The interrnational market in vessel classification : competitive dynamics and marketing strategies

• Main Authors: Chu, Kwai Leong., Kuang, Yumei., Ong, Amanda.
• Other Authors: Williams, Edward Cameron Jr.
• Format: Final Year Project
• Language: English
• Published: 2008
• Subjects: DRNTU::Engineering::Maritime studies::Maritime management and business
• Online Access: http://hdl.handle.net/10356/12684
• Institution: Nanyang Technological University

Classification societies play an important role in the maritime industry where the standards of vessels affect the safety of not just the vessel and its cargo but also life at sea, property and marine life. As self-funding organizations, this report highlights the marketing issues faced by these maritime figures as they try to attract ship-owners to class their vessels with them. With numerous international and domestic classification societies in the world, only the big players’ names emerge when talking about these societies. How these major classification societies make their mark in the market of vessel classification is dependent on how they market themselves. Marketing strategies have to be developed based on their target customer group as well as the technical expertise and vessel type market they would like to gain a share of. Competitive dynamics have shifted in accordance to the changing needs of the consumers and classification societies today have to compete on providing more than just a vessel classification service. This report understands and presents the findings on the way recent trends have caused changes to these competitive dynamics between classification societies.