Marriott International
Marriott International is an international American company that mostly provides services in lodging and they have a hotel, residential, and timeshare properties all over the world.
They also deal with franchising and licenses. The founder of Marriott international is J. Willard Marriott and his wife Alice Marriott and now their son Bill Marriott is acting as the executive chairman of the company (Marriott, 2021). Marriott International is one of the largest hotel chains in the world. The company has almost 30 brands and more than seven thousand properties within 131 countries in the world. Some of these properties are run by Marriot International and the rest of the properties are franchised to another party (Wei, 2018).
The sales of Marriott International are coming from all around the world. Currently, it is earning more profit from the United States market that is around 63.6%. The rest of the sales are from Asia pacific which is around 2,513 million dollars, from Europe it is around 1,509 million dollars, from the middle east and Africa its around 775 million dollars, from the Caribbean and Latin America its around 733 million dollars and from Canada its around 685 million dollars. The hotel chain has around 15.9 million rooms in the global hotel industry. Marriott International has a market share of about 7.6%, and asset-light franchise and management contracts account for more than 95% of the company’s operating profit. As compared to its competitors, Marriott International Inc posted a -59.56 percent decrease in total revenue in the fourth quarter of 2020, which was faster than the overall decrease of Marriott International Inc’s competitors, which was -60.39 percent in the same quarter.
Marriot International revenue decreased at such a fast speed while being the historic international market performer due to some strategic problems. The company needs to focus on expansion, sustainability, and cost-saving to stay competitive in the international market, but they also need to focus on their strength of capitalization (Wong, & Wickham, 2015). They can also keep room rates modest while constantly evaluating market conditions by using low-cost, high-impact promotions. They can also keep room rates modest while constantly evaluating market conditions by using low-cost, high-impact promotions. The company also needs to focus on their brand presence by partnering with mid-level properties that will help the economy to recover and Marriot International to grow. The company will then be able to expand in a new market like Europe, which has the largest growth rate of the hospitality industry through this strategy. Marriott can respond to current low market demand and attempt to increase occupancy across all brands by leveraging their good standing and network of loyal reward members to function promotions. Providing high customer service without having their rooms occupied is useless (Renner, 2010).
I would recommend the strategy of expansion for Marriot International particularly by partnering with Mid-level hotels through franchise for the next three years. This will help the company reach out to the new market and their customer base will also strengthen. I would also recommend focusing on the Reward program to have the loyalty of their customers. Through this program, the customer can earn points by using the service and this encourages the guest to use maximum service to gain a maximum point. Safety is also a concern for people staying in five stars hotels like Marriot International. Because of the global pandemic, it has made people insecure and worried about traveling. Marriott International could capitalize by enforcing COVID-19 testing and also installing air filtration systems. Lastly, Marriot International must maintain their quality in their hotel chains to maintain the brand in the mind of the guest as the hotel brand represents quality.
References
Wei, W. (2018). Marriott International, Inc: A Financial Analysis. https://red.mnstate.edu/cgi/viewcontent.cgi?article=1050&context=thesis.
Renner, L. (2010). Strategic Analysis ofMarriott International, Inc. https://audra.american.edu/islandora/object/0910capstones%3A145/datastream/PDF/view.
Marriott International, Inc. Marriott International. (2021). https://www.marriott.com/marriott/aboutmarriott.mi.
Wong, T., & Wickham, M. (2015). An examination of Marriott’s entry into the Chinese hospitality industry: A Brand Equity perspective. Tourism Management, 48, 439–454. https://doi.org/10.1016/j.tourman.2014.12.014
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