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School of Tourism Assignment 1 Cover Sheet for Report STRATEGIC ANALYSIS of a COMPANY (Group Work) Group Number and Name of Comp

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School of Tourism Assignment 1 Cover Sheet for Report STRATEGIC ANALYSIS of a COMPANY (Group Work) Group Number and Name of Comp School of Tourism Assignment 1 Cover Sheet For Report STRATEGIC ANALYSIS OF A COMPANY (Group work) Group Number and Name of Company: Group 29: Marriott International, Inc. Student names: Chanunya Boontosang i7673216 Ming Huo i7636217 Rattikan Sangthong i7692532 Yao Zhang i7637008 Programme: Masters Framework Level: M Unit Name: Business Finance and Strategy Unit Tutors: NR, JS, MDC Assignment Marker: SB/MDC/NR Date Due: 13/1/2015 Date Submitted: 12/1/2015 Declaration: I have read and understand the University’s regulations on assessment offences. I confirm that the piece of work submitted is to be regarded as the final and complete version of this assignment. The work submitted is entirely my own work or, where I have referred to the work of others, it is fully and appropriately referenced. Signed: Date: 12 January 2015 Please note: Students are expected to keep a copy of all written or electronic coursework which is submitted for assessment. The University uses a range of methods for detecting breaches of the Assessment Regulations, including the use of electronic plagiarism detection software. By submitting coursework for assessment, you are deemed to have accepted that your work may be scanned using such software. 11 Executive Summary Marriott International, Inc. was founded by J.W. Marriott in 1927 which is now a running family business. The report focuses on the analysis of Marriott in terms of recommending the future investment for potential shareholders. Internal factors which consists of core competence, value chain, visionary management policy, stakeholders, and strong economies of scales. Also, external factors have been monitored in various areas such as market share, market g rowth, competitor analysis and competitive advantage. Marriott has been a global a leader in the hospitality industry and in a strong financial position in terms of control over a balance sheet. Although the liquidity ratios are not as high compared to competitors, they have been able to generate the highest revenue. This was due to Marriott focus on asset light strategy and driving incremental revenue by cutting costs at the property level and extend their expansion into the mid level hotel segments to take advantage of the industry’s fastest growing population. With the positive company performance, investors will be assured they will achieve profitable return on their investment at the end of each period. 11 Table of Contents Page List of Figures 4 List of Tables 5 List of Equations 6 List of Abbreviations 7 List of Limitations 8 Strategic Analysis of Marriott International, Inc. 1. Business Overview 1.1 Company Overview (Yao) 9 1.2 Leadership Style (Ming and Chanunya) 9 2. Internal Analysis 2.1 SWOT Analysis (Ming , Chanunya, and Rattikan) 10 2.2 Core Competence: Value Chain (Ming) 11 2.3 BCG Matrix (Ming, Chanunya and Rattikan) 11 2.4 Economies of Scale (Chanunya) 13 2.5 Stakeholder (Ming and Chanunya) 14 2.6 Corporate Social Responsibility (Chanunya) 15 3. External Analysis 3.1 PEST Analysis (Chanunya) 16 3.2 Porter Five Forces Analysis (Chanunya) 17 3.3 Market Analysis (Yao) 3.3.1 Target Market 20 3.3.2 Market Share 21 3.3.3 Market Growth 22 3.3.4 Key Successful Factors 23 3.4 Competitor Analysis (Yao) 23 3.4.1 Competitor Comparison 24 3.5 Competitive Advantage (Chanunya) 26 4. Financial (Rattikan and Yao) 4.1. Marriott & Hilton Revenue 26 4.1.1. Marriott Revenue for Segments 5 Years 27 4.2. Net Income 4.2.1. Net Income EBIT and EBT 28 Table of Contents Page 11 4.2.2. Earning Before Interest and Tax (EBIT) 28 4.3. Available Daily Rate, RevPAR and Occupancy 29 4.4. Asset Management 31 4.4.1. Cash and Cash Equivalent 32 4.5. Liquidity 34 4.5.1. Current Ratio 4.5.2. Quick Ratio 4.6. Debt to Equity 36 4.7. Return On Capital Employed (ROCE) 37 4.8. Earning per share 38 4.9. Dividend per share 38 4.10. Marriott International Share Performance 39 5. Recommendation (Yao, Rattikan and Chanunya) 40 References 41 Group Meeting Action Plan and Progress 47 11 List of Figures Figure 1: Marriott International, Inc 18 Brands. Figure 2: SWOT Analysis of Marriott International, Inc. Figure 3: Marriott in BCG matrix in comparison with competitors Figure 4: Marriott in BCG matrix in comparison of four business segments Figure 5: Segment Revenue from Year 2011 – 2013 Figure 6: The table of PEST Analysis of Marriott International, Inc Figure 7: Porter’s Five Forces Figure 8: Marriott International and Hilton Worldwide Holdings five years revenue. Figure 9: Marriott International five years revenue in five segments Figure 10: Marriott International Net Income, EBIT and EBT Figure 11: Marriott