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 Universitys 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
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Students are expected to keep a copy of all written or electronic coursework which is submitted for assessment.
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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 industrys 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.

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Table of Contents
Page
List of Figures

List of Tables

List of Equations

List of Abbreviations

List of Limitations

Strategic Analysis of Marriott International, Inc.

1. Business Overview
1.1 Company Overview (Yao)
1.2 Leadership Style (Ming and Chanunya)

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9

2. Internal Analysis
2.1 SWOT Analysis (Ming , Chanunya, and Rattikan)
2.2 Core Competence: Value Chain (Ming)
2.3 BCG Matrix (Ming, Chanunya and Rattikan)
2.4 Economies of Scale (Chanunya)
2.5 Stakeholder (Ming and Chanunya)
2.6 Corporate Social Responsibility (Chanunya)

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11
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13
14
15

3. External Analysis
3.1 PEST Analysis (Chanunya)
3.2 Porter Five Forces Analysis (Chanunya)
3.3 Market Analysis (Yao)
3.3.1
Target Market
3.3.2 Market Share
3.3.3
Market Growth
3.3.4
Key Successful Factors
3.4 Competitor Analysis (Yao)
3.4.1
Competitor Comparison
3.5 Competitive Advantage (Chanunya)

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17
20
21
22
23
23
24
26

4. Financial (Rattikan and Yao)

4.1. Marriott & Hilton Revenue

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4.1.1. Marriott Revenue for Segments 5 Years

4.2. Net Income
4.2.1. Net Income EBIT and EBT
Table of Contents

27
28

Page
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4.2.2. Earning Before Interest and Tax (EBIT)

4.3. Available Daily Rate, RevPAR and Occupancy
4.4. Asset Management
4.4.1. Cash and Cash Equivalent
4.5. Liquidity
4.5.1. Current Ratio
4.5.2. Quick Ratio
4.6. Debt to Equity
4.7. Return On Capital Employed (ROCE)
4.8. Earning per share
4.9. Dividend per share
4.10.
Marriott International Share Performance

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29
31
32
34
36
37
38
38
39

5. Recommendation (Yao, Rattikan and Chanunya)

40

References

41

Group Meeting Action Plan and Progress

47

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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:

Porters 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 Hotels 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)

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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

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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

Dividend Per Share

Sum of dividends Special, one time dividends / Share outstanding for

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
Employed (ROCE)

Earnings Before Interest and Tax (EBIT) / Capital Employed x 100

Return On Total Assets

Net Income/ Average Total Assets

Revenue

Price x Quantity Sold

Revenue Per Available

Room

Total Revenue + Net of discounts + Sales tax / Available rooms or

Average Daily Room Rate x Occupancy Rate

ROTA

EBIT / Total Net Assets

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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

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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.

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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 dominant figures within the Marriott leadership are its Chairman J.W.
Marriott and President Arne M. Sorenson. Prior to the CEO position, J.W. Marriott served
in this position of the businesses since 1985.Then began shifting the companys business
model in the late 1970s from hotel ownership to property management and franchising
(Marriott 2014).
JW. Marriott always realizes that a good leader should listen to their employees
before making a decision which is relevant to servant leadership style. Particularly, this
leadership style is the appropriate instrument for hospitality business in the belief of

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human strength and enhancement of peoples satisfaction and well-being by human

themselves (Mullins and Christy 2013).
2. Internal Analysis

2.1 SWOT Analysis of Marriott

Strength
Global leader of the hospitality market
and large geographic presence.
World leading technical innovation in
hospitality industry and upgrades with
the latest technology.
Strong competitive prices online
High quality, valuable and efficiency of
products offered
High return on capital employed, which
generates higher profits compared to
competitors
Strong asset light strategy

Weakness
Relying on domestic market in US
A lack of low-cost alternatives/ lifestyle
brand in product portfolio compared to
Starwood and IHG
Launching new hotel, EDITION which is
in a turbulent period now
Unsuccessful competitive will limit
operating margins, diminish market
shares and reduce earnings.
General economic uncertainty and weak
demand impacts on financial growth
Lowest current ratios, higher risk of
meeting short term obligations

Opportunity

Threat

Emerging markets across continents

Improving of customer services
Focused pipeline development of growth
strategy for strong presence in foreign
markets
Growth expansion in the lodging
business
Expand into the mid-level hotel segments
to cover
High earning per shares can attract new
investors

Competitive industry, competing with

major hotel chains, national and
international level.
Development of budget hotels
A lack of competitive mid-scale brands
Weak economic growth affecting
consumer confidence to spend on leisure
travel
Downturn in business travel poor
economic conditions forces business to
reduce travel
Marriott Luxury brands will suffer from
reduced traveler

Figure 2: SWOT Analysis of Marriott International, Inc.

