“Costco wholesale corp ” Requirements: mentioned in question SAMPLE STRATEGY MODEL ANALYSIS PAPER INFO 6790 Blue Ocean Strategy Marriott International GIP: Goal: To enhance the

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TOPIC :: ” Costco wholesale corp ”
Requirements: mentioned in question
SAMPLE STRATEGY MODEL ANALYSIS PAPER INFO 6790 Blue Ocean Strategy Marriott International GIP: Goal: To enhance the lives of their customers by creating and enabling unsurpassed vacation and leisure experiences. Industry: Lodging industry, hotels and Resorts Services. Product: Luxury Suites, premium suites, select suites and longer stays suites. The Future: Blue Ocean Strategy (What we see happening in the next 20 years): Co-Living Spaces and accommodations targeted toward Millennials With the hospitality industry steadily expanding, travelers have a variety of accommodations to choose from. Although hotels, vacation rentals, and serviced apartments are traditionally known, alternative accommodations are becoming seemingly more orthodox (Hollander, 2021). Growing communities and flourishing relationships are contributing to the evolutionary trend of co-living. Co-living spaces offer an apartment like unit that could be potentially occupied by 4-8 people, with private bedrooms and shared common spaces such as; kitchen, dining, living areas, and amenities (CRBE+Streetsense, 2020). By implementing co-living as a Blue Ocean Strategy for alternative accommodations; Marriott can gain clientele from socially inclined Millennials, targeting individuals 25-35 years of age (CRBE+Streetsense, 2020). Four Actions Framework: Factors that Can be Raised: Research and Development, Advertising, and Loyalty Program RAISE 1. The co-living concept connects four private bedrooms with a shared living room and kitchen. Guests can come together and cook meals together and spend quality time together. Marriott developed this concept after conducting a survey among Americans that showed that they are searching for alternative ways to connect with family, friends, and colleagues (International, 2019). Colleagues traveling together on business trips would be most interested in this option. Marriott rolled out a couple of its first ever pop-up lab to demonstrate how they will organize their new co-living concept and continue to create a grand experience for guests in other ways through innovation. 2. Research Marriott conducted through a survey revealed that customers were interest in co-living options since they lived in different states than family and friends, and that colleagues wanted living options that allowed them to connect with each other more. This caused Marriott to develop their concept through the Element by Westin. By increasing the level of research that they have done, they can figure out what companies utilize their standard hotels the most for company travel. From there, see what those companies needs are and advertise to them through Marriotts customer loyalty programs.
2 Factors that Can be Reduced: Number of bedrooms, Price of Rent, Electricity Costs REDUCE 1. Number of bedrooms: Instead of having multiple bedrooms, Marriotts co-living space can have a single shared bedroom with Japanese-style sleeping pods. Guests can have shared access to amenities such as kitchen, coworking area, gym, etc. The living space is essentially an adult dorm room. (Gunnerson & Lo, 2020) 2. Price of rent: Marriott can offer monthly co-living subscriptions if guests choose to stay for a while in one of their hotels. With this subscription model, guests can stay a maximum of 29 nights at any one location. Furthermore, guests can stay at multiple Marriott co-living hotels, if they stay a minimum of 7 nights at any one location. This allows guests to work and live anywhere in the world while paying less than big city rent and without a long-term lease. (CitizenM, 2021) 3. Electricity costs: The co-living space can be designed to have plenty of natural lighting, encouraging guests to use natural lighting over regular lighting. Factors that Can be Created: Limiting the accessibility to existing target market, Luxury Services, Create New Market Boundaries CREATE 1. Since Marriott has large chain of hotels and a network of customers, targeting the same group of customers is ideal. The customers being business professionals, luxury seeking and comfort oriented are to be chosen for the new market segments. The co-living spaces can be presented as a luxurious vacation spot available for premium customers for premium booking or for existing Marriott rewards (WordPress, 2016). 2. Making the premium offerings available to the existing target group would reinforce the bookings of co- living spaces as a destination spot. This also, creates a new market boundary in the co-living accommodation segment. Specially, the business groups may get interested in spending time at the Marriotts shared spaces who are potential customers and s probable target market (Silenaite-Enyed, 2019) Factors that Can be Eliminated: Services that are a burden to operational costs like lodging taxes, Services which does not create revenue and value ELIMINATE 1. Burden costs are hidden costs that directly affect the total operating costs. These costs are required to be paid by the property owners or managers. An example of burden cost is lodging tax. This tax is required to be paid by the owners of any property if they want to rent any room. The taxes are according to the renting prices. By eliminating these costs, Marriott International aims to save costs on their end. Some burden costs like taxes, insurances, and compensations are required to be paid, but there can be different ways to make up these burden costs. Other than those, more burden costs can be managed and saved. Cutting these costs can help improve the topline revenue of any hotel (Noone, Enz, & Glassmire, 2017). 2. Many services have no revenue or value attached to them. These services may include services like drop/picking up of guests, offering things for free, complimentary services, etc. These services have no way of generating revenue as they are provided for free, or the customers are not charged for these services directly. They also generate no values as customers do not have any preference for these services and hence no feedback needs to be collected based on these services.
