DISCUSSION WEEK 1 MGMT 670- Kenneth Lindquist

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Community College of Baltimore County *

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670

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Management

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Nov 24, 2024

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DISCUSSION WEEK 1 MGMT 670 - 1. Part 1 of your response: Visit one of the websites listed below and locate the company's vision and/or mission statement(s). Critique the adequacy and merit of the company's vision and mission. Be sure to list the effective elements and the shortcomings. 2. Part 2 of your response: Draft at least 3 strategic objectives for the company based on what you learned from Part 1. Be sure to make the objectives SMART. Part 1. The company I chose to analyze is Marriott. Marriott has a mission statement as well as a vision statement. Their mission statement is “to enhance the lives of our customers by creating and enabling unsurpassed vacation and leisure experiences". Their visions statement is “to be the world’s favorite travel company " ( https://businessmodelanalyst.com/accessed on 14Jan2024)." Although the mission and vision statement are worded differently, they share a common goal. Marriott strives to be the world leader in travel and vacation accommodations. It would be a difficult argument to claim that this organization does not live up to their mission and vision statements. Marriott International operates everything from luxury hotels, restaurants, timeshare properties, flight packages and car rental services. Many common hotel brands such as Ritz-Carlton and Courtyard are actually owned by Marriott International as well. If revenue is any indication of the success of Marriott, the fact that they reported a 49% increase between 2021 an 2022 demonstrates their popularity aligns closely with their stated mission and vision statements (Marriott International Inc. SWOT Analysis, 2023). One potential shortcoming of Marriott’s goal to be the world leader in travel and leisure experiences is the heavy competition that is prevalent in the lodging industry. Large scale organizations such as Hilton combined with many smaller hotel brands make the industry a crowded marketplace that needs to constantly evolve to attract and retain customers. Marriott has to continually navigate this crowded terrain to be able to truly live up to their mission and vision statements (Marriott International Inc. SWOT Analysis, 2023). Part 2.

One strategic objective for Marriott should be to reward and retain loyal costumers. Marriott already has a loyalty program called Marriott Bonvoy. Expanding this program to offer more rewards will likely incentivize customers to remain loyal to Marriott despite offers from the competition. Tracking retention of customers and analyzing those who have left the customer base can help to ensure changes could be made to bring in and retain new loyal customers (Marriott International Inc. SWOT Analysis, 2023). Another strategic objective would be to continue to expand in new regions of the globe. Currently Marriott operates in 139 countries around the globe. This massive presence around the world only serves to increase brand recognition and ultimately profits. Expansion should continue, especially in countries like China India where huge populations fuel travel and accommodation demands (Marriott International Inc. SWOT Analysis, 2023). Finally, the third strategic objective would be to reduce working capital deficit. In 2022, Marriott reported a deficit of $4,026 million, significantly higher than the year before. Real estate prices as well as worldwide epidemics all serve to increase operating costs for Marriott. Finding ways to reduce these costs and reduce the overall working capital deficit is a vital strategic objective that should be pursued (Marriott International Inc. SWOT Analysis, 2023). References Marriott International Inc. SWOT Analysis. (2023). Marriott International, Inc. SWOT Analysis, 1–7. https://businessmodelanalyst.com/marriott-mission-and-vision-statement/ less

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