Strategic Managment - Term Paper Example

«STRATEGIC MANAGEMENT» A. VISION / MISSION STATEMENT In the context of strategic management, the vision statement is considered to be the long term view of company’s fundamental objectives and operation, just like Marriott International vision statement: “to be the world’s leading provider of hospitality services” (Abrahams, 1999, p.293). The company had attained its desired future state and acknowledged as the leading lodging company in terms of quality service and pursuit of excellence in all countries of the world (Welford, et al., 2006). The mission statement is more precise and specific as to what the company wants to achieve. Marriott International mission statement is devoted to be the best in hospitality industry in terms of customer service and return (Yu, 1999, p.300). In strategic management, this statement defines the ultimate purpose of company’s existence in a broader perspective just like the proper handling of employees and budge allocation (Clarke & Chen, 2007, p.205). B. EXTERNAL AUDIT Opportunities Marriott International needs to adopt a low-cost lifestyle brand in product portfolio as a diversification method. U.S. is now heavily affected by economic recession, thus, it is not good for the business to heavily rely on U.S. market but to penetrate on overseas regions. Also, the opening and revision of new segments like Nickledon and Edition had increased the company’s revenue. Other opportunities involved market expansion particularly in Asia because vast investors are considering Asian countries to have a strong growth of tourism. Also, the demand of hotel rooms in India will likely rise by 25% annually and occupancy by 80% over the next 2 years. The increasing result of customer’s loyalty had increased investment, and the acquisitions of franchised properties had accounted a higher percentage (93%) compared to domestic operations (75%). Threats One of the major threats of the company is the downturn of U.S. economy wherein the biggest market share is located. In line with this scenario, foreign currencies exchange rate is in a weak position leading to a weak consumer spending, and the uncertain success of the new launch Edition and Nickledon. Other threats are the impact of war, terrorism and global burst of infectious diseases. The new regulatory accounting methods and principles had also been part of the declining net income. Price competitiveness also restrict the demand, prices and profits but extend the company’s cost. Also, the high oil prices of synthetic fuel segment increases operational expenses. Lastly, the occurrence of natural disasters and political instability among brand owner, intermediaries and third person owner are also part of the threats. COMPETITIVE PROFILE MATRIX According to Katsioloudes (2002, p.86), “of all the environmental trends and events that can affect a firm strategic position, competitive forces are often considered to have the greatest impact.” In hospitality industry, customer is considered to be the most influential (Cline, n.d.). This is being followed by the choice of market location in order to be competitive (Mohanty, 2008, p.31). The CPM in exhibit 1 shows that location is the most significant critical success factor, as indicated by a weight of 0.20. Marriott is influential in consumer loyalty, and service quality. Exhibit 1     Marriott International Accor Hilton Hotels Corp Intercontinental Hotel Group Critical Success Factors Weight Rating Weighted Score Rating Weighted Score Rating Weighted Score Rating Weighted Score Location (Global) 0.18 2 0.36 3 0.54 3 0.54 4 0.72 Consumer Loyalty 0.14 3 0.42 2 0.28 3 0.42 3 0.42 Service Quality 0.17 4 0.68 3 0.51 3 0.51 3 0.51 Price Competitiveness 0.12 1 0.12 3 0.36 3 0.36 2 0.24 Management/Employees 0.10 3 0.30 4 0.40 2 0.20 1 0.10 Global Expansion 0.07 3 0.21 3 0.21 3 0.21 4 0.28 Industry Position 0.06 4 0.24 1 0.06 3 0.18 2 0.12 Growth Strategy 0.08 3 0.24 2 0.16 2 0.16 3 0.24 Market Share/Revenue 0.05 4 0.20 3 0.15 2 0.10 1 0.05 Effective Adervitising 0.03 2 0.06 2 0.06 2 0.06 2 0.06 Brand Names 0.05 4 0.20 2 0.10 3 0.15 2 0.10 Total 1.00   3.03   2.83   2.89   2.84 THE EXTERNAL FACTOR EVALUATION (EFE) MATRIX The EFE and IFE are assessments that reveal the factors that determine the success of the business. EFE focuses on the external influences while IFE is on the internal strengths and weaknesses (Houston, et al., 2008, p.124). The EFE in exhibit 2 reveals that economic downturn in U.S. was a significant factor as denoted by the 0.15 weight. The total weighted score of 2.98 indicates that the company is responding above average to the average total weighted score of 2.5. These signify that the opportunities of the