Yachts for Millennials: Project Booklet

Project Yachts for Millennials:
Booklet
The Problem Solvers // GEB 4890 // Dr. Diasio
Thank You!
First, we'd like to thank the Moorings for giving us the chance to
apply what we have learned in college to help them solve their
marketing and sustainability problem.
Next, we'd like to thank Gary Austin for contributing his time
and expertise on perfecting out research throughout the
project.
Lastly, we'd like to thank Dr. Diasio for providing us with such an
engaging class this semester. We really learned a lot!
- The Problem Solvers
Meet the "Problem Solvers"!
“A lesson I am taking away from this class is that business does not have to take place in a stiffcollard, high-strung type of environment. Team-building exercises such as “Red Ball” and striking
superhero poses can be useful in breaking the monotony of daily work and lightening the mood
of a stuffy office. Another opportunity we had in this class was to work on the Millennials project
for The Moorings. I now reflect on the amount of effort and time we have invested in this project
and realize what an incredible opportunity it has been to experience a challenge of this kind from
a real company which has a real problem that needs a solution.“
Samantha Barron
MJ Johnson
“I think that the hands on experience that this class gave me really
helped me learn all the concepts by practicing them instead of just
reading about them and testing on it. Another skill that I think I
learned in this class was how to present to professionals. I think that
all of our presentations before our first presentation with the Moorings
were really helpful in being truly prepared and knowledgeable about
the company, before we got in front of them. I feel like after being in
this class I have gotten a lot better at presenting in front of an
audience.”
Anissa Fitz
“Over this semester I have learned a lot in this class. I think that the main reason I have
learned a lot of different things in this class and why it separates itself from every other class I
have taken while getting my undergraduate degree is the array of things we have to do. Doing
things like the SWOT analysis, the business model canvas, and journey maps have taught me
what to look for when trying to help businesses grow and how to do so effectively.”
“Good strategy execution involves refreshing and strengthening the firm’s
resources and capabilities to keep them in top form (Thompson). I wanted to
elaborate in this topic because I believe it is one of the most important steps of
executing a strategy efficiently. Based on my experience, one of the most utilize
ways of firms to expand employees knowledge is through the creation of a
learning center. For example: FIS provides an online learning center called
SkillSoft that allows employees to obtain different types of certifications raging
from Microsoft software to Sig Sigma certifications. Learning centers should
provide different courses that will emphasize different skills for various types’
employees’ responsibilities. In addition, learning centers allow firms to keep track
of employee development and it serves as tracking tools for employee
performance for mid-year and annual appraisals.”
Luciano Matto
“The experiences that the Strategic Management course with Dr. Diasio offered
me this semester were more than I could have asked for. I was tested in different
ways that the common standardized exam class structure. The experiences in this
class, and working with The Moorings, will actually be helpful when I go out into
the real world and start my career in the near future. All college students should
leave their education ready to do what my classmates and group members were
able to do this semester.”
Elizabeth Roslonowski
Table of Contents
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
Mission and Vision
Statements
Milestone 1
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SWOT Analysis
Milestone 3


Research
Five-Forces Model
Milestone 2


Milestone 4


Business Model Canvas
Mock Personas and Journey
Maps
Milestone 5

Opportunities for Market
Share Growth
Mission Statement
The Moorings are committed to providing
uniquely memorable boating experiences of
the highest quality to a variety of discerning
customers. Our mission is to provide our
products and services with a dedication to
customer service from start to finish,
resulting in an unrivaled yacht chartering
experience.
Vision Statement
The Moorings’ vision for the future is to continue to provide the quality
experiences which have earned us our position as the leader in the
yacht chartering market, while shifting our aim toward the
millennial generation. Targeting this youthful group of customers
provides a great opportunity for The Moorings to feature its unique yacht
chartering experiences as the ideal vacation for young professionals
looking to set themselves apart from the crowd. By appealing to the tech
savvy, social, and spontaneous nature of the millennials, The Moorings will
succeed in providing them with the perfect adventure, therefore securing
its position as a vacation favorite among the emerging population of
discerning young professionals.
Milestone 1
The goal of this milestone was
to develop an aptitude to
collect, analyze, and synthesize
date into a digestible form that
can be easily communicated.
Furthermore, it was to
investigate and build a deep
understanding of the
chartering industry.
Research and Five-Forces Model
Project Yachts for Millennials
Our Customers
Who We Have – Baby Boomers

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Mature customers – usually
around 50+
Income over $150,000 per
year
Enjoys top of the line
vacations, foreign travel, fine
dining and gourmet food.
Who We Want – Millennials



