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Yacht Services Association of Trinidad & Tobago
PO Box 2852 TT Post, Chaguaramas Tel: (868) 634 4938 Fax: (868) 634 2160 E-Mail: info@ysatt.org or ysatt@tstt.net.tt
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Yacht Services Association of Trinidad & Tobago
PO Box 2852 TT Post, Chaguaramas Tel: (868) 634 4938 Fax: (868) 634 2160 E-Mail: info@ysatt.org or ysatt@tstt.net.tt
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Introduction & Objectives I Methodology I Background Information I SWOT Analysis I Price Comparisons - Consume Goods
Price Comparisons - Marine Related I Non Fiscal Comparisons I Trinidad's Competitive Position I Recommendations I Next Steps
Conclusions I Annex I - List of Consumer Goods Prices I Annex II - List of Persons, Publications & Websites Consulted
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Introduction:
Yachting has been identified by the Prime Minister's Standing Committee on Business Development as a sector worth development in the long term as a strategy for national diversification from the oil and gas industry.
The Yacht Services Association of Trinidad and Tobago (YSATT) is the umbrella body for the Yachting Industry. The competitive analysis is a short term consultancy project undertaken by YSATT for the Ministry of Trade and Industry as recommended by the strategic plan for the Yachting Industry.
The research was undertaken between June and July 2006 in order to gain an understanding of Trinidad and Tobago’s price competitiveness for the yacht services industry. The competitive analysis was undertaken to assess T&T’s competitive position and availability of marine related products and services in comparison to selected neighbouring Caribbean destinations.
There are very few statistics relating to yachting in the Caribbean including Trinidad and Tobago. While there are up to date figures for arrivals and yachts in the country, the actual economic impact of these yachts has not been scientifically quantified on an ongoing basis. There are some studies that have quantified the economic impact in the past (such as those conducted by ECLAC from 2002-2004) however, these reports have not been ongoing.
This study concentrates on Trinidad as it has several marinas and boatyards, moorings and natural bays for yachts that make the destination an attractive one. Two of the main advantages that Trinidad offers are: 1) Trinidad lies below the critical hurricane zone and therefore many boats come for storage for the hurricane season. 2. The range of services offered in Trinidad is comprehensive, but non existent in Tobago. An entire refit of a yacht can be undertaken in Trinidad. Tobago on the other hand does not have specific services or facilities available to yachts, although they do have pristine bays and anchorages. Cruisers go to Tobago for traditional “blue water sailing” and relaxation and the monetary spend by the yachts is difficult to survey. This study will therefore report on Trinidad’s position alone.
Objectives of the study:
The main objective of the study is to gain an understanding of Trinidad’s position in terms of price and services available for the yachting industry and to use this information to market the main strengths identified. Understanding our competitive strengths and weaknesses is the first step to developing a successful marketing strategy. We are aware that we offer a wide range of services and facilities; however, we want to determine whether the prices related to them will assist in making the destination more attractive. This study is relevant to the yacht services industry in Trinidad as the number of marinas and services are increasing throughout the Caribbean. We hope to use the information to assist us in portraying Trinidad as an attractive, competitive, destination for cruisers.
The benefits of conducting a competitive analysis survey include:
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