company are fully utilized and the threats are being conquered. EXHIBIT 2 External Factor Evaluation Matrix for Marriott International Key External Factors Weight Rating WScore Opportunities 1. Adopt a low-cost lifestyle brand to be price competitive as a diversification method 0.08 2 0.16 2. Penetrate on overseas regions and do not heavily rely on domestic market (U.S) 3. The opening and revision of new segments had increased revenue 0.07 4 0.28 4. Vast investors and business opportunities in Asia because of the strong growth of tourism 0.10 3 0.30 5. Increasing demand of hotel rooms in India over the next 2 years because of the economic growth 0.12 3 0.36 6. The increase of customer loyalty, increases investment 0.05 3 0.15 7. Acquisitions of franchised properties had accounted a higher percentage of 93% compared to domestic operations of 75% 0.05 2 0.10 Threats Weight Rating WScore 1. U.S. economy is suffering from economic downturn and the biggest market share of Marriott is in its domestic market 0.15 4 0.60 2. Weak consumer spending because of weak exchange of foreign currencies 0.07 3 0.21 3. The success of the new launch Edition and Nickledon is uncertain brought by the turbulent period of economic recession 0.03 3 0.09 4. The impact of war, terrorism, global economic downturn and global burst of infectious diseases 0.06 3 0.18 5. New regulatory accounting methods and principles 0.03 2 0.06 6. Price competitiveness 0.07 3 0.21 7. The occurrence of natural disasters in any geographical sites 0.03 2 0.06 8. Political instability among the brand owner, intermediaries and third person owner 0.02 2 0.04 9. The high oil prices of synthetic fuel segment increases operational expenses 0.04 3 0.12 TOTAL 1.00 2.98 C. INTERNAL AUDIT Strengths Marriott International is a global leader in hospitality industry in terms of revenue, market cap and net income. It was also recognized as the most admired company having a high brand recall that draws customer. It has a diversified portfolio that caters different target market like full-service, limited service, international and luxury lodging, and timeshare. As of 2006, it gives emphasis on franchised properties to expand its portfolio by adding new properties to its worldwide system because the higher the number of franchised, the bigger is the operating income. The company also pursues a growth strategy by developing new segment like the synthetic fuel, and the first to introduce a food without any Trans fat. Upgraded properties and new technologies made Marriott a highly competitive company. Also, it has strong international appearance in major countries like Canada, Mexico, China, UK and Germany. Its strong internet presence was assured by its corporate website that made fast transactions in accommodation and transparency in price rates. Weaknesses Despite the fact that Marriott International is expanding globally, still it has over-reliance on its domestic market (U.S.) making it more prone to economic risks. Its high-cost lifestyle (luxury brand) is being left behind by the competitor’s mid-scale and up-scale brands because of recession. Also, the revision and changes in accounting methods and standards had contributed to the declining net income which further testified that the company is vulnerable in this area. The decreasing net income by 10% and operating loss had delivered a negative impact on the company’s capacity to make profit and this would discourage current and future investors. There is also a low return of shareholder’s equity compared to last year’s result (2005). The operation of synthetic fuel had been suspended because of high oil prices that delivered a revenue loss from 421 in 2005 to 165 in 2006. The increasing liability implied that the company is not cost-sufficient. FINANCIAL RATIO ANALYSIS EXHIBIT 3 Financial Ratio Analysis of Marriott International Growth Rates ($million) Year Sales Net Income Earnings/Share Dividend/Share Revenue 2006 5.28% 9.12% -2.67% 20.00% $12,160 2005 14.37% 12.25% 16.94% 21.21% $ 11,550 Price Ratios and Profitability Ratios ($million) Year Current P/E ratio P/E Ratio Earnings/Share Gross Margin Operating Profit Margin Net Profit Margin 2006 1.31 25.48 $1.41 13.63% 0.08 0.05 2005 1.59 - $1.45 - 0.5 0.06 Financial Condition and Investment Return ($million) Year Debt/Equity Ratio Long Term Debt/Equity Ratio Quick Ratio ROA (%) ROE (%) Net Income 2006 2.28 0.69 0.84 0.07 0.23 $ 608 2005 1.62 0.52 1.04 0.08 0.21 $ 669 Net Worth Analysis. The result of this analysis will help in monitoring the financial condition of the company in a specific date. The net worth of Marriott International for 2006 is $ 2,618 million. D. INTERNAL FACTOR EVALUATION (IFE) MATRIX According to Houston, et