Mission Statement, Vision, & Core Values (2024) of Marriott International, Inc. (MAR).

An Overview of Marriott International, Inc. (MAR)

General Summary of Marriott International, Inc.

Marriott International, Inc. (MAR) was founded in 1927 by J. Willard Marriott and his wife, Alice Marriott, as a root beer stand in Washington, D.C. Over the decades, it has evolved into a leading global hospitality company, managing a broad portfolio of hotels and related lodging facilities. As of 2024, Marriott operates more than 8,000 properties under 30 brands spanning 139 countries and territories. Major brands include Marriott Hotels, JW Marriott, Ritz-Carlton, and Courtyard by Marriott, catering to diverse market segments from luxury to budget accommodations.

In 2024, Marriott reported significant sales performance, with total revenue reaching approximately $21.5 billion for the year, reflecting a robust recovery post-pandemic and increased demand for travel and hospitality services.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Marriott International reported a net income of $584 million, compared to $752 million in the same period in 2023, reflecting a decrease primarily due to a shift in earnings to higher tax jurisdictions. For the first nine months of 2024, net income totaled $1.92 billion. The company’s revenue for the third quarter of 2024 was approximately $4.9 billion, up from $4.5 billion in the third quarter of 2023, marking a 9% increase year-over-year.

Key financial highlights for the third quarter of 2024 include:

• Gross fee revenues: $1.283 billion, a 7% increase from $1.197 billion in Q3 2023.
• RevPAR (Revenue per Available Room) in U.S. & Canada: $174.62, up 3.1% year-over-year.
• Occupancy rates in Europe: 77.7%, a 0.3 percentage point increase.
• Total debt at the end of Q3 2024 was $12.67 billion, with a weighted average interest rate of 4.5%.

Introduction to Marriott as a Leading Company in the Industry

Marriott International is recognized as one of the largest and most successful hospitality companies in the world. It holds a leading market position, thanks to its extensive brand portfolio and global reach. As of 2024, Marriott continues to innovate within the industry, focusing on sustainability, technology integration in guest services, and expanding its loyalty programs to enhance customer engagement and retention.

The company has consistently demonstrated resilience and adaptability, positioning itself favorably for future growth. Marriott’s strategic initiatives, such as expanding its footprint in emerging markets and enhancing its digital platforms, underscore its commitment to maintaining its leadership in the hospitality sector.

For further insights into Marriott's operational strategies and their impact on its market standing, readers are encouraged to explore the detailed analysis below.

Mission Statement of Marriott International, Inc. (MAR)

Company's Mission Statement

Marriott International, Inc.'s mission statement is to "enhance the lives of our customers by creating and enabling unsurpassed vacation and leisure experiences." This mission is significant as it guides the company's long-term goals, focusing on customer satisfaction and quality service delivery.

Core Component 1: Customer Commitment

The first core component of Marriott's mission statement emphasizes customer commitment. Marriott aims to provide exceptional service and memorable experiences for its guests. In 2024, Marriott reported a system-wide revenue per available room (RevPAR) of $143.66, representing a 3.4% increase compared to the previous year. This growth underscores the company's focus on enhancing customer satisfaction and loyalty.

Core Component 2: Quality and Innovation

The second component focuses on quality and innovation in service and product offerings. Marriott continuously invests in technology and infrastructure to improve guest experiences. In 2024, the company projected capital expenditures of approximately $1.1 billion to $1.2 billion, which includes spending on technology systems transformation. This commitment to quality is reflected in the average daily rate (ADR) of $202.69 across its properties, indicating a premium pricing strategy supported by high service standards.

Core Component 3: Sustainable Growth

The final core component is sustainable growth. Marriott is focused on expanding its global footprint while maintaining operational excellence. As of September 30, 2024, Marriott had approximately 3,800 hotels and 585,000 rooms in its development pipeline, with an expected net rooms growth of around 6.5% for the full year. This strategic growth plan not only aims to increase market share but also to enhance its brand presence globally.

Vision Statement of Marriott International, Inc. (MAR)

Vision Statement of Marriott International, Inc. (MAR)

Marriott International, Inc. aims to enhance the world through its hospitality services, focusing on creating memorable experiences for guests. The vision is structured around several key components that reflect the company's strategic direction and aspirations.

