About the Company
Goals & Objectives
Introduction to Topic
Strategic Management Plan
About the Company
Marriott International is a brand who are leading operator, licensor of hotels, and franchiser, timeshare properties and corporate housing properties under number of brand names at different price and service points. They have around 7000+ properties around the world. They are present in 131 countries with 30 brand names. Marriott international is a company who has their focus on innovation, service and legal performance as a priority (Marriott, We Are Marriott International, 2020).
Fortune magazine has stated Marriott International as the best company in the lodging industry and also the best place where people wants to work.
Goals & Objectives
Goals are someway effective as they are the main points which help us achieve mission and the vision to achieve that mission. Goals are measurable in nature and by this hotel staff can measure what they have achieved and what not. Goals of Marriott International are-
To provide the best in class services in the region they are regulating as a affordable price
Promote tourism of the region they are regulating in by following all the cultural, economic and social norms of that area and provide services according to that.
They want to provide best services which can fulfill customer needs and satisfy their desires.
They want to be professional in the approach they are adopting and provide better services than their competitors and provide more to the society.
To increase their brand value year on year
They want to attract the high class customers, who prefer to stay with them and for whom quality is the main attraction.
They believe in taking care of their associates, which will lead to the point that associates will take care of the customers
They do every work with full dedication and have a innovation friendly approach (Marriott, Core Values & Heritage, 2020).
Strategic management tools are the tools which are used to access a company’s present condition of work and where they see themselves in next few years, by the help of these tools they can also make for the future growth and other factors they want to achieve. These tools can be used by any type of company may be small, medium or large; all can make a list of strategic tools which can be used according to company and then apply them for the betterment.
For selecting the best strategic tool it is very important to get the knowledge of these tools properly select tool which can be best applied to your company.
As a big brand Marriott International they has well planned strategies which are New generation Travelers, Portfolio Power, Owner preferences, Brand Distinction, Technology Leadership and global growth. They basically formulated these strategies to grow and to beat their rival chains. Apart of the strategies which gave profit to Marriott they have strategies for CSR which is ‘Spirit to serve our communities’, they help community and by doing this they have a edge over their competitors.
Strategic tools we studied-
Mission and Vision Statement
Mission Statement- they have a mission to provide best lodging facilities to the customers and become number 1 in the hospitality industry.
They strive to provide the best quality in all the services they provide to their customers whether it be food, rooms, beverages, meetings, conferences and many such things, so that they will create a great customer base and successful in retaining these customers, and by these customers they will get various more customers.
Their vision is “To be the #1 hospitality companies in the world”
As is their mission statement we will see that they wanted to become best in the world by providing best quality in everything, so they are achieving this by providing this to their customers (Businessstrategyhub, 2020).
Strengths- these are the internal strengths which Marriott International have
They are global leader in hospitality sector
They have brand equity
They are always hand in hand with technology
They have great internet presence
They focus on brand differentiation
They have their mind set for the market they want to target on and working accordingly
Weakness- these are also internal in nature, they are the problem which are there inside the company.
As they are a established brand with big brand name there are various internal team factors which are their weakness.
They are only in the higher class of society.
They do not provide low cost hospitality services.
Now a day’s people wanted to go out but not want to spend a lot
Opportunity- they are external in nature which means they are regulated by outside forces-
There is a growth in the tourism industry in last some years and this will be the opportunity for Marriott to grab this
There are various tourists who wanted to live for a quite long time and want to spend less money on daily basis in staying, so they wanted a good place for long stays. So Marriott can enter into this with a small investment and provide great services t customers.
As in the whole world the term everyone is using is eco friendly, this is trending thing and they can take advantage of that.
They can make some hotels which are eco friendly and promote them with #ecofriendly which will gain interest of a huge public and lead to huge profits to them.
Threats- they are also external in nature which indicates that threats ar from the parties which are outside the business.
Due to some economic recession people are less traveling for leisure which is a great threat for them.
As they regulate in various countries political instability is also a big threat to them.
There are many tax related scams because of which Marriott international is losing their brand name and brand image.
PEST analysis is very important for a company to do time to time as it will provide us knowledge about the external factors which can impact a business in a great manner and it can be negative if not studied properly and timely.
Political Environment- as Marriott is a huge chain and they regulate in 131 countries, so it is very difficult to manage all the rules and regulations but Marriott International group is doing it very well. They properly understand the policies of each and every country and then work in that country, they are doing this in every work in past and in present also. Marriott is following each and every rule and protocol designed by every country like; no smoking policy, non-fat Food, low calorie diet etc.
Economic Environment- The growing economies and trends in various countries are encouraging Marriott to grow and invest more in these countries. As if the economic grows people want some time to leisure. They want everyone may be it a visitor who is there for leisure or work stay with them. On the edge of this they are moving towards the green energies in their working which lead to a positive responses from the government and increase in customers also and on the higher side they started decreasing cost of operations by that.
Social Environment- Everyone in this era have their own travel plans to make their travel diaries and memories which will remain lifelong with them and transportation played its part by providing better services day by day for the travelers who want to travel the world, so same to be applied for the hospitality industry, Marriott can take advantage of that and enter into the markets where the tourism is increasing like in America, Europe, Australia, etc.
Technological environment- Technology a word about which everyone have knowledge but it is very important for businesses to understand technology properly and implement the required technology in their company to grow in the market. Today everyone is using technology in even very small works and Marriott is an organization, which move hand in hand with technology and they take every advantage to take every benefit they can take due to technical advancement.
It is very necessary to formulate and implement strategic plan for a organization to achieve success.
They have well planned strategies which are according to the growing need to customers as per the modern time.
They had created a lobby experience for customers in 2007.
They are having their operations in 190 countries of more than 500 Marriott hotels and resorts (Writer, 2019).
They are planning to acquire maximum of the properties by themselves to increase the holding power.
They are trying to minimize the labor cost in the corporate office and expanding that in the company.
They have signed an agreement with a property developer Capital Alliance who is Melbourne based to develop AC Hotels by Marriott in Australia.
They are on the track to open 50 hotels in Australia alone.
They have started to build Le Meridian Melbourne in February 2018 which will be started giving services in 2020 (Rosenthal , 2018).
Marriott International is the global leader in the services they are providing and they are continuously aiming to provide more expertise services to their customers and creating good brand name. They are expanding to newer locations daily and providing their services to more and more people. They have a lot of competition but ahead of that they are managing their services properly and proving best to all customers and impress the guest, which lead to repeat visits. They are also doing social responsibility by providing education and food to the financial weak children in the community. Marriott is very much serious about all the issues which are concerned with guest satisfaction and convenience.
Businessstrategyhub. (2020). Retrieved 05 02, 2020, from bstrategyhub.com: https://bstrategyhub.com/marriott-vision-mission-core-values-2019-a-complete-analysis/
Marriott. (2020). Core Values & Heritage. Retrieved 05 02, 2020, from www.marriott.com: https://www.marriott.com/culture-and-values/core-values.mi
Marriott. (2020). We Are Marriott International.
Rosenthal , V. (2018, 07 12). Marriott plans AC Hotels' entry into Australia. Retrieved 05 02, 2020, from www.hotelmanagement.net: https://www.hotelmanagement.net/development/marriott-plans-ac-hotels-entry-into-australia
Writer, S. (2019, 04 01). Marriott Continues Rapid Expansion With 200 Hotels to Open. Retrieved 05 02, 2020, from luxurytravelmag.com.au: luxurytravelmag.com.au/2019/04/marriott-continues-rapid-expansion-with-200-hotels-to-open/
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