al. (2008, p.123), “the internal factor evaluation (IFE) summarizes the strengths and weaknesses of the organization’s key management, public relations, finances, output of services and planning and research.” Note that the presentation of the external and internal assessments is presented in exhibit 2 as the EFE Matrix and in exhibit 4 as the IFE Matrix. These two assessments are being provided to be used in computing the Quantitative Strategic Planning Matrix (QSPM) that will evaluate the alternative strategies. In exhibit 4 the internal factors that are given the highest weight over the other is the “over-reliance on its domestic market” and being a “global leader in hospitality industry in terms of revenue, market cap and net income.” These two are important internal factors that need more focused and effort by the company to being successful in this business. It should also be considered that Marriott International is outstanding and recognized among other companies on its high brand recall as denoted by the rating of 4. This factor should be maintained because it’s a major strength and an advantage to the competitors. The over-reliance on domestic market and the over dependence on luxury brand are the major problems as indicated by the 1 ratings. Overall, the company receives a total weighted score of 2.63, a bit higher than the average score for IFE matrix which is 2.5. The result shows that there is definitely room for improvement on the position of the company. There should be a systematic matching of internal factors as one of the company’s strategies in improving the weighted score. It needs to turn its internal weaknesses to become an internal strength. Recommendations: Marriott’s domestic market (U.S.) is now in economic recession that consequently weakens the exchange of foreign currencies and customer spending habits. Instead of relying heavily on its domestic market, the recession is the perfect time for Marriott International to consider other market options for other countries in the world. Asia is one of good options which is being looked upon by investors as a good investment ground because of its strong growth in tourist arrival. Along with the global expansion, the company should also consider another market development like the acquisitions of franchised properties because it will add up on the operating income. Another major problem is the issue on price competition in which the company is being left behind its competitors. Given that there is an economic recession in all parts of the world, travellers are becoming very keen in spending that is why the company should develop low-cost lifestyle brand and do not gravely depend on luxury brand. EXHIBIT 4 Internal Factor Evaluation Matrix for Marriott International Key Internal Factors Weight Rating WScore Strengths 1. A global leader in hospitality industry in terms of revenue, market cap and net income 0.14 4 0.56 2. Most admired company having a high brand recall that draws customer 0.10 4 0.40 3. It has diversified portfolio that caters different target market 0.07 3 0.24 4. Gives emphasis on franchised properties (adding new properties) to expand its portfolio 0.08 3 0.27 5. Pursuing growth strategy by developing new line of segment 0.05 3 0.15 6. The first to introduce food without any trans fat 0.03 3 0.09 7. Upgraded properties and new technologies 0.06 3 0.18 8. Strong international presence in major countries 0.03 3 0.09 9. The company’s website has strong internet presence 0.02 3 0.06 Weaknesses Weight Rating WScore 1. Over-reliance on its domestic market (U.S.) 0.17 1 0.17 2. Luxury brand is being left in the competition of prices given that the global economy is in recession 0.08 1 0.08 3. Revision and changes in accounting methods and standards had testified the vulnerability of the company 0.05 2 0.10 4. High oil prices had lead to a suspension of synthetic fuel operation that delivered revenue loss of $256 million 0.04 2 0.08 5. The decrease of net income by 10%, and operating loss had delivered a negative impact toward the investors 0.03 2 0.06 6. The return of Shareholder’s equity is low 0.03 2 0.06 7. The increasing liability tells that the company is not cost-sufficient 0.02 2 0.04 SUBTOTAL 1.00 2.63 E. SWOT STRATEGIES EXHIBIT 5 A SWOT Matrix for Marriott International SO Strategies The acquisitions of franchised properties are suitable to be established in Asian countries. The company should properly allocate the budget in upgrading properties and purchasing new technologies. And there should be a differentiation among high brand recalls in every certain location. WO Strategies The company’s segments must expand globally particularly in Asian countries. It should build a low-cost