Fortune 500 Essay Example | Topics and Well Written Essays - 1000 words

Fortune 500 - Essay Example Studying the different locations in which Marriott operates, as well as the marketing strategies it employs, can give one a good idea about how it is able to achieve such tremendous success. Marriot Hotels has been operating since 1927, originally springing from the business idea of a place for drinks. Slowly it expanded to a chain of hotels and restaurants, which a few decades later, expanded into Marriott International. This company is famous throughout the world for providing excellent hospitality services throughout the world. It operates today in 68 different countries including the United States of America. It has locations in developed countries like the Unites States and England, as well as developing countries like Egypt and Pakistan (Marriott International, 2011). One remarkable characteristic of all these franchises is one common to most successful multinationals: the quality of the service they provide remains constant and impressive from country to country. To study the success of a company as successful as Marriott, we need to assess their marketing strategies. One way to do this is to consider the four P’s marketing mix. ... The first of these factors is the product of the company. This factor encompasses the type of product, the diversification in the company’s product range as well as the quality and standardization of the product. In the case of Marriott, the company’s product is hospitality service. They provide a five star hotel service to their customers, and they are ranked as not only a fortune 500 company, but also one of the top hotel chains operating on an international scale. The product of this company is unlike that of a mere bed and breakfast inn. The international standards of hotel management, hygiene, courteous service, and food are amongst the several characteristics, which set its product apart from the rest. There prevails a high rate of customer satisfaction that correlates with the services that Marriott provides. A very important aspect of a company’s product is the brand name that it offers to the people who are choosing between different companies providing their desired service. The brand name of Marriott hotels is an internationally recognized one, which is a great contributing factor to the creation of value of this company in the hospitality market. The next factor in the marketing mix is the price, which the company charges for its product or service. This is a very important factor in any market, as it not only determines the number of customers a company has, but also the target market, which the company aims to serve. Marriott Hotels, for example, charge a heavy price for each night lodgings from their customer. Their hotel rates are similar to the rates of most five star hotels, which is therefore also an indicator of the status of the company in the hotel industry. The price that