Introduction
The Marriott International is a conglomeration of resorts and hotels located in various regions across the globe with its parent establishment in Washington. It started its operations as an airport hotel located in Washington in the 1950s. Today, it has more than 500 branches located in different parts of the world and employs more than 10,000 permanent employees. It has managed to expand its operations due to the effective strategies used by managers and other stakeholders (Tilson 2013). The Times magazine ranked this investment 45th during its 2009 study of the best companies to work for in the United Kingdom. This discussion uses the case example of Marriot Hotels and Resorts to explore ways a hotel investor can use to implement new thoughts without interfering with the operations of the company.
Research Questions
This essay will answer the following questions as a way of explaining how this hotel has managed to beat its competitors in offering hotel and accommodation services to the world.
- What strategies has this company used to motivate its employees?
- What steps has it taken to stand high chances of competing with other global brands?
- What plans does it have?
- How does it manage inflation?
Literature Review
Investment Philosophies: Successful Strategies and Investors Who Made Them Work by Aswath Damodaran
Aswath Damodaran is a famous investment consultant who has taught in many business schools and colleges and advised investors on various options available on the market and how to approach them. In this book, he discusses various ways successful investors have used to ascend the ladder of success by beating their competitors even though they had limited finances. He claims that the availability of huge capital is not a guarantee that an investment will succeed. In addition, he presents that the presence of skilled workers is also not an indicator that a company will manage to outdo its competitors (Damodaran 2012).
He approaches success in investments through the Deming Cycle Model and explains four important steps that make the difference between a successful and ordinary investment. He argues that these steps must be used regularly throughout the investment period to ensure the operations of business remain relevant and profitable.
Successful Investing is a Process: Structuring Efficient Portfolios for Outperformance by Jacques Lussier
Jacques Lussier is a financial and investment analyst and has managed to produce many articles and books that have transformed investments. In this book, he explains that an individual or investment must go through several processes before becoming successful. In addition, he claims that all companies and people named in The Times and Forbes magazines have experienced significant transformations that have converted them to successful individuals or companies (Lussier 2013).
He insists that success comes through proper planning, executing the plan, checking its effectiveness or errors and acting responsibly to correct weaknesses or strengthen the achievements gained. He argues that successful people must plan their activities before plunging into investing in various businesses since this is the basis of their success or failure.
Methodology
The information presented in this essay was collected through various ways including the literature available in books from various financial analysts, teachers, and managers. This has offered a huge platform to discuss the stages involved in preparing and investing in viable activities despite the presence of stiff competition amongst players (Prinq 2009).
These resources have offered comparisons between successful and ordinary investments and highlighted the need to plan effectively before investing. Secondly, magazines like The Times and Forbes have also offered an insight into the stories of successful investors and how they managed to conquer various challenges to win these titles. Marriott International was named by these journals as a successful investment in the hospitality industry.
This is a global investment that has maintained high standards and competed effectively with those that have huge capital and long histories. It has managed to widen its operations through proper planning before implementing any change in its branches. These plans have been scrutinized and evaluated against other options before being adopted. In addition, it has an elaborate evaluation procedure and workforce that ensures programs are monitored to identify their weaknesses or strengths (Mauboussin 2012). The information obtained is used to improve the performance of the business by eliminating the causes of the weaknesses identified and improving the strengths of new ideas. This means that it employs the Deming Cycle Model (Plan + Do + Check + Act) in implementing new ideas in the business.
Data Analysis
In 2009, this company was ranked 45th by the Forbes magazine as a good company that people should consider working for since it has various ways of motivating employees. It uses this strategy as a way of ensuring the objectives of the company are achieved by paying workers good salaries and allowances and training them to ensure they have relevant skills to perform their duties. Workers in this enjoy good relations with their seniors and a stranger will hardly notice the differences in ranks (Rittenhouse 2012). This strategy has been successful in ensuring employees are motivated to work hard and deliver quality results in various departments.
Secondly, it conducts regular research and market surveys to get information about trends and fashions and uses it to plan. The managers in various departments have put their ears on the ground and are ready and willing to spend sleepless nights to develop strategies that will ensure they satisfy their clients. This has been an effective way of competing with other global brands.
Thirdly, it has developed effective plans to ensure there is a smooth transition between recruits and retirees (Pring 2012). This ensures that there is no vacuum left by a retired worker or when one decides to leave this company. It has invested in research to ensure it has plans to manage unforeseen challenges.
Lastly, even though global inflation affects most companies this one has ensured that its clients get quality services by offering subsidized rates when inflation strikes. In 2008, clients were allowed free drinks and meals for one day when they booked rooms for more than four days. This was an effective strategy that can be used in the future to manage the challenges associated with inflation.
Recommendations
This company has managed to get profits and expand its operations by ensuring that it offers quality services to clients. However, it needs to use modern technology in its operations to ensure there is efficiency in its services. In addition, this will also ensure clients get quality services. Secondly, even though it has a website that ensures people can book various services from the comfort of their cars, homes or offices this should be streamlined to offer immediate response to clients. Lastly, it should establish facilities for middle-income earners since most of its hotels and resorts are expensive and most people cannot afford them.
Conclusion
The Deming Cycle Model is an effective way of ensuring that companies and individuals develop and utilize new skills and ideas to improve their performance. Even though this may not immediately produce positive results, it should be used regularly to increase the chances of succeeding.
References
Damodaran, A 2012, Investment Philosophies: Successful Strategies and Investors Who Made Them Work, Wiley, New York. Web.
Lussier, J 2013, Successful Investing is a Process: Structuring Efficient Portfolios for Outperformance (Financial), Bloomberg Press, New York. Web.
Mauboussin, M 2012, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, Harvard Business Review Press, New York. Web.
Prinq, M 2009, Investment Psychology Explained: Classic Strategies to Beat the Markets, Wiley, New York. Web.
Prinq, M 2012, Technical Analysis Explained: The Successful Investor’s Guide to Spotting Investment Trends and Turning Points, McGraw-Hill, New York. Web.
Rittenhouse, L 2012, Investing between the Lines: How to Make Smarter Decisions by Decoding CEO Communications, McGraw-Hill, New York. Web.
Tilson, W 2013, The Art of Value Investing: How the World’s Best Investors Beat the Market (Wiley Finance), Wiley, New York. Web.