Marriott aspires to be the most trusted and respected hospitality company in the world. As of 2024, the company operates over 7,700 properties worldwide, representing more than 1.5 million rooms across 30 brands. This extensive portfolio positions Marriott as a leader in the global hospitality market, with a revenue of approximately $18.67 billion for the first three quarters of 2024.

Marriott is dedicated to sustainable practices, aiming to reduce its carbon footprint by 50% by 2025 compared to 2016 levels. The company has invested significantly in sustainability initiatives, including energy-efficient technologies and water conservation programs, which have resulted in a 30% reduction in energy intensity across its properties.

Delivering exceptional customer experiences is central to Marriott's vision. The company reported a 4.8% increase in RevPAR (Revenue Per Available Room) in the first three quarters of 2024, reflecting improved occupancy rates and average daily rates across its properties. Customer satisfaction scores have also shown an upward trend, with a focus on personalized services and enhanced loyalty programs.

Marriott emphasizes innovation through technology to enhance guest experiences. The company has integrated advanced technology systems that streamline operations and improve customer engagement. In 2024, Marriott plans to invest approximately $1.1 billion in technology upgrades, including mobile check-in and room selection features.

Marriott's vision includes a strong commitment to diversity and inclusion, aiming to create a workplace that reflects the communities it serves. The company has set a goal for 50% of its leadership positions to be held by women and underrepresented groups by 2025. As of 2024, 43% of leadership roles are already filled by diverse candidates.

Core Values of Marriott International, Inc. (MAR)

Integrity

Integrity is a core value at Marriott International, Inc. (MAR), emphasizing honesty, transparency, and ethical behavior in all business dealings. The company believes that maintaining integrity fosters trust and loyalty among employees, customers, and stakeholders.

Marriott demonstrates its commitment to integrity through various initiatives, including the establishment of a comprehensive Code of Ethics that governs employee conduct. In 2024, Marriott reported a 10% increase in employee training hours dedicated to ethics and compliance, reflecting its commitment to uphold integrity across all levels of the organization.

Service

Service is fundamental to Marriott's operations, as the company strives to provide exceptional experiences for its guests. This core value drives Marriott to exceed customer expectations through personalized service and attention to detail.

In 2024, Marriott launched the "Service Excellence" program, which includes a series of workshops aimed at enhancing customer service skills among employees. The initiative has already resulted in a 15% improvement in guest satisfaction scores across participating hotels. Furthermore, Marriott reported a revenue per available room (RevPAR) of $174.62 in the U.S. & Canada for Q3 2024, indicating strong performance driven by high service standards.

Innovation

Innovation is crucial for Marriott to stay competitive in the rapidly evolving hospitality industry. The company continuously seeks new ways to enhance guest experiences and streamline operations through technology and creative solutions.

In 2024, Marriott invested $408 million in capital and technology expenditures, focusing on upgrading its digital platforms and mobile applications. These enhancements aim to improve booking processes and customer engagement. The introduction of mobile check-in and keyless room entry has led to a 20% increase in mobile app usage among guests, showcasing Marriott's commitment to innovation.

Community

Marriott is dedicated to making a positive impact in the communities where it operates. The company believes that supporting local communities fosters goodwill and enhances its brand reputation.

In 2024, Marriott expanded its "Spirit to Serve" program, which focuses on community engagement and sustainability initiatives. The program resulted in over 1 million volunteer hours contributed by employees worldwide, with a focus on youth education and environmental conservation. Additionally, Marriott aims to reduce its carbon footprint by 50% by 2025, further illustrating its commitment to community and sustainability.

Diversity and Inclusion

Diversity and inclusion are paramount to Marriott's culture, as the company recognizes the value of varied perspectives and backgrounds. Marriott believes that a diverse workforce leads to better decision-making and enhanced customer service.

In 2024, Marriott reported that 45% of its workforce identified as diverse, reflecting its ongoing efforts to promote inclusivity. The company has implemented various programs, such as mentorship initiatives for underrepresented groups and partnerships with diverse suppliers, which have generated over $1 billion in revenue for minority-owned businesses.

Updated on 16 Nov 2024

Resources:

1. Marriott International, Inc. (MAR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Marriott International, Inc. (MAR)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Marriott International, Inc. (MAR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.