The Importance of Market Research: The Marriott Company
The Marriott Company is a successful lodging and hospitality company. It is a company that is internationally recognized and has nearly 3,700 properties, 18 brands in 72 countries and territories worldwide (Marriott, 2012). With such success and worldwide prominence, it is no mistake that it operates with a winning formula that includes market research. "Our relentless focus on innovation and action fuel the way we do business" (Marriott, 2012). Organizations, like Marriott, not only have to compete in a rapidly changing technological environment and a highly diverse global environment, it must consider the importance and role that marketing research plays. Operating in such a
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Because of their dedication and commitment to innovation and competiveness, they changed their marketing mix. Marketing research for Marriott is pivotal for growth and expansion. It is the primary source to identify emerging markets around the world and is key to satisfying its business growth objectives; “It is important to research and assess the market to understand the opportunities and challenges as a new entrant” (Babitch and Chen).
Types of Marketing Research
The hotel industry is so vast and competitive, that there is definitely money spent researching the trends and feedback of its customers. To compete and stay innovative, the Marriott Company has implemented a marketing research strategy to keep up with trends, changing demands, new target markets, and product lines. Despite the costs and time, the company has to implement an adaptive marketing mix for its new strategies and objectives. According to an interview in 2005 with Belinda Pote who is Senior Vice President of International Marketing for Marriott International, the company’s priority is to engage new markets by understanding customer behavior and needs. Market research tools include customer surveys as well as brand tracking studies “to find out which attributes customers place importance on when choosing a hotel and how we compare with our competitors in that market” (Babitch and
The primary market research is to gather new information by conducting market research, interviews and surveys. This information we have collected through direct contact with the guests. This research differs per business. Our hotel can overview about the target markets through the surveys and interviews we have done.
Bethesda, Maryland is the headquarters of Marriott International Incorporate. This unique organization transpired from a root beer stand in 1927 into a world-renowned hospitality hotel chain in 1957. Information provided will focus on the evolution of the root beer stand into the Marriott International Incorporate vast hospitality empire. Today, the Marriott hospitality industry has 5,756 hotels with 30 brands in 118 countries with 1.1 million rooms. Additionally, the Marriott generated $14 billion in revenue during 2016 and had over 85 million combined loyalty members between the Marriott and Starwood Preferred Guest reward programs. Furthermore, Marriott partnered with Universal Music Group to bring their rewards member’s additional
Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim
In this report, we will be concentrating on Millennial hotels - hotels that target Millennials or have a Millennial-liked mindset. We will discuss the factors, specifically revolving around the marketing mix, that are likely to affect the success of Millennial hotels.
Marriott decided to enhance travelers’ value by segmenting the market and then targeting selected segments, each with a different brand. Then as now, Marriott was the flagship brand. Each new brand would support Marriott’s overall brand identity — a commitment to superior customer service — and train employees to have a passion for service.
For instance, in the hospitality industry, the Hilton brand symbolises high-end properties, elevated quality of service and a unique guest experience. Brand name and brand image are essentially two factors that differentiate companies which operate in the same industry and market. Therefore, the brand name must be unique. Hotel companies like the Hilton have established strong national brands and seek to use them globally with an intention of increasing profits. Once its established as a global brand, the company has successfully created an international image that can lead to increased efficiency through branded marketing efforts and cost savings on a much larger scale. Nowadays with an increase in international travel, the competition among international hotel corporations is becoming a lot more competetive. Those tourists that travel to foreign countries tend to stay in one of the known hotel brands and their standardised quality of service. Hotel chains are motivated to maintain a high rate of global expansion as a key marketing strategy of creating brand loyalty (King,
Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.
Since the stakeholders revokes their contract with Regale Properties whose str market?” ategy is to host the city’s festival as marketing strategy to launch the hotel product offerings into the market and prefer moving into franchise with Marriott for best reasons known to them. The decision problem becomes “How do we better position and market the hotel product offerings into the mature competitive To better define the
Marriott is renowned for its elegant and comfortable hotels and resorts. The company caters to a targeted customer base, ranging from the frequent corporate business traveler to the family enjoying their occasional weekend get-away. Marriott has continued its rise in the lodging, contract services, and restaurant industries. The company continuously strives to meet the needs and wants of its customers while strategically maneuvering the rigors of today’s competitive and ever-evolving market of glamorous destinations and convenient services. In order to remain relevant in a highly-competitive environment, Marriott must strike that successful balance of minimizing costs, and gaining and effectively
Since its foundation in 1927 Marriott Corporation grew into one of the leading lodging and food services in the US. With three major business lines: lodging, contract services and related business, Marriott has the intention to remain a premier growth company. To achieve this goal the corporation’s strategy is to develop aggressively appropriate opportunities within their business lines. Marriott would like to be the preferred employer, the preferred provider and the most profitable company in each of the operating areas. The financial strategy includes four key elements:
For my luxury brand marketing analysis I choosed the Four Season Hotels chain, as on my mind it is one of the most successful and well-known hotel chain, providing 5 star service all around the world.
Increasingly multi-national marketers are designing and selling global brands and need research to guide their decision making across an increasingly diverse and disparate world. Sound and timely marketing research becomes even more critical for firms as they compete in the 21st century
Marriott is a multi brand company with a Global Portfolio that providing lodging that fit within many market segments. This report will discuss briefly Marriott’s Portfolio of hotels, what they do, briefly examine a number of their key marketing strategies and examine how they are implemented, measured and ask the question does this make them market leaders?
Essentially, the marketing manager will seek to understand how a competitive advantage may be gained over other competitors (Lemon et al 2002). Figure 1 shows that Hilton Hotel Corporation is one of the leading hotels in the world. Nevertheless, as a newer hotel in Melbourne, Hilton is facing some serious challenges from competitors such as Grand Hyatt Melbourne and Sheraton Melbourne. Grand Hyatt Melbourne has completed its four year refurbishment project. Meanwhile, Sheraton Melbourne Hotel will launch a new full service as part of a 2013 development, combining hotel services with up-market residences and boutique retail (Melbourne Planner’s Guide 2011-2012, 2011). It is critical for Melbourne Hilton Hotel to understand visitors’ wants in order to satisfy visitors. In addition, Melbourne Hilton Hotel needs to have a good understanding of the competition in
The organization has explicitly kept this advantageous environment over other organizations by improving its service capacity. Additionally, the organization ensures that it stays ahead of its rivals by engaging in research and development that focuses on luxury products and markets analysis. The Ritz-Carlton hotel uses data from its research to predict the future of the industry; therefore able to dictate what and how the market will trend in the foreseeable future. Another factor that keeps the organization’s advantage over its rivals is that while rivals tend to become a hotel brand in the industry, Ritz-Carlton has rather position itself to be a leader and lifestyle brand that constantly develop new properties and ensure that customers live the culture of the hotel. The final factor that has kept the advantage of the organization intact is the culture of trust that exists between the management and employees. The leadership of the hotel lives and communicates the organization’s value to its employees who in turn satisfy customers in a way that they often anticipate a return visit. These are some of the reasons that the Ritz-Carlton hotel continued advantageous environment over its rivals has persisted in the hotel and resort industry (Reiss,