to its distance, thus creating excessive waiting periods for boat owners due to distance, not to mention limited number of Fork-lifts to provide service </li></ul><ul><li>75% Fishing Enthusiast overall due to location (North Coast) </li></ul><ul><li>80% Male – 20% female mix / fishing anglers enthusiast </li></ul>Dry-Stack / Boat Storage Assumptions
  21. 21. Dry-Stack / Boat Storage <ul><li>Promoting an up-scale “Concierge” Service Program </li></ul><ul><li>Guests can call by Phone to notify arrival to Marina </li></ul><ul><li>Boat will be ready to go, on the water by the time they arrive to the Marina </li></ul><ul><li>This will ad value and differentiate the services of the Ocean World Marina against its competitors </li></ul><ul><li>Provide operational flexibility at no extra costs to Marina operator </li></ul><ul><li>Most guests will arrive at similar “Peak” hours, thus this will avoid long waits </li></ul><ul><li>Will allow to better “Secure” vessels for transport to from storage - water </li></ul><ul><li>Push-Pull Strategic Partnerships </li></ul><ul><li>Identify other well known brand dealership specializing in “Open Fisherman” Contender / Boston Whalers / Intrepid / Grady White / other </li></ul>Concierge Service: Action Steps
  22. 22. Action Steps Marina / Wet-Slips <ul><li>Explore area’s to enhance or improve Crew comfort under current tidal waters conditions </li></ul><ul><li>New Mooring-dock lines systems have been designed to allow for Vessel to simply tie to Dock closely and securely with a tracking system where dock-cleat moves up-down with the tide. </li></ul><ul><li>Some examples of this systems are, Tideminders / , Tide sliders @ / </li></ul><ul><li>This will reduce - eliminate most rocking, tidal water movement on vessels </li></ul>
  23. 23. <ul><li>Sports-fishing yachts and Tournaments are an excellent target to support Marina strategies due to its North Coast (Atlantic depth) and fishing grounds </li></ul><ul><li>Ocean World facility provides excellent Venue for such Tournaments </li></ul><ul><li>Fish & Tackle Shop – supplies at premises important, believe already in progress </li></ul><ul><li>Fishing Academy! </li></ul><ul><ul><li>Subcontracting / partnering with outside “Fishing Charter’s” can expedite initiative </li></ul></ul><ul><ul><li>Quality / One of a Kind academy can generate “Global” recognition / attract Target Customers </li></ul></ul><ul><ul><li>Excellent attraction for non-fishing enthusiast / Groups – conventions </li></ul></ul><ul><li>Marine Biology / “Research – Vessels” </li></ul><ul><ul><li>Push-pull cooperation opportunities? Benefits? Evaluate Pros-Cons. </li></ul></ul><ul><ul><li>Marine (Dolphins) Humane image support – studies </li></ul></ul><ul><ul><li>Use of Facilities / Base / Other revenues $, Groups – meetings - Exposure </li></ul></ul>Action Steps Sports-Fisherman’s Paradise
  24. 24. Key Initiatives <ul><li>Increase Sales : </li></ul><ul><li>Reduce Cost / Expenses: </li></ul>Phase I Pending further investigation Other
  25. 25. Sales Initiatives <ul><li>Work SMART </li></ul><ul><ul><li>S pecific - What do you want to achieve? </li></ul></ul><ul><ul><li>M easurable - must measure results </li></ul></ul><ul><ul><li>A chievable - are the objectives achievable - attainable? </li></ul></ul><ul><ul><li>R ealistic - Can you realistic achieve objectives with the resources you have? </li></ul></ul><ul><ul><li>T ime - When do you want to achieve set objectives? </li></ul></ul>
  26. 26. Marina Revenues $ < Current Goal > @ Explore current revenue Distribution / Profit margins, etc. Determine BEST Case / most Optimal distribution / GOAL >
  27. 27. Bottom Line! <ul><li>Understand Marina “Strengths / Weaknesses / Opportunities & Threats (SWOT) </li></ul><ul><li>Understand your Competition / Identify & Promote your Competitive Advantages </li></ul><ul><li>Increase Revenues / Net Income </li></ul><ul><li>Monitor Marina Costs x Sales index / establish goals / monitor </li></ul><ul><li>Out of the Box – Marketing / Explore NEW target markets </li></ul>Phase I Pending further investigation Prepared by; Capt. Gabriel Emanuelli