Young professionals – ages
28-37
Hold 21% of the consumer
discretionary purchases
Crave adventure, strive for a
healthier lifestyle, and are
hooked on social media.
Marketing to Millennials
 90% of millennials check their social media accounts on
their smartphones before even stepping out of bed.
 On average, millennials check their smartphones 43 times per
day.
 Revisit social media presence
 Segmented email blasts
 Redirect print media to the “secon screen”
Study: Millennials and Social Media Usage
Five-Forces Model
Competitive
pressure from
substitutes are
weaker
Supplier
bargaining
power is
stronger
Rivalry is
strong
Buyer
bargaining
power is
stronger
Entry threats
are weaker
Milestone 2
The purpose of this milestone was
create a SWOT analysis which
surveys the strengths, weaknesses,
opportunities, and threats to The
Moorings.
SWOT Analysis
Project Yachts for Millennials
SWOT Analysis
Strengths

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
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Exceptional customer
service
Exclusivity
Many different boat
options
Varied destinations
Weaknesses


Social Media/Website
interaction
Low brand recognition
with millennials
SWOT Analysis
Opportunities




Partnering with other
companies
Offering sailing classes
Revamp Loyalty Program
Advance existing social
media connections to
expand the online consumer
marketplace
Threats


Less expensive
competitors
Declining vacation time
amongst American
workers
Milestone 3
The purpose of this milestone was to identify The
Moorings’ competitive advantage. This will be done
using a Business Model Canvas.
Business Model Canvas
Project Yachts for Millennials
Business Model Canvas
Boat
Owners
Robertson
& Caine
GoPro
Marinas
Bareboat
Charter
Sailing
Classes
Loyalty
Program
Boats
Salespeople
Contract with
Robertson
and Caine
Revenue
Boats, Crew/Chef on crewed charters, Office
staff
Loyal
Informed
Millennials
Baby
Boomers
Social
Media
Print
Publication
s
Word of
Mouth
Willing to pay the price for
ultimate experience.
Milestone 4
The purpose of this
milestone is to create
and develop mock
personas and their
respective journey
maps. This will portray
how The Moorings
engage, interact, and
follow-up with their
potential customers.
Mock Personas and Journey Maps
Project Yachts for Millennials
1. The Eco-tourists
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Steven and Jennifer Robertson
Status: Married
Age: 29 and 32
Combined Salary: $135,000
Current Location: Clearwater,
FL
Hobbies: Beach cleanups,
volunteering at the aquarium,
exotic travel, local markets,
sailing, hiking, kayaking.
Motivation: Mr. and Mrs.
Robertson desire to travel to
unique destinations in a
sustainable manner and
participate in activities that
they love doing on a daily basis.
Journey Map
Mr. and Mrs. Robertson’s
interest in sustainability,
exotic travel, and leisurely
activity have all been factors
that led to the creation of
their experience with The
Moorings. While they are
more experienced than the
common vacationer, their
demographic is one that
The Moorings can
successfully cater to.
Journey Map - Explained
1.
2.
3.
4.
5.
6.
7.
Found an advertise for The Moorings yacht charters in Travel + Leisure magazine.
Booked their vacation online and utilized their online chat assistance tool to help
create their dream charter.
While waiting for their trip to start, the Robertson’s took sailing classes offered
by The Moorings to earn rewards points in the Loyalty Program.
The Robertson’s received their customized travel itinerary with unique tips and
tourist destinations to go to while in Indonesia.
With their trip getting closer, The Robertson’s receive a customized care package
from The Moorings that includes sunblock, monogrammed and towels with logos,
etc.
Now it’s time for the trip and The Robertson’s are fully prepared to enjoy their
time thanks to The Moorings!
Once The Robertson’s return, The Moorings send the couple a satisfaction survey
and incentive it to have them receive loyalty program points if completed.
2. The Honeymooners
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Derek and Meredith Grey
Status: Married
Age: 31 and 33
Combined Salary: $210,000
Current Location: Seattle, WA
Hobbies: Wine tastings, fishing, fine
dining, and international travel.
Motivation: Soon-to-be Mr. and
Mrs. Grey are looking for a way to
make their honeymoon
unforgettable. The Moorings,
luckily, are able to pride
themselves on providing
customers with a totally unique
experience that meets the Grey’s
criteria.
Journey Map
Mr. and Mrs. Grey are looking
for a way to celebrate their
marriage which is sure to be
the greatest day of their lives.
This has led to the creation of
a trip with The Moorings, with
their reputation for unique
and unforgettable vacations,
made this an easy choice for
the soon-to-be Grey’s to start
making memories as a
married couple on the water.
Journey Map - Explained
1.
2.
3.
4.
5.
6.
7.
The Sheperd’s came across The Moorings at the Seattle Bridal Show where they had a table
set up offering honeymoon packages.
After receiving a card from the representative there, the Sheperd’s contacted a
representative located in St. Petersburg, FL to help book their honeymoon over the phone.
The Sheperd’s then receive their customized travel itinerary with tips and tourist
destinations to travel to while spending their time in the BVI.
While waiting for their trip, The Moorings teamed up with a local marina in Seattle to offer
the bride, groom, and their bridal party a “demo-day” out on the water on a yacht to get
them excited about their charter.
The Sheperd’s then receive their customized care package and have champagne flutes with
The Moorings logo on them to use while on their charter.
Now it’s time for their charter and the Sheperd’s are fully prepared to enjoy their charter
thanks to The Moorings!
Once the Sheperd’s return, The Moorings send them a customer satisfaction survey and
incentivize it by offering rewards points for the loyalty program if completed.
3. The All-American Family
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
The Parker Family
Status: Married with 2 Children
Age: 37, 35 and twins age 8
Combined Salary: $280,000
Location: Miami, FL
Hobbies: Snorkeling, Diving, Fine
Dining, Bike Riding, Kayaking, Live
Entertainment,Vacationing
Motivation: Now that the Parker
children are out of school for the
summer, Mr. and Mrs. Parker
decided it was time to take the
kids on a vacation. But the Parker’s
are interested in unique vacations
that will create memories that will
last a lifetime for this young family.
Journey Map
The Moorings can provide
trips for more than just
couples – families make a
great customer because
they’re looking for
unforgettable vacations and
lifetime memories on the
water, too. The Parker family,
who are well established and
adventurous will have nothing
but a great time on board a
Moorings yacht charter!
Journey Map - Explained
1.
2.
3.
4.
5.
6.
7.
Mr. Parker has been trying to find the ideal family vacation for his wife and two kids. His
financial services company has partnered with The Moorings to offer loyal, top earning
employees discounts on a yacht charter so Mr. Parker, having earned this discount, decided
to use it on his family.
After discussing it with his wife, Mr. and Mrs. Parker decide to contact a Moorings
representative to book their family vacation.
While the time passes before their trip, the Parker’s receive their customized travel
itinerary with tips and tourist information about hot spots in the South Pacific.
Then, The Moorings sponsor a cook-out for The Parker family where the family can pick
out menu items that the chef can make on their crewed charter.
The Parker family receives their customized care package with common items that a family
may forget to pack when in a rush to get everyone ready to go like sublock, towels, and
hats.
Now it’s time for their charter and the Parker’s are fully prepared to enjoy it thanks to The
Moorings!
Once the Parkers return, they are given a customer satisfaction survey and it is allotted a
certain amount of reward points to the loyalty program if completed.
Milestone 5
The goal for this milestone was to create opportunities
for The Moorings to grow their market share.
Opportunities for Market Share
Growth
Project Yachts for Millennials
Opportunities for Market Share Growth

