Royal Caribbean Cruise has recently been failing financially. There may be many factors contributing to that, but all in all, the company is not doing its best. Therefore, the company is not meeting standards that need to be met financially. There are many different things that can be done in order to help this company recover from this financial hole. I recommend that the company take a second look at the budget and possibly find a way to appeal to a greater number of travelers.
When people are travelling, or looking for a vacation, they usually look at those who offer discounts, specials, and coupons. Travelling tends to put people on their own personal budgets, and companies that help them keep to their budgets appeals the most to them. I believe that the company needs to find a way to begin offering these discounts and deals for potential customers. This being added to the cruises can definitely help build up the client list and tickets will begin to sell at large numbers once again.
When looking at the budget of the company, they need to be watching for goods and services that are not needed. Anything that can be considered a luxury item can be cut from the expenses. Another way to minimize unneeded expenses is to make different package deals for the tickets. The prices for the more luxurious package deals can be higher than the more basic packages. That way, if the customers want something a little more luxurious, they can pay for the extra things and the company would not be in debt for these things. I believe if the company follows these recommendations, they can slowly begin the path to recovering from their financial problems.
Garrison, R., Noreen, E., & Brewer, P. (2014). Managerial accounting (15th ed.). Columbus, OH: McGraw-Hill Education.
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