International Available Daily Rate and RevPAR 2009-2013. Figure 12: Marriott International Hotel’s Occupancy rates. Figure 13: Marriott International Total Assets Figure 14: Marriott International Asset Turnover and ROTA Figure 15: Marriott International Cash and Cash Equivalent in comparison to competitors. Figure 16: Marriott International Current Asset in comparison with competitors. Figure 17: Marriott International Current Ratio in comparison with competitors. Figure 18: Marriott International Quick Ratio Figure 19: Marriott International Debt to Equity Ratio in comparison to competitors. Figure 20: Marriott in comparison with competitorROCE Figure 21: Marriott in comparison with competitor Earnings Per Shares Figure 22: Marriott International Share prices 2010-2015 (US Dollars) 11 List of Tables Table 1: Main markets across continents of Marriott International, Inc. in 2013 Table 2: Market share of Marriott from 2009 to 2013 Table 3: Regional presence of Marriott from 2012 to 2013 Table 4: Hilton Worldwide and Marriott International – Competitive Differentiation 11 List of Equation Financial Calculation Equations Asset Turnover Revenue/Average total assets Average Total Assets Total Assets (Current year) + Total Assets (previous year) / 2 Capital Employed (Capital Employed= equity + non current liabilities Current Assets Current Assets / Current Liabilities (%) Debt to Equity Total Liabilities / Shareholders Equity Sum of dividends – Special, one time dividends / Share outstanding for Dividend Per Share the period Earning Per Share Net Income – Dividends on Preferred Stock / Average Outstanding Shares EBIT Revenue – Operating Expenses + Non Operating Income EBT Revenue – Expenses (excluding tax) Gross Profit Sales Revenue – cost of goods sold Net Profit Gross profit – Expenses, Interests, Taxes Net Profit Margin Net Profit / Total Revenue x 100( %) Occupancy Rate Units Rented Out/ Total Units (%) Quick Ratio (Current Assets – Inventories) / Current Liabilities Return On Capital Earnings Before Interest and Tax (EBIT) / Capital Employed x 100 Employed (ROCE) Return On Total Assets Net Income/ Average Total Assets Revenue Price x Quantity Sold Revenue Per Available Total Revenue + Net of discounts + Sales tax / Available rooms or Room Average Daily Room Rate x Occupancy Rate ROTA EBIT / Total Net Assets 11 List of Abbreviation Abbreviation Meaning ADR Average Daily Rate BCG Matrix Boston Consulting Group Matrix DPS Dividend Per Shares EBIT Earning Before Income and Tax EBITA Earning Before Interest, Taxs, Depreciation and Amortization EBITDA Earning Before Interest, Taxs and Amortization EBT Earning Before Tax EPS Earning Per Share GDP Growth Domestic Product IMF International Monetary Fund OTA Online Travel Agent PESTLE Political, Economic, Social, Technology, Legal, Environment RevPAR Total Revenue Per Available Rooms ROCE Return On Capital Employed SWOT Strengthen, Weakness, Opportunities and Treats UNWTO United Nation, World Travel Organization 11 List of Limitation Limited information for political factor in PEST analysis Information for political analysis is not described a lot in the report. When finding the information about it from online sources such as online news website, it does not pinpoint that it really affected Marriott directly but in the area of tourism industry. No financial Report of Hilton between year 2009 - 2010 There is no revenue reported from Hilton in year 2009 – 2010. We cannot compare Marriott with Hilton during these two years. As a result, there are only three years comparison between Marriott and Hilton. Currency conversion Marriott uses US dollars in their financial report but Accor uses Euro currency. Before we can calculate every equation with the competitors including Accor, we need to convert currency to US dollars first. It is time consuming. Same Topic but Different Figure While we were finding the numbers of financial part from online sources , we found out that they present different number in the same topic and time period. 11 Business overview 1.1 Company Overview Marriott International, Inc. is an American largest hotel company, headquartered in Washington. DC, US and founded by J.W. Marriott in 1927. The company manages and franchises a broad of hotels and related to lodging facilities (Marriott International 2014). Marriott hotel has 18 famous brands in worldwide including signature brand, luxury hotel, collections, destination entertainment, select-service lodging, extended-stay lodging, timeshare, conference center, great America parks and purchased the overseas hotel (Marriott 2014). As of July 2014, there were more than 4,087 properties under their brands in over 80 countries. Additionally, they have owned 697,000 rooms in the world and other 195,000 rooms in the development pipeline (Marriott 2014). Figure 1: Marriott International, Inc 18 Brands. Source: Marriott 2014 1.2 The Leadership Style of Marriott Key
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