lifestyle segment or economy brands, and introduced the new product line in a strategic partnership or joint ventures. ST Strategies To heighten efficiency, it should lessen the company’s expenses particularly the labor cost. Also, it must gradually depart from segments that delivered high operating expenses. The global expansion should be done as early as possible and allocate budget for acquisitions of franchised properties and development. WT Strategies The company should invest more in areas that is not greatly affected by economic recession. As competition is becoming intense, the company needs to urgently introduce a low-cost brand, and examined all unnecessary expenses as part of the cost-cutting measures. F. STRATEGIC POSITION AND ACTION EVALUATION (SPACE) MATRIX A space matrix is being used as a tool in analyzing what is the appropriate strategy for the business to be in a competitive position (Radder & Louw, 2002). This matrix needs to use an internal and external dimension to develop a strong position in the market in terms of the four-quadrant strategy framework (aggressive, competitive, conservative and defensive). The SPACE matrix for Marriott International as illustrated in exhibit 7 shows an aggressive strategy. The x-axis (3.4) is the sum of competitive advantage (CA) and Industry strength, while the y-axis (1.8) is the sum of financial strength (FS) and environmental stability (ES).The directional vector is located in the aggressive quadrant which means that the company is in an eminent position. The company has a greater chance in utilizing its internal strength to penetrate the market, capitalized opportunities to conquer weaknesses and finally escape from threats. EXHIBIT 6 A SPACE Matrix for Marriott International INTERNAL STRATEGIC POSITION EXTERNAL STRATEGIC POSITION Competitive Advantage (CA) -1 (best) to -6 (worst) Industry Strength (IS) +1 (worst) to +6 (best) Quality Service -1 Market Share -1 Brand Image -1 Customer Loyalty -2 Technological advancement -2 Total: -1.4 Growth Strategy +5 Financial Stability +6 Global Expansion +4 Industry Position +6 Strategic Partnership +3 Total: +4.8 Financial Strength (FS) +1 (worst) to +6 (best) Environmental Stability (ES) -1 (best) to -6 (worst) Return on Equity (ROE) +3 Liquidity +6 Operating Capital +5 Cash Flow +5 Leverage +3 Total: +4.4 Demand Flexibility -3 Political Stability -3 Environmental certainty -3 Price Competitiveness -4 Technological Changes -1 Total: -2.6 x axis: CA + IS = 3.4 y axis: FS + ES = 1.8 G. GRAND STRATEGY MATRIX The grand strategy matrix is a matching stage of the formulation analytical framework. It is an analysis tool used in formulating alternative strategies based on competitive position and market growth. The market growth (y-axis) lies the weaknesses and strengths of the company, while opportunities and threats lies in the competitive position (x-axis). The result of the grand strategy matrix for Marriott International as illustrated in exhibit 8 calls for an aggressive strategy. This shows that the company has much internal strength and many external opportunities that put its limit in an excellent strategic position. It could use the strategies of market development, market penetration, product development, forward integration, backward integration, horizontal integration and concentric diversification. Marriott has more financial strength over the competitors, thus, it needs to concentrate on its market and aggressively take the risks if ever necessary. H. THE INTERNAL - EXTERNAL (IE) MATRIX The internal strength in internal-external (IE) matrix is being measured by the internal factor evaluation (IFE), and the industry attractiveness is measured by the external factor evaluation (EFE) (Lambert, 2010). The internal factor reflects the industry attractiveness which position ranges from 1 (weak) to 4 (strong), and the external factor reflects the internal strength which scores range from 1 (low) to 4 (strong). The result of Marriott International internal strength is 2.63 which range falls on an average strength. On the other hand, the industry attractiveness as measured by EFE is 2.3 that reflects a medium attraction. The result of the IE matrix of Marriott International shows that that the company should hold and maintain its position in the industry. The prescription of this result involves to be more focused on market penetration and product development, and the best strategy is development strategy. I. QUANTITATIVE STRATEGIC PLANNING (QSPM) MATRIX The quantitative strategic planning matrix (QSPM) is the highest level of strategic management that will objectively select the best strategy using the matching stages. The result of QSPM of Marriott International as illustrated