Marketing Analysis
Punta Cana Resort and Club in Dominican Republic
Importance of Tourism in the Area
On the mention of tourism and tourist destinations, one is always tempted to consider the Caribbean region. On of the most lucrative and attractive places in this region is the Dominican Republic. This is a country that relies on tourism to help propel its economy since it is the largest foreign money earner and many other internal industries rely on it to continue in their operations. The proximity of the Dominican Republic to the North American market makes it sustainable for many industries within the country apart from just the tourism sector. The thriving tourism sector is so significant to the nation that there is an estimated 800 miles of coast line dedicated to the tourism industry. Apart from the large dedicated shore line, the warm climate and the white sand beaches keeps attracting tourists to the region from allover the world.
The tourism industry is very central in the economy of the country, for instance the number of tourists that visited the country in 2005 was over 3.6 million and the tourism sector accounted for 7% of the GDP as well as 35% of al the exports that came from the country (Embassy of the Dominican Republic in the U.S.A., 2012). With the knowledge of the centrality of the tourism in the republic, the government has strived to uphold the sector by promoting several destinations there in like the San Pedro and La Romana, Punta Cana, Bavaro and Macao, Samana, Cabrera, Puerto Plata, Cibao and seeral other widely known tourists destinations.
Nature Of Business
It is a reality that the economy of Dominican Republic (DR) is highly volatile, this follows the observation of the three major economic crisis like that of 1980s and that of 1990, as well as the most recent banking crisis of 2003 to 2004. these are the major economic events that triggered devaluation of the currency, inflation, lower income levels, unemployment and generally rising poverty levels. Prior to 2003, the country was well towards the recovery trend until the 2003 bailout that was handed to the second largest private bank in the country. It is worth noting that before this bailout, the inflation was in single digits and the GDP grew 74% between 1992 to 2002. Due to the bailout, the economy of the economy shrank by 0.4% in 2003 and the inflation went up to 42.7% (Hanke & Steve, 2004).
It is however, worth noting that the economy is now well towards the recovery with the inflation rate stabilizing and the GDP growth rate has been experienced again, though with some skepticism, the investors are now coming back in significant numbers again.
The nature of business in the country over the last four decades has greatly shifted from agriculture and moved towards manufacturing, contraction as well as the FTZ or Free Trading Zone. The dominant business share is however still held by the service industry with tourism being the main service that is provided. For long, the GDP growth has been largely associated with the outstanding contribution from some four major industries namely the telecommunication, FTZ, financial service and most significantly the tourism sector. The business environment in the country is such that it is dominated by the large firms within the leading sectors with an outstanding 2/3 majority employed in the economy are within the firms that have less than twenty employees.
It is also worth noting that the DR has been actively pursuing the export promotion particularly through their FTZ with the export of goods and services almost doubling between 1993 at $4.1 billion to $8.2 billion in 2004 with a complementing rise in the imports from $5.5 billion to $9 billion within the period mentioned above. The majority of the trade that DR engages in is with the U.S.A. since 82% of exports going to the U.S.A. despite the bilateral trade agreements with some states like Spain. DR also stands out to be a giant exporter of tobacco, sugar, cocoa, vegetables, coffee and fruits. This has however decreased and the shift has been towards the labor intensive products like textile within its FTZ (Mongabay, 2012).
Current Situation
The republic, just like many others across the globe had its economy shaken by the recession and before that was the Hurricane Dean that saw the country losing an equivalent of 20% of the GDP in 2007. The DR has however recovered significantly in 2010 to 2011 and is now stable again (World Fact Book, 2012).
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