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2.2 Core Competence: Value Chain

The strong reputation of Marriott brands for over 30 years makes it well recognised
among customers, staff and hotels owners. According to Marriott News Center, Marriott
International was ranked by Working Mother magazine as one of the 2014 Working Mother
100 Best Companies. Marriott International has earned the 2014 Work-Life Seal of
Distinction from World at Work's Alliance for Work-Life Progress (Marriott 2014). Marriott
International also ranked 16 on the 2013 Diversity Inc's Top 50 Companies for Diversity list
(Marriott 2013). As a result, the brands are continually being recognised for both existing and
new markets. Thus, Marriott brands are one of the companys distinctive competencies,
which can build strong confidence amongst stakeholders and potential investors.
2.3 BCG Matrix

Figure 3: Marriott in BCG matrix in comparison with competitors

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Figure 4: Marriott in BCG matrix in comparison of four business segments

In terms of Market Share, North American Limited-Service gain 73.6% , which is the
highest rate among the other segments. The dog which represents the occupy of North
American Full-Service is 67.0%. The occupy of luxury segment is 70.9% for question mark
stage .The occupy of cash cow representing International segment is 71.0%. In addition, the
Average Daily Rate is respectively 4.4%, 2.8%, 4.1%, and 3.5%.
In related to Comparable Systemwide Properties, the occupy of star is 71.8%, the
occupy of dog is 60.5%, the occupy of question mark is 67.0%, The occupy of cash cow is
71.5%.And the Average Daily Rate is respectively 4.0%,3.4%,4.1%,2.4%

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2.4 Economies of scale

Figure 5: Segment Revenue from Year 2011 - 2013

Source: Marriott 2013

Marriott provides one main webpage which will narrow down to each continent and
countrys contact information directly on Directory page at www.marriott.com/hotelsearch.mi. Also, one stop service to book a room worldwide can be done on the first page on
the website. Since Marriott was launched as a public company in hospitality industry in 1998
(Marriott International 2009), they still continue to invest on new hotels and residential
properties around the world. 161 hotels with 25,420 rooms and 5 residential properties with
301 units were planned to start building in 2013. As the revenue keeps increasing each year,
Marriott is still gaining high shares in the market. Today, Marriott gains the highest market
share among its five competitors in 2013 (see table 2 on page 21). Besides, companys
reputation and image share the same standard and value through advertising. Marriott is
launching a global creative and content marketing studio by forming a talent team from
various sources such as Sonia Travel's Sonia Gil, Substance Over Hype, What's Trending and
Taryn Southern (Castillo 2014).

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2.5 Stakeholder
Marriott International has a large range of stakeholder groups including shareholders,
owners, franchisees, suppliers, associates, customers, community organizations
(nongovernmental organization) and government entities (Marriott 2014). When it comes to
shareholders, there are three different types of ownership respectively stands for different
percentage. There are current ownership owned by institutions, mutual funds and insiders,
equity ownership by funds and institutions, and bond ownership by individuals. According
totheannualreportofMarriott(2014),therewere294,823,291sharesofClassACommon
Stockoutstandingheldby36,811shareholdersofrecord.In2013,therewere312,344,872
sharesofClassACommonStockoutstandingheldby38,726shareholdersofrecord
(Marriott2013).In2012,therewere333,866,753sharesofClassACommonStock
outstandingheldby42,086shareholdersofrecord(Marriott2013).Itseemstheinterest
decreasedinlongterminvestmentandmajorshareholderswerechangedperiodically.The
lackofconsistentguidanceonMarriottsearningsshouldbealsoseenaslimitationto
shareholdersandhascausedadecreasingconfidencetoinvestinthecompany.
Refers to owners of hotels, it is well known about the Executive Officers J.W.
Marriott, the Chairman Mary K.Bush, Chairman and Chief Executive Officer Frederick A.
Henderson, the President Lawrence W. Kellner, and the Principal George Muoz (Marriott
2013). Their interest are similarity to franchises, which is make the hotel sustainably
development and economic development, in order to maximise profits.
Suppliers of hotel are the main component in delivering products and services. The
interests of key suppliers are supply chain screening, local supplier capacity building,
strategic partnerships, supplier diversity programs, engagement workshops and sustainable
procurement programs. The interests of associates are to create programs such as Cultural
Appreciation Day, Marriott Jobs & Careers, Take Care Wellness Program, Living the Gold
Standards, Associate Appreciation Week and other related activities. The interest of
community organisation is to be a part of the community engagement programs,
volunteering, disaster relief and in-kind donations. It is associated to workshops, research,
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board memberships, working groups, partnerships, and advisors and lobbying. The
government entities have interest on the working groups, strategic partnerships on global
issues, executive committees, advocacy for Reduced Emissions from deforestation and
Degradation (REDD) projects (Marriott 2012).