in exhibit 10 used two alternative strategies - the global expansion and the creation of low-cost segment or economy brand. This has been formulated based on the previous results of matching stage 1 (IFE & EFE) and stage 2 (SPACE & IE) which determine that the company needed to follow an aggressive strategy. This strategy is aimed to develop and penetrate the market which can be executed in global expansion and creation of economy brand. After doing some calculations, the result shows that global expansion particularly in Asia is a better option. This strategy yields a higher sum total attractiveness score which is 5.60 than the creation of economy brand that has a smaller score of 4.14. STRATEGIC ALTERNATIVES               Global Expansion Particularly in Asia Create Low-Cost Segment or Economy Brand Key Internal Factors Weight AS TAS AS TAS Strengths           1. A global leader in hospitality industry in terms of revenue, market cap and net income 0.14 4 0.56 3 0.42 2. Most admired company having a high brand recall that draws customer 0.1 4 0.4 2 0.2 3. It has diversified portfolio that caters different target market 0.07 3 0.21 4 0.28 4. Gives emphasis on franchised properties (adding new properties) to expand its portfolio 0.08 4 0.32 2 0.16 5. Pursuing growth strategy by developing new line of segment 0.05 3 0.15 4 0.2 6. The first to introduce food without any trans fat 0.03 2 0.06 1 0.03 7. Upgraded properties and new technologies 0.06 - -   8. Strong international presence in major countries 0.03 3 0.09 2 0.06 9. The company’s website has strong internet presence 0.02 2 0.04 2 0.04 Weaknesses           1. Over-reliance on its domestic market (U.S.) 0.17 4 0.68 1 0.17 2. Luxury brand is being left in the competition of prices given that the global economy is in recession 0.08 1 0.08 4 0.32 3. Revision and changes in accounting methods and standards had testified the vulnerability of the company 0.05 - -   4. High oil prices had lead to a suspension of synthetic fuel operation that delivered revene loss of $256 million 0.04 - -   5. Decrease of net income by 10%, and operating loss had delivered a negative impact toward the investors 0.03 1 0.03 3 0.09 6. The return of Shareholder’s equity is low 0.03 2 0.06 3 0.09 7. The increasing liability tells that the company is not cost-sufficient 0.02 1 0.02 3 0.06 Sub Total 1.00         Key External Factors Opportunities 1. Its time to adopt a low-cost lifestyle brand in its portfolio to be price competitive 0.07 1 0.07 4 0.28 2.Penetrate on the regions in overseas and not heavily relies on its domestic market (U.S). 0.12 4 0.48 1 0.12 3. Revisions and opening of new segments as revenue increases 0.12 3 0.36 4 0.48 4. Vast investors and business opportunities in Asia because of the strong growth of tourism 0.15 4 0.6 1 0.15 5. Increasing demand of hotel rooms in India over the next 2 years because of the booming economic growth 0.11 4 0.44 2 0.22 6. Increase customer loyalty with 80% in its investment 0.07 - -   7. Increasing demand of individuated travelling experience 0.05 1 0.05 3 0.15 Threats           1. U.S. economy is suffering from economic downturn and the biggest market share of Marriott is in its domestic market 0.1 4 0.4 2 0.2 2. Weak consumer spending because of the weak exchange of foreign currencies which cost a $2 million loss in 2007 0.05 4 0.2 3 0.15 3. The success of the new launch “Edition” and ‘Nickledon” is uncertain 0.03 1 0.03 1 0.03 4. The impact of war, terrorism, global economic downturn and global outbreak of contagious diseases like “SARS” 0.03 3 0.09 2 0.06 5. New regulatory accounting methods and principles 0.02 -   -   6. Price competitiveness 0.02 1 0.02 4 0.08 7. The occurrence of natural disasters in any geographical locations 0.02 3 0.06 1 0.02 8. Political instability among the brand owner, intermediaries and third person owner 0.04 2 0.08 1 0.04 9.The high oil prices increases the operational expenses 0.02 1 0.02 2 0.04 Sub Total 1.00         Total Sum of Attractiveness Score     5.60   4.14 J. RECOMMENDATIONS Domestic Market Growth vs. Overseas Expansion. Marriott International is the leading company in hospitality industry. A higher number of owned and franchised properties are located in its domestic market (U.S.). This market is now greatly affected by financial recession that consequently weakens the exchange rate of foreign currencies, customer spending practices and the demand of residential estate and vacation home. The domestic market growth is decreasing which is very evident in terms of revenue in a down of 2.5% in 2006 compared to 2005. This is the best time for Marriott International to invest and expand overseas. The international franchised accounted a higher percentage