USCG website says, “The U.S. Coast Guard estimates that life jackets could have saved the lives of over 80 percent of boating fatalities.” It is the responsibility of the companies in the industry to protect its customers. Other factors which need to be taken into account are Coast Guard regulations. Coast Guard regulations require the operator of a boat to report any accidents, when; a person dies, a person disappears and a person is presumed dead or injured, a person requires medical treatment beyond first aid and more (USCG).” Illegal fishing accounts for approximately 20 percent of total fish caught globally (Monterey Bay Aquarium). An increased demand for fish has expanded illegal fishing. An article on the Monterey Bay Aquarium website says, “International fisheries management agencies report that at least a quarter of the world’s catch is illegal, unreported or unregulated” (Monterey Bay Aquarium). Chilean Seabass has been largely affected due to the illegal fishing because they breed later in life (Monterey Bay Aquarium). As a result, passengers will view less fish during the tours. Both locations will be affected due to illegal overfishing. The housing market crisis in Florida is currently a political issue. Florida is currently near the top of the list of foreclosures, nationwide (Willis, 2013). Florida property values are decreasing, providing customers with less disposable income to spend on tourist activities. Industry Specific Forces Industry Specific Forces of Monterey Bay & South Beach Miami Low Medium High Threat of substitutes X Threat of entrants X Competitive rivalry X Bargaining power (suppliers) X Bargaining power (customers) X
USCG website says, “The U.S. Coast Guard estimates that life jackets could have saved the lives of over 80 percent of boating fatalities.” It is the responsibility of the companies in the industry to protect its customers. Other factors which need to be taken into account are Coast Guard regulations. Coast Guard regulations require the operator of a boat to report any accidents, when; a person dies, a person disappears and a person is presumed dead or injured, a person requires medical treatment beyond first aid and more (USCG).” Illegal fishing accounts for approximately 20 percent of total fish caught globally (Monterey Bay Aquarium). An increased demand for fish has expanded illegal fishing. An article on the Monterey Bay Aquarium website says, “International fisheries management agencies report that at least a quarter of the world’s catch is illegal, unreported or unregulated” (Monterey Bay Aquarium). Chilean Seabass has been largely affected due to the illegal fishing because they breed later in life (Monterey Bay Aquarium). As a result, passengers will view less fish during the tours. Both locations will be affected due to illegal overfishing. The housing market crisis in Florida is currently a political issue. Florida is currently near the top of the list of foreclosures, nationwide (Willis, 2013). Florida property values are decreasing, providing customers with less disposable income to spend on tourist activities. Industry Specific Forces Industry Specific Forces of Monterey Bay & South Beach Miami Low Medium High Threat of substitutes X Threat of entrants X Competitive rivalry X Bargaining power (suppliers) X Bargaining power (customers) X
final_business_plan.docx