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MONACO:PLACE EXCELLENCE AND
CLIENT ATTRACTION
Analyzing the current capabilities of the Principality in order to attract key clients
IUM MBA 2014
OUTLINE
•Team Profiles
•Project Task
•Research and Analysis World Tourism Trends
Customer Profiles
Benchmark: Dubai
Dubai Brand Analysis
Monaco-Dubai Gap Analysis
•Proposed Strategies & Solutions Strategy Overview
Proposed Solutions
•Conclusion & Proof of Concept
2
TEAM PROFILES
3
NuriaKhusainova
Customer Profile Specialist- Middle
East
Svetlana Berezovska
Customer Profile Specialist- India
Carlos Cabal
Customer Profile Specialist- Latin
America
Svetlana Masjutina
Project Leader/ Strategy & Research
TEAM PROFILES
4
Olga Zubrilova
Strategy & Research
Arbia Ziadi
Customer Profile Specialist- Middle
East & Medical Tourism Specialist
Brett Lowers
Benchmark Specialist
PROJECT OVERVIEW Learning to Attract the Target Client
5
PROJECT OVERVIEW
WHAT STRATEGIES, PARTNERSHIPS AND OFFERS SHOULD MONACO DEVELOP TO ATTRACT HIGH END CLIENTS
FROM ASIA, MIDDLE EAST, AND LATIN AMERICA?
1. BENCHMARK: Identify three to four international tourism destinations whose strategies and actions have been particularly successful in attracting target clients.
2. CONSUMER BEHAVIORS in these markets Expectations: The “must have” and “go beyond” in terms of
tourism demand
Communication channels used by target clients
Decision making process of target clients
3. EXPLORE THIS DEMAND OF TARGET CLIENTS Current Monaco Cultural Offers
Wellness and health care: How can current assets be exploited?
6
RESEARCH & ANALYSIS
Tourism Trends
Client Profiles
Benchmark: Dubai
7
WORLD TOURISM TRENDS
Jet-setters and Business Professionals
8
TOURISM TRENDS 2009-2013
•Asia, Middle East and Latin America are top growth markets
•Tours and city holidays by consumers in emerging markets have driven tourism growth
9
TOURISM TRENDS 2009-2013 (CONT.)
•Meetings, Incentives, Conferencing, Exhibitions (MICE) travel has seen much faster growth than traditional business travel since 2009
•The MICE segment now accounts for 54% of the total business travel market due to Substantial cuts in corporate travel spending
10
Type of Travel Percentage Increase/Decrease
Incentives +61%
Conventions +44%
Conferences +27%
Traditional Business Travel
-10%
INTERNATIONAL CUSTOMER PROFILES
“To expand your vision, you must first understand your customers…”
11
Top Tourism Destinations1. St-Barth's2. Malaysia3. Lebanon & Turkey
Regional Economic Indicators• Saudi Arabia 576.8 billion USD• United Arab Emirates 360.2 billion USD• Qatar 173 billion USD
Motivators for Selecting a Destination1. Extravagance & Recognition2. Infrastructure & Personal
service3. Visa & Language
Types of Tourism1. Luxury retreat 2. Business3. Events & Shopping
Top business destinations1. London2. Geneva & Luxemburg 3. Dubai
MIDDLE EAST
12
Culture• Hospitality• Collectivism• Islamic life
Top Destinations1. Hong Kong/Macao2. Australia3. Dubai/Singapore
Regional Economic Indicators• 100 mln. outbound tourists are expected in
2014• The fastest growing outbound tourism
market in the worldMotivators for Selecting a Destination1. Sightseeing 75%2. Dining 65%3. Shopping 51%
Types of Tourism1. Leisure 2. Business 3. Educational tours
Important Statistics1. 62% prefer to travel independently2. 4,3 trips per year3. 1,7 week per stay4. Travel to Europe between May and
September
CHINA
13
Top Destinations1. South East Asia/ Asia Pacific
(Singapore, Malaysia, Thailand)2. Dubai3. Nepal4. USA, Australia, Europe
Regional Economic Indicators• One of the fastest growing markets in the world (4,7% in 2012)• Rising disposable income• Outbound tourist departures: 20.5 Mil (2015), 50 Mil (2020)
Motivators for Selecting a Destination1. Sightseeing- 64%2. Explore new countries- 47%3. Leisure- 25%
Types of Tourism1. 40-65% business2. 35% leisure/ visiting friends and
relatives/ immigrants
Destination Selection1. Nature and environment- 62%2. Culture and art- 53%3. Safety- 50%
INDIA
14
Top Destinations1. United States2. Neighbouring Countries + Caribbean3. Europe (France, Italy, Germany, Spain)
Basic Information- 590 million Latin Americans
- 85%+ speak Spanish- Biggest potential in Brazil,
Mexico & Chile Motivators for Selecting a Destination1. Proximity (ease of access, direct flights)2. Language Barrier (Spanish)3. Visa Requirements
Types of Tourism1. City holidays (47%)2. Touring holidays (27%)3. Sun and Beach Holidays (12%)
Relevant Information1. Outbound trips grew 22% since 20102. Outbound spending grew 28% since 20103. Biggest travel in Summer and Easter
Main Economic Indicators- Expected growth of 3.4%+- Increase Disposable Income- Increasing Middle & High class
LATIN AMERICA
15
BENCHMARK:DUBAI
Fierce Competitor? or Valuable Mentor?
