company: marriott international
CEO: Arne M. Sorenson
Founder: Alice Marriott, J. Willard Marriott
Year of establishment: 1927
main office: Bethesda, Maryland
Number of employees (2020): 174,000
type: public
Ticker symbol: March
Annual revenue (2019): $20.97 billion
Profit |Net Profit (2019): $1.27 billion
subsidiary: Sheraton Hotels and Resorts | Starwood | Westin Hotels and Resorts | Ritz-Carlton Hotel Company | Aloft Hotels | Courtyard | Le Méridien | Four Points | Delta Hotels | Gaylord Hotels | Fairfield | Renaissance | Residence Inn
Competitors: Hyatt Hotels Corporation | InterContinental Hotel Group | Wyndham Worldwide Corporation | Choice Hotels International, Inc. | Four Seasons Hotels Limited | Hilton Hotels and Resorts | Accor Hotels | Fairmont Hotels and Resorts
Did you know that ?
Did the large hotel and resort chains that now operate hundreds of hotels and resorts around the world start out as root beer stands?
It later evolved into a restaurant and then a hotel. This was the beginning of an international empire in the service industry.
Marriott Vision Statement
For nearly 100 years, Marriott International Organization has continued to succeed on the world stage by following the vision of its founder.
Marriott's vision statement is as follows.
“Aiming to be a travel company loved around the world.”
To achieve monumental success in the service industry on the global stage, marriott international We thought it best to present a very simple vision that is not only easy to implement, but can be followed throughout the organization.
The company's goal is very simple: to leave a legacy of excellence in the service industry. Marriott International aims to become a travel company loved by many people around the world. It was this vision, along with the work ethic and corporate culture, that made the company successful.
Marriott mission statement
Marriott International's mission statement is:
“To improve the lives of our customers by creating and enabling unparalleled vacation and leisure experiences.”
The analysis of the mission statement is carried out below
enrich customers' lives
The key to long-term success for service providers is to provide customers with such quality of service that they have no choice but to choose the brand.
Marriott International believes that by improving the lives of its customers and providing premium services, it will position itself as a profitable company over the long term. The company has pursued a wide range of strategies to realize this mission. 2020, Marriott International Partnered with Quintessentially Delivering unique adventures and immersive experiences to customers in the US and Europe. [1]
Create and realize unparalleled vacation and leisure experiences
To retain customers, Marriott International goes the extra mile to provide customers with a vacation experience that's worth their money. They do this by creating vacation and hotel experiences filled with comfort and fun.
The service provided by Marriott International from our hotel rooms is of the highest quality. One example is the Ritz-Carlton Hotel, which is frequented by celebrities and celebrities. This shows that the company has succeeded in establishing a trusted brand name.
Marriott Core Values
Marriott International takes great pride in its employees and their actions, which reflect the company's core values and culture.Below are the company's core values
put people first
The main philosophy advocated by the founders of Marriott International was to create a corporate culture that put people first. A people-first culture is a key element to an organization's success, and the company expects its employees to be well-equipped with this skill set. Twenty years ago, Marriott International established a board committee focused solely on: Promoting inclusion. The company was one of the first to incorporate board agendas. Over the past few years, the company has advocated for inclusivity at every level, from suppliers to employees to the boardroom. [2]
pursuit of excellence
We take great pride in providing exceptional service and all of our employees are expected to demonstrate professional excellence. Marriott International is looking to hire the best talent, so this is an important skill to survive at the company.
embrace change
The modern hospitality industry has been shaped by the Marriott family.So this company is not new at all embrace change And adapt accordingly. Employees are expected to not only welcome change, but to adapt accordingly. Despite the uncertainties of 2020, CEO Arne Sorenson sought to encourage employees to:accept the promise Even though we've lost what we once had. [3]
act with integrity
Of all the basic core values, integrity is the most important. In order for the company to grow as a trusted brand, all employees are required to perform their duties with integrity.
serve the world
Marriott International expects all employees to contribute not only to the company, but also to society and the planet.All employees are expected to contribute and contribute to society make the world more sustainable. Starwood Hotels, owned by Marriott, was the first U.S. hotel to sign a contract with Cuba since 1959. Marriott spearheaded the normalization of relations between the United States and Cuba, upholding its core value of serving the world. Under the Trump administration, the company maintain a hotel in cuba It was used as a symbol of unity, but it never became popular. [4]
Marriott pricing strategy
Marriott International is an organization that provides a full range of services to its customers. Its revenue is entirely determined by the price of the services provided. The company uses Group Pricing Optimizer (GPO). It is a decision support system with user-friendly integrated software to help businesses make decisions. Prices for various services Hotel accommodation fees, etc. GPO makes analytical decisions that depend on multiple factors such as price elasticity, demand segmentation, and optimization techniques.
This system not only increased sales and increased profitability, but also increased customer satisfaction. Marriott International was able to attract a record number of customers in 2019 by pricing its services based on prevailing market conditions. 515,000 rooms Thanks to GPO, we are breaking records by the beginning of 2020. [5]
conclusion
Marriott International started its business with a vision to be the best in the world when it comes to hotel and resort chains. They proved their vision correct by setting a mission to put the customer first.
One of the factors that helped the company pave its way to success was providing top quality services. Additionally, the company's established culture, along with its professional and highly qualified employees, are also the reasons for Marriott International's global success.
References and further information
- Tell, C. (2020, August 26). Marriott International and Essence partner on luxury road trip collection.forbes
- World News (June 23, 2020). Marriott International details four themes to expand diversity and inclusion.voyage africa
- McGirt, E. (2020, March 24). A true message from Marriott CEO to employees.luck
- Marsh, S. (June 5, 2020). Trump administration orders Marriott to halt hotel operations in Cuba. Reuters.
- This is HB staff. (February 10, 2020). Marriott: Strong performance in 2019 will lead to growth in 2020.Hotel business
- About Us | Marriott
- marriott annual report
- Featured image by Michelle Maria from Pixabay
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