3 Although these services are expected from top hotels and some of these services are even highly necessary. But other than those services, to increase the topline revenue of any hotel, these services can be exempted (Jaeger, & Pahiyiannakis, 2020). Blue Ocean Move The Path: Testing: Marriott can leverage its customer data for testing. It would benefit from matching the tastes and preferences of the existing customers with the services offered in a co-living space accommodation. Inviting guests for the new programs and offering the services for a huge, discounted price by providing feedback in exchange can result in understanding trends and insights (HoCoSo, 2018). Finalizing: Firstly, by checking if the invitees expressed interest for the services offered, Secondly, checking with the value offerings for the price estimated, Thirdly, by understanding the overall satisfaction level of the invitees would give good understanding of the new offering (Fox News, 2017). And, eliminating the additional services that doesnt create value and revenue. Launching: Refining the services offered according to the feedback collected and adjusting the price based on value created and looking at the financials like breakeven point, return on investment and profit percentage of the new service offered, Marriott International can launch the new offering in the new market segment (Hotel revenue management: Strategies to boost your topline revenue, 2021).
4 Bibliography: Hollander, J. (2021, March 31). 100 hotel trends you need to watch in 2021 & Beyond. Retrieved April, 2021, from https://hoteltechreport.com/news/100-hotel-trends#alternativeaccomodations Ting, D. (2016, June 06). Here’s why co-living could be the next big hospitality trend. Retrieved April, 2021, from https://skift.com/2016/06/06/heres-why-co-living-could-be-the-next-big-hospitality-trend/ International, M. (2019, October 21). Element hotels debuts innovative communal living room concept to foster opportunities for meaningful “irl” connections among travelers. Retrieved April 04, 2021, from https://news.marriott.com/news/2019/10/21/element-hotels-debuts-innovative-communal-living-room-concept-to-foster-opportunities-for-meaningful-irl-connections-among-travelers Reconstruct Market Boundaries. (2016, August 2). Blueocean. https://blueocean55.wordpress.com/tool-frame-work/6-principles/1-reconstruct-market- bounderies/ Silenaite-Enyed, E. (2019, March 5). Blue Ocean strategy in hotel industry. Sabeapp. https://www.sabeeapp.com/blog/hospitality-industry-inside/blue-ocean-strategy-in-hotel- industry HoCoSo, A. (2018, November 9). Communal living rooms being tested by Marriott’s Brand Element Hotels | HoCoSo Hospitality Consulting Solutions. HoCoSo. https://www.hocoso.com/extended- stay-sector/communal-living-rooms-being-tested-by-marriotts-brand-element-hotels/ Hotel revenue management: Strategies to boost your topline revenue. (2021, March 29). SiteMinder. https://www.siteminder.com/r/hotel-revenue-management-strategies/ Fox News. (2017, February 3). Marriott considers hotel rooms with communal living space, shared kitchen. https://www.foxnews.com/travel/marriott-considers-hotel-rooms-with-communal- living-space-shared-kitchen Contributor, P. (2016, June 21). PESTLE Analysis of Marriott International. PESTLE Analysis. https://pestleanalysis.com/pestle-analysis-of-marriott/ CRBE+Streetsense. (2020, January). Multifamily Innovation Watch| The Rise of Co-Living. Retrieved April, 2021, from https://www.cbre.us/-/media/cbre/countryunitedstates/media/images/multifamily/innovation-watch/co-living/021420_innovationwatch_january-2020-fw.pdf Gunnerson & Lo. (2020). 5 Co-Living Companies Innovating the Sector. Retrieved from: https://hospitalitydesign.com/projects/hotels-resorts/trends-co-living/ CitizenM. (2021). Global passport by citizenM. Retrieved from: https://www.citizenm.com/global-passport Jaeger, J., & Pahiyiannakis, L. (2020). Revenue Management: A Hotel Owners Perspective. Hospitality Revenue Management: Concepts and Practices, 437.

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