16
PROFILE
Remains one of the most popular travel destinations in the
world
9.89 Million international overnight visitors in 2012… Up
8.2% from ’11
What drive’s Dubai’s Popularity?
Place Branding & Cohesive Vision
17
DUBAI BRAND DEVELOPMENT
Brand axes Strategicpositioning
Primary attributes
Business & Trade “Global business and trading hub”
Specialized free zones, large commercial venues
Tourism & Hospitality
“Global touristic destination”
Luxury hotels, state-of-the-art architecture, leisure and entertainment facilities, premium services, heritage and cultural attractions, ease of access
Events “Global powerhouse in the events industry”
Sports and cultural facilities,leading conference and exhibit centers, complimentary services
Healthcare “Global healthcarehub”
Integrated platform for healthcare and wellness services
Real Estate “Exclusiveproperties”
Unique developments, green-driven
Entertainment “Global entertainmentdestination”
‘It’s happening’- world-class concerts, venues , innovative attractions
Dubai… a key benchmark! 18
ROLE to increase the awareness of Dubai to global audiences and to attract tourists and inward investment into the emirate
RESPONSIBILITYTo organize the marketing of tourism and commerce for Dubai
DTCM is the key strategic thrust area of the national 2015 Plan
VISION:To position Dubai as the leading tourism destination and commercial hub in the world
MISSION:DTCM's mission is to strengthen the Dubai economy via The development of sustainable tourism. The provision of a unique visitor experience combining quality service and value for money. Innovative promotion of Dubai’s commercial and tourism opportunities. Further development of partnerships with our industry stakeholders.
ORGANIZATIONAL STRUCTURE IS FOCUSED ON CUSTOMERS to interact with it efficiently to transact information and business.
TRAVEL TRADE
INVESTORS
VISITORS (BUSINESS AND LEISURE)
GOVERNMENT AGENCY
Eco-tourism
Spa-tourism Education Tourism
Sport-tourism
Business-tourismHealthcare-tourism
Cruise-tourism
DTCM responsibilitie
s:
Licensing and classification of hotels, hotel apartments, tour operators, travel agents and all other tourism services.
Supervisory role covers archaeological and heritage sites and to ensure sustainable and responsible tourism for Dubai.
Training programs for personnel from the tourism industry to ensure that Dubai’s tourism industry continues its world-class development with world-class people involved at all levels.
PIVOTAL ROLE TO PROMOTE DUBAI ECONOMIC GROWTH AND PLACE EXCELENCETHROUGH
COMMUNICATION BENCHMARK: DUBAI ONLINE PRESENCE
21
GAP ANALYSIS
22
Middle
East
MONACO existing capabilities GAP
China
Latin
America
BRANDING SOLUTIONS
DUBAI Strengths
What does Dubai have that Monaco does
not?
