Marriott International: A Leader in the Hospitality Industry
When we think of luxury hotels and resorts, Marriott International is one of the first names that come to mind. With over 174,000 employees and 30 hotel brands under its umbrella, Marriott is one of the largest and most successful hotel chains in the world.
In this article, we will take a closer look at Marriott’s history, mission, and vision, as well as its current status and competitors in the hospitality industry. Marriott’s History: From Root Beer Stand to a Global Hospitality Giant
Marriott International was founded in 1927 by J.
Willard Marriott and his wife Alice Marriott as a small root beer stand in Washington, D.C. Over time, the business expanded into hot food stands and then restaurants, before finally entering the hotel industry in 1957 with the opening of its first hotel in Arlington, Virginia. Since then, Marriott has grown exponentially, adding new brands and expanding globally.
Marriott’s Mission: Making the Guest Experience Memorable and Unique
Marriott’s mission statement is closely tied to its brand promise: “To make the guest’s travel experience an unforgettable one by providing high-quality and personalized service”. The company believes in going above and beyond to create memorable experiences for guests, from providing comfortable accommodations to unique amenities and services.
Through its Marriott Bonvoy loyalty program, Marriott aims to reward loyal guests and make them feel valued. Marriott’s Vision: Becoming the World’s Favorite Travel Company
Marriott’s vision statement is simple but powerful: “To be the world’s favorite travel company”.
This vision reflects the company’s goal of becoming the top player in the hospitality industry, with loyal customers that choose Marriott over any other brand. Achieving this vision requires a focus on innovation, excellence, and sustainability, as well as creating a culture of hospitality across all its hotels and brands.
Marriott’s Current Status: A Leader in the Industry
As of 2020, Marriott had over 7,500 properties and 1.4 million rooms in over 132 countries, making it the largest hotel chain in the world by number of rooms. The company’s revenue in FY19 was $20.97 billion, with a net income of $1.27 billion.
Marriott’s portfolio includes a range of brands that cater to different markets and preferences, from luxury to budget-friendly options. Some of its most well-known brands include Ritz-Carlton, W Hotels, Sheraton, and Courtyard.
Marriott’s Competitors: A Crowded Hospitality Market
Marriott’s success has attracted many competitors in the hospitality industry. Some of the biggest players in the market include Hyatt Hotels Corporation, InterContinental Hotel Groups, Wyndham Worldwide Corporation, and Choice Hotels International Inc.
Each of these brands has its own strengths and weaknesses, as well as unique offerings and customer base. Marriott continues to invest in research and development to stay ahead of its competitors and meet the changing needs and preferences of travelers.
Final Thoughts
Marriott International’s success can be attributed to its strong brand values, innovative thinking, and commitment to providing exceptional customer service and experiences. From its humble beginnings as a root beer stand to its current status as a global hospitality giant, Marriott has consistently delivered on its mission and vision, winning the loyalty of millions of travelers worldwide.
As the hospitality industry continues to evolve and become more competitive, Marriott’s focus on innovation and sustainability will be key to maintaining its leadership position in the market. Marriott International is a renowned hotel chain that has established itself globally through its core values and mission statement.
Through relentless pursuit of excellence, commitment to innovation, and pushing boundaries, Marriott was able to stand the test of time and become a leading player in the hospitality industry. In this article, we will delve deeper into Marriott’s core values and mission statement, examining why they are essential to its continued success.
Marriott’s Mission: Enhancing Lives through Unsurpassed Vacation and Leisure Experience
Marriott’s mission statement reflects the company’s commitment to providing customers with exceptional vacation and leisure experiences. It reads, “To enhance the lives of our customers by creating and enabling unsurpassed vacation and leisure experience.” This mission reflects the company’s focus on customer satisfaction and its belief that a fulfilling vacation experience can be transformative and can enhance a person’s life.
One of the key ways that Marriott accomplishes this mission is by creating a culture that prioritizes people. This people-first culture means that Marriott recognizes that its customers and employees are its most valuable assets.
Employees are encouraged and supported to deliver outstanding customer service, which helps ensure that guests enjoy a welcoming and exceptional experience. Marriott’s Core Values: A Commitment to Excellence, Integrity, and Service
Marriott’s core values are a reflection of its mission and people-first culture.
These values guide the company and its employees in their daily operations, ensuring that they stay true to their mission and deliver exceptional experiences to customers. Marriott’s core values include:
1.
Putting People First: Marriott prioritizes its people, from employees to customers. The chain recognizes that its human resources are its most valuable asset and treats them accordingly.
Marriott offers a range of employee benefits, from flexible work arrangements to career progression and development programs, to ensure that employees are engaged and equipped to deliver premium services. 2.
Pursuing Excellence: Marriott strives for excellence in all aspects of its operations. It is committed to providing services that exceed customers’ expectations and offers innovative amenities that set it apart from other hotel chains.
Marriott has a culture of continuous improvement, where employees are encouraged to learn, grow, and take ownership of their work, ensuring that customers receive exceptional service consistently. 3.