2.6 Community and Corporate Social Responsibility

World of Opportunity is another corporate social responsibility that Marriott
International, Inc. Puts effort on provide shelter, food, and children's health, while creating career
opportunities for associates in the workplace and supporting education in the hospitality industry
(Marriott News Center 2012). Also, the company raises the value of woman as a leader by
emerging markets with small and growing companies run by woman owners.
Marriott's "Nobility of Nature" program is collaborating with Conservation International.
The conservation program aims to preserve fresh water and rainforest especially Sichuan
Province in China after severe earthquake in 2008 (Tuppen 2013).

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3. External Analysis
3.1 PEST Analysis
Political

Economy

Marriott still gained RevPAR at 6

percent in 2012 during political
uncertainty in the Middle East.
ADR has risen almost 4 percent
Marriott still kept carrying on
launching London EDITION in 2013.
No new project in Europe was affected
by that political situation.

UNWTO (2013) reported that Asia

accounts for 14 of the worlds top 50
source markets in terms of international
expenditure especially South-East Asian
which are Indonesia, Malaysia, Singapore,
Thailand and Vietnam.
In 2012, these five countries generated
expenditure across international
destinations for 49$ billion which is
doubling up from 25$ billion in 2006.
WTM 2013 declares that IMF predicts
global GDP to grow by 3.8 % in 2014 due
to positive growth in the Eurozone after
emerging markets with US (Bremner 2014).

Social

Technology

World Economic Forums Governors of

Aviation, Travel and Tourism
Committee with the management board
of Marriott said that economic mobility
and opportunity leading to prosperity
are driven by a travel sector.
Marriott has made a promise with
President Obamas initiative to create
job opportunities in the U.S.
Manpower is the most important
instrument that needs thorough
monitoring and training.

Internet is considered as a main channel to

gain information and promotion nowadays
(Liu and Zhang 2014).
Reviewing comments from other guests
affect decision making process on
purchasing directly (Sparks and Browning
2010).
Marriott received one-quarter of booked
room nights from Marriott.com
Marriott achieved 2.8 million times of
mobile application downloading in year
2013
QR code or text shown on the key card
holder that link to downloading source of
Marriott application for mobile site creates
more opportunity for upselling spa
treatment, room upgrade and other
facilities.
Abrahamson leaves the idea of pre-ordering
room service remotely from a phone too
(Whitby 2013).

Figure 6: The table of PEST Analysis of Marriott International, Inc

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3.2 Porters Five Forces

Threats of New Entrants
Trendy hotels of other
hotel chain are penetrating
the local market
Emerging between hotels
to set up a new property

Bargaining Power of
Suppliers
Amenities and toiletries
from different brands to be
used in hotels across the
continents

Rivalry among Existing

Competitors
Global tourist arrivals and
inbound spending from
2012 2017
Strong CEOs and
management policy
Skilled
Threats of Substitutions
Five-star boutique hotels
in a particular area
Relaxation and
rejuvenation technologies
at home
Figure 7 : Porters Five Forces

Rivalry among Existing Competitors

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Bargaining Power of Buyers

Negotiation for the lowest
prices from guests
Skilled employees working
with a visionary
management team

Marriott is considered to be a five star alliance and the main international competitor is
Hilton Worldwide Holdings, Inc., followed by Intercontinental Hotels Group Plc. and Accor. At
the same time, the company can use consumer demands to measure the companys capability of
accommodation, events and conferences. Accordingly, industry profitability can predict
marketing trends periodically. The report from WTM 2013 suggests that global tourist arrivals
and inbound spending are expected to grow over the 2012-2017 period from emerging markets
(Bremner 2014). In addition, personality of CEOs and their policy play an important role in
driving the company and manpower to compete amongst the industry in the right way as J.W.
Marriot, Jr., said, To realising out vision of being the best lodging company in the world
(Marriott International, Inc. 2013).

