The Importance of Market Research: The Marriott Company

988 Words2 Pages

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 competitive industry, the Marriott Company has realized that to be successful and survive for the long term, it incorporates market research in its business practices. This paper will define market research; identify the types, and the importance of marketing research that the Marriott Company uses.

Define Market Research

According to the text, marketing research is defined by the American Marketing Association as "The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area" (McDaniel & Gates, pg. 6). Marketing research serves two basic functions; first to provide data and insight to a company's decision makers and second to use the data to determine new opportunities for a company (McDaniel & Gates, pg. 6). Through the years, Marriott has used market research for opportunities to expand its brands. In the 1980's Marriott identified an opportunity to expand its target market a...

... middle of paper ...

...s are essential to its growth domestically as well as globally for the long term. Despite its success with the Courtyard by Marriott, the company continues to expand. “Marriott is a growth company outside the U.S. Thirty-eight percent of all full service hotels are now open outside the U.S. and the growth in international distribution is aggressive and fast. We are expanding into new markets where Marriott is not known.” (Babitch and Chen).

Works Cited

Interviewed by Steven Babitch and Joyce Chen. Edited by Patrick Whitney. Design for the Emerging Markets: Interview with Marriott International. October 12, 2005. Retrieved from:

http://trex.id.iit.edu/events/china/iit-emn_marriott.pdf

Marriott Website, 2012. Retreived at: http://www.marriott.com/default.mi

McDaniel, C. & Gates, R. (2006). Marketing research (7th ed.). Hoboken, NJ: John Wiley & Sons.

Show More
Related

  • Analysis of Express

    997 Words  | 2 Pages

    Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.

    Read More

  • Characteristics Of Parklife Festival

    1449 Words  | 3 Pages

    Market research is the process of collecting, analysing and understanding information about a market, for this instance the festival and its service and lets the parklife festival see where there customers are coming from and lets them also see the spending habits of their consumers. Market research will help provide the festival with the relevant data they need to solve their challenges like competitors or trying to attract more customers to the festival. With market research, you have two types of data that can be gathered Primary research and secondary research, primary research is the information that the parklife festival will have either complied themselves or hired someone to gather the info they need. A good idea that the parklife festival could do for primary research would be conducting a questionnaire using their own resources and deciding on how they would question their target market i.e. telephone, direct mail, or personal

    Read More

  • Insurance in the US Industry Market Research

    1102 Words  | 3 Pages

    Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...

    Read More

  • W.L. Gore & Associates Marketing Analysis

    1689 Words  | 4 Pages

    This research seeks to reveal the importance of marketing strategies in today’s complex and competitive business world. For this reason, this study will discuss various theories, issues and approaches of the marketing linking them with W.L. Gore & Associates and thereby propose the best options, ideas, strategies and techniques for the improvement of the company. To reach the points, this study will especially collect secondary and qualitative data and information.

    Read More

  • The Chicken Coop Case Analysis

    1661 Words  | 4 Pages

    The CEO of the company has maintained a steady visit to some of his stores but this was not really any type of market research. These visits were more of an internal quality assurance program. He did speak with customers and received valuable feedback during his visits which certainly can be market research.

    Read More

  • Rosewood Branding Strategy

    744 Words  | 2 Pages

    -“Emphasis on individual property brands was not working from a number of fronts. Guests are seeking a unique Rosewood property experience and are not making the connection between Rosewood properties and are increasingly indentifying with other strong hotel brands.” –Scott and Boulogne

    Read More

  • Analysis of the Strategy of Marriott International Inc.

    3213 Words  | 7 Pages

    Marriott did come up with a vision; To be the number 1 hospitality company in the world.

    Read More

  • Environmental Factors Of Marketing

    1332 Words  | 3 Pages

    Demographics are another environmental factor that plays a big part in the marketing of the Washington Plaza Hotel. This company is service-based and the customers must come to the hotel in order to receive those services.

    Read More

  • IKEA: Target Market and Positioning Strategy

    1145 Words  | 3 Pages

    Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.

    Read More

  • Marketing Strategy And Product Life Cycle In Hospitality

    703 Words  | 2 Pages

    Moreover, the InterContinental Hotels & Resorts is considered the first international hotel brand in the world, as it began operations in the year 1946 (About InterContinental Hotels Group Brands, 2015). Over time the hotel group has evolved to encompass quality hotel rooms not only in North America, but in Central and South America, Europe, the Middle East, Africa, Australia, and Asia-Pacific (IHG – InterContinental Hotels Group, 2015). In addition, they have acquired extended stay facilities and the Hualuxe Hotels & Resorts, which specifically “celebrates the essence of Chinese hospitality” (About InterContinental Hotels Group Brands, 2015). In my opinion, this shows that their target market has changed by expanding their scope of travel, which means they are traveling to farther and farther locations and require the familiar surroundings with equivalent product quality at the final destination. The InterContinental Hotels Group is in the fourth and final stage of the product life cycle, which is the decline stage (Editorial Board, 2014, p. 212). Indeed, the brands lengthy history indicates it has loyal customers, but its addition of innovations indicates the targeting of new customers for the organization, which are clear signs of a business in the decline stage of the product life cycle (Editorial Board, 2014, p.

    Read More

  • Brand Exploratory

    1334 Words  | 3 Pages

    Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future

    Read More

  • Taking A Look At Kiki Magazine

    1082 Words  | 3 Pages

    This will help the magazine identify the opportunities, challenges and problems. Eventually, leading to the generation of a well-planned marketing action. Kiki magazine can indulge in certain research techniques to gather information about its target market and their needs. “Marketing research helps managers understand what is going on in the marketplace and take advantage of the opportunities (Lamb, 160). For this purpose, the marketing research process will be employed.

    Read More

  • Persuasive Essay On Paid Surveys

    480 Words  | 1 Pages

    Companies across the globe are spending billions of dollars on MARKET RESEARCH to educate themselves about the NEEDS and PREFERNCES of the average CONSUMER. By gaining knowledge about what CONSUMERS like you think through FREE SURVEYS, and learning more about their changing PREFERENCES, brands in recent times are increasingly using the power of MARKET RESEARCH to achieve their business GOALS and OBJECTIVES. Paid Surveys: Make Money Online by participating in Free Surveys This is the main reason why companies spend millions

    Read More

  • Marketing Research Literature Review

    1253 Words  | 3 Pages

    Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:

    Read More

  • The Importance Of Strategic Marketing

    1484 Words  | 3 Pages

    Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts.

    Read More

More about The Importance of Market Research: The Marriott Company

Open Document