• Strong perception• Client
communication• Strong media
presence• Capital• Technological
infrastructure (WiFi)
• Foreign culture attractions
• Ease of access (VISA and travel)
• Innovative tourism model integrated into business model
LUXURY, ATTENTION, SPACE, TRANQUILTY,
SAFETY AND ENVIRONMENT
• Globally renowned luxury destination that boasts an “Art of Living”
• Rich historical heritage
• Live royal experience
• Glamorous events• Mild Mediterranean
climate• Political stability• Ultimate safety
• Clear, concise vision
• Strong communication strategy
• Ease of access to major hotels and airports
• Clear understanding of foreign cultures
• Personalized tourism packages
• Financial and commercial hub
• Safety
PROPOSED STRATEGIES & SOLUTIONS
Updating the Vision of Monaco through Place Excellence Analysis
23
STRATEGY OVERVIEW
PLACE EXCELLENCE & CONTEXT MANAGEMENT:
Clear internal/external vision & communication
Complete harmonization between key stakeholders
Expansive and scalable vision
“The set of perceptions, impressions, ideas and feelings that consumers have for the product
compared with competing products”
Eco-tourism
Spa-tourism Education Tourism
Sport-tourism
Business-tourismHealthcare-tourism
Cruise-tourism
DTCMONACO
Proposed Solutions
1. Communications Strategy2. Accommodation & Hosting Policies 3. Expanded Partnerships 4. Cultural & Event Policies for Strong Brand
Perception
PIVOTAL ROLE TO PROMOTE MONACO ECONOMIC GROWTH AND PLACE EXCELENCE
THROUGH
“ONLY MONACO”
1. COMMUNICATION STRATEGY
1. Updated digital “portal” tied closely with Monaco’s vision
2. International publications targeted towards clients in home countries
3. Improved media preference. Television, movies, and partnerships with target countries
4. Digital Applications- multilingual and targeted
26
2. ACCOMMODATION & HOSTING POLICIES
Common Needs Amongst Clients
•Cultural understanding, loyalty, & acceptance
•National language speaking staff
•Cultural dining experiences
•Events and attractions tailored to specific cultures
•Large and available WiFi Coverage
Specific Needs Amongst Clients
27
Latin AmericaHighest level of
convenience, at the lowest price… even
for luxuryLess time in hotels
Middle EastDining- Halal
Spacious accommodations
Limousine services
ChinaCultural specific dining
in hotels/immediate living areas
Early check-in/check-out
payment facilities Cultural-specific entertainment
•Quintessentially & Other Global Concierge Services Global private members concierge service / luxury lifestyle management company Direct access to HNW in countries all around the world
63 offices around the world
Amongst its services it create and suggests trips for members
Offer Monaco related events to members
Already knows what HNW are looking for in their holidays and has benchmark of the best hotels/restaurants/events around the world
Has complete information on when members travel, how much they spend > complete target customer profile Helps Monaco organize events during those periods
3. PROPOSED PARTNERSHIPS
2929
To create pool of new (additional) unique internationally recognizable events for all targets group
and nationalities
29
Monaco Lux Show Idea Couture
Show / festival with
Hermes,
Prada, LV, Cartier etc.) and
their Foundation
fair / forum for all ideas
technologies which
drive the world in IT,
fashion, health, science,
intellect based areas.
Education etc.
Gourmet Art
Gastronomy Shows,
gastronomy master
class with best of the
best chef of the world
Honeymooners
Evoking emotions
Strong purchasing and
repurchasing potential
Increases word-of-
mouth awareness
Universe for Kids (supported by Prince family): excellence model of life
Monaco Summer School for Kids:
Kids Chess Grand Prix
Artist & Painters & Producer Summer School for talented kids
Kids Parliament School for young Leaders
Masters Class from Sport Stars
Kid-friendly events to attract the RESIDENCE clients
Cultural Tourism | WOW Factor
4. CULTURAL & EVENT POLICIES
CONCLUSION Every Ending is a New Beginning
30
CONCLUSION & KEY TAKEAWAYS
•Place Excellence requires a full holistic approach
•Though context management, creative solutions and communication, the continued vision of Prince Albert will attract clients the world-over
•All players interact in a clear and concise manner… communication to local business, government, academia and society a must
These theories proven in our Dubai Benchmark
31
S.A.S Prince
Albert’s Vision
of Excellence
CONCLUSION & KEY TAKEAWAYS (CONT.)
Practical implementation:
Improve on Monaco’s brand DNA, Communication Strategies to attract all target groups
•Communicate needs of international target clients to local businesses
•Emphasis on existing strength: Prince’s heritage:
Royal wedding, Luxury events, Gambling
•Improving current capabilities Digitalization & online portals
International Communication Strategies
•Continuing past expertise: Financial sector
•Continue to innovate, improve and expand on current communication structure
32
33
34
SPECIAL THANKS TO OUR CONTRIBUTORS:
H.E. Henri FissoreAmbassador Prime Minister Office, Monaco
Axel HoppenotExecutive Vice President, Sales & Marketing Monte-
Carlo SBM – Hotels & Casinos
Jean-Claude MessantManaging Director of the HOTEL METROPOLE
Monte-Carlo
Aymeric PazzagilaAdministrator MWBO
Jorgen ErikssonFounding Partner of Bearing Group
Katerina TerentyevaUAE IUM MBA Alumni
Mandirra PuriIndia/UAE IUM MBA Alumni
35
1. www.imsee.mc
2. www.monaco-welcome.mc
3. Global Competitiveness Report 2013-
2014,
http://www.weforum.org/reports/global-
competitiveness-report-2013-2014
4. World Trade Organization Report 2013,
http://www.wto.org/english/res_e/reser_e/wtr_
e.htm
5. Harvard Business School Analysis,
“Monaco’s Tourist Cluster”.
http://www. ibobel.pbworks.com
Key Sources
Recommended