Bargaining Power of Suppliers

One spot that represents the image of the hotel and be taken back home with guest is
amenities and toiletries. As reported by Touryalai (2014), Scott Mitchell, A Director of Design
and Development of Marriott and his team tested up to 52 brands of shampoo, conditioner, body
gel, lotion and soap become making a decision on Thann, a natural skincare from Bangkok, for
hotels in Americas and Asia Pacific, and Acca Kappa, an Italian brand, for hotels in Europe and
Africa. Marriott made a decision from scents until packaging to fit the hit-and-cool concept for
their hotels. They spend money to Thann $20 million and about $7 million on Acca Kappa
annually. Also, human resources are the main supplied mechanism to drive the services and has
the strongest link to their customers. Skilled employers and visionary management team require
different key performance indicator (KPI) to fit with the core competence of each brand and
more importantly to work happily to reflect the brand from inside out like J.W. Marriott, Jr.
stated that Take care of your associates and they will take care of the guests (Marriott
International 2012)

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Bargaining Power of Buyers

Guests are the main sources of income. Therefore, buyers hold more bargaining power
over Marriott. They will negotiate the lowest prices with the best services or offers. If guests are
satisfied with the services, they are willing to pay more for higher quality services and will
become loyal customers. Word of mouth and guest royalty are considered to be the most
important factor for hotel to retain the same target market while attracts a wider target market at
the same time.
Threat of Substitution
With the five star boutique hotel options, guests have the alternative to choose their stay
depending on their price range and suitability. Another concern is the development of
technologies, which are seemingly a new enemy and ally to the hotel industry. The availability of
relaxation and rejuvenation technologies has meant that consumers can stay at home and
maintain their own health services. Therefore, Marriott has to ensure they have something that is
beyond the guests expectations and attract them from competitors. One of the guarantee
examples is Quan Spa at Hong Kong Skycity Marriott Hotel that just got three awards in 2014
from World Luxury Spa Awards (2015) which are Best Luxury Fitness Spa, Best Luxury
Boutique Spa and Best Luxury Spa Group.
Threat of New Entrants
Meanwhile, international competitors are entering domestic market and some local areas
by differentiating their products to create new perception for guests. For example, Accor
launched M Gallery Collection that shows the uniqueness of that country or region through their
standard, such as VIE Hotel Bangkok in contemporary wooden interior design. This new entry
might attract guests attention and slow down the decision process to choose JW Marriott Hotel
Bangkok. Besides, emergence of new entrepreneurial players between properties including
smaller chain hotels can create strong competition particularly famous destinations. For example,
merging of Thompson Hotels, an international collection of 12 luxury lifestyle hotels, and Joie
de Vivre Hospitality, the most influential boutique brand in the West of US under the new name
JT Hospitality can affect hi-end guests of Ritz-Carlton, Bvlgari and JW Mariott. Since the

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consolidation in 2011, they now have 45 properties that can generate annual hotel revenues of
approximately 500$ million (Business Wire 2011).
3.3 Market Analysis

3.1.1

Target Market

Marriott International, Inc. has a variety of hotels for different customers, such as Marriott
Hotels and Resorts provides younger travellers to stay, it is called the next generation (Covey
2013).

Table 1: Main Markets of Marriott in 2013

Source: Marriott Sustainability Report (2014)

As shown above, Marriott manages 3,631 properties and rooms across the continents. It
is clear that China becomes the most important market beside America (Marriott 2013). As a
result, the company planed to build new hotels outside America, including emerging markets in
Brazil, China, India and Sub-Saharan Africa as well as other countries in the next few years
while supporting local tourism and economy (Marriott Sustainability Report 2014).
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Besides, different backgrounds of consumer behaviours can bring positive impact for
market segmentation (New Age International 2009). Take Example for Marriott International
Inc., some Residential fit for budget-oriented traveller such as Residence Inn, because of pricing.
Marriott Hotels are suitable for full business travellers such as TownePlace Suite. Some Marriott
resorts fit for leisure vacation guests like Marriott Vacation Club and Grand Residences. And,
Marriott Senior Living such as Bvlgari Hotels and Resorts and J.W. Marriott Hotels and Resorts
suit for elderly people to stay (New Age International 2009).
3.1.2

