Management
c. Create a New Brand for Target Market
Depending on the results of the proposed market studies, it is worth taking into consideration whatever crucial insights are gained about European consumers and competitors in that market segment into the process of reviewing the company’s brand image. Brand image is more than just changing logos or symbols. It should give a deeper meaning to companies like Royal Caribbean in terms of what it stands for as a company and to its customers. Hence, a change in its brand or a creation of completely new brand may require a shift in its quality of services that determines a customers’ experience. It may also entail a renewal of its corporate culture to appeal to its new target European market. New ships and destination might also be needed to fulfill different interests from this new market segment. All these will not happen overnight, but can be done as part of systematic change to address the European market’s consumer interests and ultimately achieve a significant share of this market.
Budget, Timelines, and Responsibilities
Royal Caribbean’s brand as it is right now boasts of the experience it offers to cruisers in terms of discovering new places. It falls short however, in terms of appealing to its target European market’s reason to go on a cruise, and more importantly, provide rational why they should choose to experience it through Royal Caribbean. To redesign the company’s brand image requires an external consultant. This consultant must not only be a marketing expert but must have an in depth understanding of the cruise industry, as well as the European market.
The following are the proposed timeline, accountabilities and budget for this aspect.