Embracing Change: Marriott is not afraid to adapt to changes in the marketplace or the needs of its customers. The chain has a culture of innovation, where employees are encouraged to take risks and think outside the box to develop new products and services that better meet the needs of customers.
Marriott’s commitment to innovation has led it to introduce new brands, services and offerings that have differentiated it in the market. 4.
Acting with Integrity: Marriott is committed to upholding the highest ethical standards in all its operations. The chain has a code of ethics that guides employees in their behavior and interactions with customers and stakeholders.
Marriott recognizes that acting with integrity is essential to building trust and maintaining a positive reputation. 5.
Serving the World: Marriott recognizes its responsibility to the planet and society at large. It has a range of sustainability initiatives in place that focus on reducing its environmental footprint, sourcing responsibly, and giving back to communities.
Through its corporate social responsibility efforts, Marriott is committed to making a positive impact on society and the planet.
Final Thoughts
Marriott’s mission statement and core values have played a critical role in the chain’s success. They guide Marriott’s operations and ensure that it delivers excellent customer service and unforgettable experiences consistently.
Marriott’s people-first culture and focus on excellence, integrity, innovation, and sustainability have enabled it to differentiate itself in the hyper-competitive hospitality industry. While these values and mission have defined Marriott for decades, the company must also continue innovating and adapting to meet the ever-changing needs of its customers, which will be essential to its continued success.
Marriott International’s success in the hospitality industry can be attributed, in part, to the company’s pricing strategy. In this article, we will take a closer look at Marriott’s pricing strategy and how it helps the chain optimize its revenue while providing value to its customers.
We will also examine how Marriott’s strategic approach to pricing is grounded in the company’s core values and mission statement. Marriott’s Pricing Strategy: The Group Pricing Optimizer (GPO)
One of the key elements of Marriott’s pricing strategy is the Group Pricing Optimizer (GPO).
This tool helps hotel managers analyze data to make informed decisions about pricing and discounts. The GPO uses analysis and data-driven strategies to determine the best prices for hotels, taking into account factors such as seasonality, location, and demand.
The GPO also allows hotels to collaborate with one another to develop a pricing strategy that works best for both individual properties and the chain as a whole. By using this tool, Marriot is able to optimize prices that are good for both the hotel and customers.
Another important aspect of Marriott’s pricing strategy is its commitment to transparency. The chain provides customers with a range of pricing options that allows them to choose an approach that best suits their budget and preferences.
Marriott’s pricing strategy is grounded in the belief that by offering customers a diverse range of pricing options, they can appeal to a broader customer base. Customers can choose from a range of amenities and services, depending on their budget.
Marriott’s Pricing Strategy in line with its Core Values
Marriott’s pricing strategy is also aligned with the company’s core values, including putting people first, pursuing excellence, embracing change, acting with integrity, and serving the world. By putting people first, Marriott ensures that its pricing strategy is designed around the needs of its customers.
Marriott’s focus on excellence means that its pricing strategies are data-driven, based on analysis and informed decision-making. Embracing change means that Marriott’s pricing strategies evolve to meet the changing needs of customers and demands of the marketplace.
Marriott’s commitment to acting with integrity means that its pricing strategies are transparent, fair, and competitive. By offering multiple pricing options and collaborating with other hotels on pricing, Marriott ensures that its pricing remains competitive while still providing customers the best possible value and experience.
Finally, Marriott’s commitment to serving the world means that its pricing strategy is sustainable and responsible. The company recognizes that its pricing strategy has an impact on the environment and society, and therefore its pricing strategy is designed to reflect this.
The chain’s sustainability initiatives focus on reducing waste, conserving resources, and sourcing responsibly. Marriott believes that by acting responsibly, it can create value for its customers, its employees, and society as a whole.
Final Thoughts
Marriott’s success can be attributed, in part, to its commitment to pricing strategy that is based on analysis and data-driven decision-making. The Group Pricing Optimizer (GPO) provides hotel managers with the ability to optimize pricing, taking into account seasonality, location, and demand.
Marriott’s pricing strategy is grounded in the company’s core values, including putting people first, pursuing excellence, embracing change, acting with integrity, and serving the world. The company recognizes that its pricing strategy has an impact on the environment and society and therefore, is committed to acting in a sustainable and responsible manner.
By offering a range of pricing options, collaborating with other hotels, and taking a transparent approach to pricing, Marriott has become a leader in the hospitality industry. In conclusion, Marriott International’s success in the hospitality industry can be attributed to its strong vision, mission, and core values, which guide its operations and decision-making.
With a commitment to enhancing the lives of customers through exceptional vacation and leisure experiences, Marriott’s pricing strategy aligns with its values by putting people first, pursuing excellence, embracing change, acting with integrity, and serving the world. The use of the Group Pricing Optimizer (GPO) allows Marriott to make informed pricing decisions, optimizing revenue while providing value to customers.
As a leader in the industry, Marriott demonstrates that a customer-centric approach, combined with data-driven strategies and a commitment to sustainability, can drive success and create memorable experiences for travelers worldwide.