Market Share

Hyatt
Hilton
Starwood
Accor
Intercontinental
Marriott

2009
8.26%
18.80%
11.66%
19.15%
15.10%
27.00%

2010
8.71%
19.93%
12.52%
14.69%
15.14%
28.87%

2011
8.47%
20.11%
12.87%
12.76%
17.59%
28.20%

2012
8.71%
20.46%
13.93%
12.46%
18.41%
26.04%

Table 2: Market share of Marriott from 2009 to 2013

Source from the statistic portal (2014)

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2013
10.12%
20.54%
12.91%
11.45%
19.32%
26.96%

The market share of Marriott has slightly increased between 2009 and 2011. Then, it
dropped from 2011 to 2013 even lower than 2009. According to Marriott Annual Report (2013),
it suggests that comparing to 2011, the revenue fees dropped from $11.81 billion in 2012 from
$12.31 billion in 2011 (Marriott International, Inc. 2013). Meanwhile, comparing with North
America, the outside of North America decreased about $3 million, leading to the market share
of Marriott has slightly decreased in 2013 (Marriott International, Inc. 2013). These share figures
are relatively indicative of their position in the market (see Table 2).

3.1.3

Market Growth

Table 3: Regional presence of Marriott from 2012 to 2013

Source: Marriott Sustainability Report (2014)
Based on total properties, the hotel industry is more and more globalisation and
continuing increased after the few years. Table 3 shows that total properties and total rooms are
increased during 2012-2013, especially Asia Pacific. UNWTO highlights that many tourists
chose to travel in 2012 need citation. Furthermore, Marriott has built new hotels, providing
better comfortable and warm living environment (Marriott International, Inc. 2013).

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3.1.4

Key successful factors

According to the Table 3, Marriott dominants the largest market share in the last five
years and operates over 492 properties worldwide and over 3000 in America (see Table 4). It is
undeniable that Marriott is one of the most successful hotel companies, because it combines their
own culture with local culture, has many VIP guests and highest guest loyalty, and offers prices
for different groups of customers (Marriott International, Inc. 2012).
In addition, it has a human service, for example, customers can change their travel plan
and budgets (Marriott International, Inc. 2012). At the same time, new services initiatives and a
marketing campaign will be found everywhere by 2015 (Marriott International, Inc. 2012).
Moreover, Marriott brings a fresh, focuses on entertainment for customers. For example,
the luxury brands like Ritz-Carton, J.W. Marriott and Bvlgari Hotel and Resorts provide the best
dining and entertainment options with public spaces (Marriott International, Inc. 2012). At the
same time, independent hotels such as Autograph Collection can use Marriott strong resources,
including their loyalty guests and marketing channels (Marriott International, Inc. 2012).

3.4 Competitor Analysis

Marriott International, Inc. has 5.6% market share was lagging behind Hilton Hotel
Corporation (7.2% market share). Other major competitors, meanwhile, including Starwood
Hotels and Resorts Worldwide, Inc. (3.4%), Accor (1.7%) and Intercontinental Hotels Group
PLC (0.8%) (Renner 2010).
Hilton Worldwide is the one of fastest growing hotel company and it is the key
competitor for Marriott International, Inc. Hilton Worldwide manages more than 4,200 hotels in
93 countries and territories, including Hilton, Hilton Garden Inn, Double Tree, Embassy Suites,
Hampton, Homewood Suites by Hilton and Conrad (Hilton Worldwide 2014). However, Hilton
has also experienced a downturn and they changed their headquarters from Beverly Hills to
McLean, Virginia, US. In addition, they used new logo and announced a new slogan, to fill the
earth with the light and warmth of hospitality (Renner 2010).

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Starwood Hotels and Resorts Worldwide, Inc. is an American hotel and leisure company
and it is different from Marriott because they own Starwood Vacation Ownership, Inc., St. Regis,
Element, Le Meridian, the Luxury Collection, the Westin, Sheraton, W and Four Points for highend customers (Renner 2010). This company currently operated 1,162 properties across 100
different countries (Starwood 2014). Although Marriott with their new luxury brand were located
in favorable location, Starwood has finished their expansion plans for India by 2013 (Starwood
Hotels and Resorts 2010). According to the Starwood Hotels and Resorts website (2010),
booking typically came from Starwood Preferred Guest members exceeding Marriott by 50%
(Starwood Hotels and Resorts 2010).

3.4.1 Competitor Comparison

Main competitor of Marriott is Hilton Worldwide and they share competitive areas as the
followings.
Marriott International, Inc.