Customer Engagement:



Before: Develop live chat assistance on the website, send
customized travel brochure with their itinerary and a
customized care package before departure. Also include a predeparture activity to get the customers excited about their
trip.
During: Provide Wi-Fi at no additional charge during charter.
After: Send a customer survey with personalized thank you
note. Incentivize the survey by providing loyalty program points
if completed.
Opportunities for Market Share Growth

Co-creation


Place more emphasis on advertisements for sailing classes.
Improve upon the existing loyalty program by allotting points
for sailing classes, the type of charter taken, and by
participating in social media contests/activities.


Certain rewards for certain point amounts.
Partner with financial firms and offer corporate discounts,
incentive trips, etc.
Opportunities for Market Share Growth

Leveraging the Millennial Strategy

Increase social media presence through:
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Additional Tweets
Facebook
Interactive competitions on YouTube
Create a more user-friendly website
Redirect print publication subscriptions to the second-screen
Modify the existing Loyalty Program


Create a point system
Allot points based on interactive competitions, sailing classes, charters
taken, and other incentivized opportunities.
Opportunities for Market Share Growth

Performance Measures

Followers on:
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Facebook
Twitter
YouTube
Participation in:
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

YouTube competitions
Customer surveys
Sailing classes
Types of Charters Taken


Gather information such as
age, gender, status, etc.
Method of Booking

Online vs. Phone
Citations
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http://www.millennialmarketing.com/who-are-millennials/
http://www.adweek.com/socialtimes/millennials-gen-x-babyboomers-social-media/499110
http://www.millennialmarketing.com/2014/01/2014-millennial-trends/
http://www.uschamberfoundation.org/millennial-generationresearch-review
http://savingsailing.com/about/
http://danschwabel.com/blog/74-of-the-most-interesting-facts-aboutthe-millennial-generation/
http://www.econtentmag.com/Articles/Editorial/Feature/Marketingto-Millennials-Social-Media-Engagement