Essay on The Importance of Market Research: The Marriott Company

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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…show more content…
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

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