Hilton Worldwide

Objectives:

Objectives:

-Founded:1927
-Global leader with market share 35.59%
-Strong operating performance
(i)Tax Avenue:US$12.78B
-Expansion new market
-Number hotels:3,700
-Number of rooms:660,394
- Although focused on business travelers is
trying to attract a new segment of X
generation families
Resources:

-Founded:1919
-Has a strong market share 11.90%
-Strong operating performance
(i)Tax Avenue:US$9.47B
-Number hotels:4,000
-Number of rooms:659,263

Resources:

-Innovation and IT solution

-Partnership with IBM
-Booking meeting: has electronic tool (E-tool) -Booking meeting: E-Events

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Marriott International, Inc.

Hilton Worldwide

Current products and services:

Current products and services:

-Marriott International operates 18 different

brands in 7 service categories
i) Luxury hotels: Ritz-Carlton, Bvlgari Hotels
and Resorts and J.W. Marriott Hotels and
Resorts
ii) Lifestyle Collection: EDITION Hotels,
Renaissance Hotels, AC Hotels and
Autograph Collection
iii) Vacation clubs: Marriott Vacation Club
and Grand Residences
iv) Lodging: Residence Inn, TownePlace
Suites and Marriott Executive Apartment for
business.
-Customers can DIY (do it yourself) their
accommodation and choose their favourite
style to live
-Advertising Campaign
Rewards guest loyalty:

-Hilton worldwide manages 10 distinctive

brands, including:
i) Hiltons Luxury: Waldorf Astoria Hotels
and Resorts and Conrad Hotels and Resorts
ii) For business travellers: Hiltons Full
Service offers Flagship Hotel and Hilton
Hotels and Resorts

-The loyalty program Marriott Rewards has

28 million members worldwide and continues
expanding.
i)Providing members with basic features such
as redeeming points for free nights and free
flights, no blackout dates and priority checkin.
ii) Offering 4 membership levels: entry level,
Silver, Gold and Platinum Elite

- Hilton also has a loyalty program called

HHonors,
i) Providing four membership levels: Blue
(entry level), Silver, Gold and Diamond.
ii)However, Silver status must stay 4 nights in
a year or stay 10 nights in a year to retain and
achieve membership

Rewards guest loyalty:

Table 4: Hilton Worldwide and Marriott International Competitive Differentiation

Source: Buzzbattle: Marriott vs. Hilton (2013)

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3.5 Competitive Advantage

It could be argued that Marriott derives its competitive differentiation by serving in both
business and leisure segments. Accordingly, the company first launched Marriott Rewards in
1997 to create the guest values (Marriott Rewards 2009). The company does not operate with
internal segments only but also external cooperation which are airlines, a car rental company, and
VISA credit card. This strategy gives more opportunity for upselling and increase guest
preference when making a choice of accommodation.

4.

Financial Analysis

4.1 Marriotts International Inc. and Hilton Worldwide Revenue & Profit

In general Marriotts consumes higher revenue compared to Hilton. It has shown constant
growth over the years with a slight decline in 2012. It was during the London Olympics that
demands were increasing for travellers, in London. $14 million of revenue was generated at one
leased property whereas a decrease of consumer demands heavily affected occupancy rates in
Japan, due to the Tsunami and earthquake, which has frighten travellers. Effectively lead to a loss
of $2 million in business interruption from a utility company (Marriott Annual Report 2013).
Also, the previous economic history has been dominated by the credit crunch in 2008-2009
(Economist 2014), which represents the lowest figures during that period. Revenue decreased by
$503 (4 percent) from 2011 2012. The spin-off timeshare were a big contributor to this loss as
it deducted $1282 off the total revenue. The decrease was offset by $779 million increase in the
revenue in the lodging business (Marriott 2013).
Nevertheless, businesses were booming again in 2013, due to expansions of the
franchising operations and the lodging business. It was estimated that around 90% of Marriotts
revenue is generated from management or franchise fees (Reuters 2013). The growth of new
hotels drove Marriotts fee revenue to a significant increase of $1.5 billion (Sorenson, 2013 cited
in Marder 2013).