of 93% compared to the domestic operations which only got 75%. Also, there are countries that are not greatly affected by economic recession and at the same time there is a growth of tourism. Asia is one of the recommended market locations for expansion. Investors are looking on Asian countries as a good investment ground for hospitality industry because of strong growth in tourist arrival. For this reason, shareholders value would increase and customers would expect on the better value of money. Once the company had established more hotel properties in Asia in a low-cost business, they can come up with a joint ventures with the local environment so that operating expenses will be lessen. For instance, on the part of the labor cost that constitutes a bigger share of expenses, this could be lessen by hiring local employees in collaboration with the local government. This human resource strategy will help in winning the loyalty of the localities. Also, it could introduce the sales force one as a customer strategy that will basically cater all the needs of the customer at once. Another recommended place for expansion is a particular country in Asia that reflects a booming economy and high growth of different sectors. The country being referred to is India. This country shows a higher demand of hotel rooms that will likely elevate by 25% annually and an 80% occupancy that will continue over the next two years. Just like Moscow, India needs additional hotel rooms because of many travellers from all countries of the world. Proposed Acquisitions. Most of the capital expenditures budget of Marriott International is related to the development, construction and acquisitions of hotel properties. The company can go into a construction of underwater hotel just like the Jules’ Underwater Undersea Lodge in Puerto Rico, Utter Inn in Sweden, Crescent Hydropolis in Dubai and the Poseidon Undersea Resort in Fiji. These are new images in the hotel industry that seem to be profitable not just today but in the coming years. The company could also consider the acquisitions of Bed and Breakfast Inn particularly in China which really caters the real local environment compared to standards hotels. Also, it could consider a construction of chain of inns along the Yangtze River knowing that this is a visited place in China with so many tourists and travellers. The project could be initialized by having joint ventures with the local government units of the country. To have this local brand, it would be easy to cater the greater number of travellers in greater Asia. Real Life Company Situations. Just like other companies in the hospitality industry, Marriott International is in the midst of intense competition and it needs to secure an effective and efficient strategy to remain competitive. One of the major problems that hinder the company to be highly competitive is the issue on price competitiveness. It is very normal the low prices attract customer especially in a situation that the value of foreign currencies have diminished. In this situation, it would be suitable for Marriott to organize a committee that would deal with the issues on price optimization. This committee would focus on what strategies to be implemented or to be changed, just like opening a new segment in a low cost or new pricing system favorable to the customers. Marriott International is a global company that basically needs updated and new technologies to properly serve the customers and facilitate improvement of performance. This would also serve as a medium of communications from different stakeholders around the world. However, to build and maintain relationships, it is much appropriate if there is a direct contact or live communication in monitoring performance and projects. To be technology-driven is a company advantage; however, getting the right result at the right time is more visible in a relationship-driven company. Reference Lists Abrahams, J., 1999. The mission statement book: 301 corporate mission statements from America’s top companies. 2nd ed. Berkeley, CA: Kirsty Melville Book. Clarke, A. & Chen, W., 2007. International hospitality management: Concepts and cases. Oxford, UK: Elsevier Ltd. Cline, R.S., n.d. The hotel organization of the future: Capitalizing on change is prelude to success. 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Marriott receives to honors for diversity franchising initiatives. [Online] Available at: ttp://franchise.business-opportunities.biz/h2006/03/17/marriott-receives-top-honors-for-diversity-franchising-initiatives/ [Accessed 7 September 2010]. Yu, L. Ed., 1999. The international hospitality business: Management and operations. Binghamton, NY: The Haworth Press, Inc. Read More