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Figure 8: Marriott International and Hilton Worldwide Holdings five years revenue.
Source: Adapted from Marriott Internationals Annual Reports 2009-2013 and The Statistic Portal

4.1.1

Marriott Internationals Revenue 5 Segments

Marriott International has spun off its Timeshare segment in 2011, which has lead to
operating loss of $177 million. Although the Timeshare segment was a contributor to the
companys profit after the recession (Berzon and Hudson 2011), they decide to focus on the core
lodging and franchising business (Cederham 2014).
In general, the revenue for each segment has increased year on year, particularly booming
demands in North American Full Service segment because addition of 108 properties (12,927)
were developed (Marriott Annual Report 2013), and they represent half of the Marriotts total
revenue, with net margin of 38% in 2013 (Cederham 2014). 83 % of the hotels are operated in
the America region, along with its major competitors (Hilton, Starwoord and Hyatt), which is the
reason for higher revenues compared to other segments. International service are slightly
increasing yearly, but indicates a good trend overall. Although it is generally low supply growth
in the U.S, global economic climate in the markets around the world are improving, followed by
strong increase in demand for luxury properties, full-service properties and limited service
properties.

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Figure 9: Marriott International five years revenue in five segments.

Source: Adapted from Marriott Internationals Annual Reports 2009-2013.
4.2 Net Income
4.2.1 Net Income EBIT and EBT
There are dramatic changes of net income since 2009, which has risen and fallen over the
years (see figure 10). Subsequently, the number remained risen to 2013. It was during 2011-2012
that the timeshare spin-off has occurred which had a knock on affect on the revenue. However,
the revenue for the lodging business that has increased in 2013 were due to the results of higher
cost reimbursements, franchise fees, higher incentive management fees and higher base
management fees, which were partially offset by lower owned, leased and corporate housing
(Marriott Annual Report 2013).
An indicator of a companys profitability, calculated as revenue minus expenses,
excluding tax and interest. The measure shows a companys ability to service its debt, because it
eliminates the effects of financing and depreciation.

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4.2.2 Earning Before Interest and Tax (EBIT)

A rise in EBIT causes a rise in net income; a decrease in EBIT will cause even greater
decrease in net income (Gibson 2010, p 346). When looking at the graph, 2010 shows that EBIT
reduced from $440 to $185 (by 24%), which caused a dramatic decrease in the net income by
58%, which is significant to the companys performance. However, the markets reflected strong
demand in North America, while properties in Britain remained weak as a result of government
austerity measures and Japan first quarter of 2011 were affected from the aftermath of the
earthquake and tsunami (Sato 2012).

Figure 10: Marriott International Net Income, EBIT and EBT

Source : Adapted from Marriott Annual Report 2009-2013.
4.3 Available Daily Rate, RevPAR and Occupancy
The RevPAR improvements are strongly driven by the ADR increase (Reuter 2013). Both
RevPAR and ADR have shown moderate trends throughout the years. It has slightly declined in
2009, due to the significant contraction and the impacted of the recession from 2008 (Nessler
2014). The negative state of economy has reduced consumers demands. However, the U.S
hospitality industry RevPAR grew by 6.8% in 2012 (Smith Travel cited in Reuters 2013), which
reflects on Marriotts growth expectancy to grow in line with or slightly better than the industry

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average. The strong transient in demands that caused the RevPAR to increase has also affected
the increase on occupancy rates as well (see figure 12). The occupancy rates are almost at peak
levels, which designate a good business sign. As a strong growth of the U.S GDP, consumer
confidence, and corporate earnings remain vital to the industrys success. The expansion in
capital spending has been in response to projected demand. However overdevelopment in certain
areas is a concern because if there is a prolonged low occupancy rates, it could be threaten hotels
that are heavily leveraged(The Street Ratings 2015).
The demand for spending on varies factors such as personal income levels, total
employment, and consumer confidence has affected the ADR, RevPAR and Occupancy rates. In
recent years, catastrophic weather, fear of terrorism, and health epidemics directly impacted on
the industry in numeral ways. The industry is capital, marketing, personnel, energy, maintenance,
and technology intensive (Owusu 2014).

Figure 11: Marriott International Available Daily Rate and RevPAR 2009-2013.
Source : Adapted from Marriott Annual Report 2009-2013.

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Figure 12: Marriott International Hotels Occupancy rates.

Source: Adapted from the Marriott International Annual Report 2009-2013
4.4 Asset Management
The Asset Turnover measures the operation and efficiency use of assets (Kim and Ayoun
2005). Marriott operates on the asset light strategy, being asset intensive, which causes the lower
ratio of asset turnover. It is not necessarily a bad sign as different hotels operate different
strategies.Marriott Annual Report 2013 highlights that the total asset has decreased by 25% from
2009 to 2011 was due to impairment which caused $2 million loss and the value depreciated in
selling those assets. It has increased by 15% in 2013, because of the growth expansion, whereby
the company needed to purchase more assets to accommodate the growth plan. They expect to
add 67,000 rooms to the system over the next few years and to boost the development pipeline to
195,00 rooms by the end of year. Marriotts are in a better position compared to competitors as
they rely on income from franchise fees, which has reached $1.5 billion in 2013. The London
EDITION were built in 2013 and sold off in the early 2014, which showed consistency in the
asset-light strategy and entering to definitive agreements to sell two others under development in
New York and Miami while maintaining long-term management contracts. The management and
franchise business model has increased the value to shareholders through predictable, strong
earnings growth and high return on invested capital. For example, Hilton Worldwide has recently
focused on achieving sales through franchising, to avoid the cost and higher risk of constructing
new hotels (Marriott 2013).

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Figure 13: Marriott International Total Assets

Source: Marriott International Annual Report 2009-2013

Figure 14: Marriott International Asset Turnover and ROTA

Source: Marriott International Annual Report 2009-2013.
4.4.1 Cash and Cash Equivalent
The cash and cash equivalents has been on the up and down scale over the years. 2010
shows increases of cash and current asset, which indicates bad signs as high current assets means
there are not making sufficient use of and the assets are not being generated into cash quick
enough, hence the lower revenue. However, from 2011 onwards, the current assets reduced and
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the cash ultimately reduced, due to various renovation plans carried out on new business
projects, therefore it can be said that Marriotts are using their funds sufficiently to finance their
growth for a greater return profitability. With strong financial managing positions, Marriott can
access sufficient funds to finance their growth and increase their non-current liabilities if they
wish to carry out further expansion plans. Generally, they are good at paying back their shortterm obligations debt and they have carefully monitored the cash flow.

Figure 15: Marriott International Cash and Cash Equivalent in comparison to competitors.
Source: Adapted from: IHG PLC 2009-2013; Marriott 2009-2013; Accor 2009-2013; IR Hilton
Worldwide 2012; Development Starwoods Hotels 2012; Market Watch 2015 and Statista 2015.

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Figure 16: Marriott International Current Asset in comparison with competitors.

Source: Adapted from: IHG PLC 2009-2013; Marriott 2009-2013; Accor 2009-2013; IR Hilton
Worldwide 2012; Development Starwoods Hotels 2012; Market Watch 2015 and Statista 2015.
4.5 Liquidity
Based on the company spending, Marriott seems to maintain an adequate liquidity
profile, as net sources of liquidity are to remain positive in the event of declining EBITDA.
Additionally, the company has a strong relationship with banks and has a high standing in credit
market. Marriott are carefully monitoring their balance sheet and in preparation to utilise low
cost spending when the lodging cycle declines (Reuters 2012).
Marriotts current ratios are relatively low compared to competitors; it seems to
adequately rise in 2013. Particularly in 2011, there has been a drastic change of it the timeshare
spinoff, which reduced total assets by $3 billions and current assets by $2 billion (Marriott
Annual Report 2012), which resulted in a low current ratio and inevitably being overleveraged
and struggle to pay off liabilities obligations. Due to following the capital-intensive strategy and
investments in long-term growth expansions, it has lead to lower quick ratios (see figure, 17).
Above all, Marriotts believes that with the access to capital markets, together with the cash
generated from operations, they are in a good position to meet short-term and long-term liquidity
requirements, finance their long-term growth plans and meet debt services (Investor Shareholder
2011). Competitors seem to be facing with the same liquidity problem except from Hilton and
Starwood, who seem to be safer in paying their liabilities and to pursue in safer business strategy.

11

Figure 17:
Marriott International Current Ratio in comparison with competitors.
Source: Adapted from: IHG PLC 2009-2013; Marriott 2009-2013; Accor 2009-2013; IR Hilton
Worldwide 2012; Development Starwoods Hotels 2012; Market Watch 2015 and Statista 2015.

Figure 18: Marriott International Quick Ratio

4.6
Source: Adapted from Marriott International Annual Report 2009-2013
Equity

Debt to
The

hotel industry is considered a high-risk business by lenders (Elgonemy 2002 cited in Tiong and
11

Goh 2010). One major concern is debt to equity ratio, as excessive debt increases the costs of
finance that reverse the positive effects of leverage. The above graph shows a consistency ratio
for the debt borrowed by Marriott International. With the debt equity of 1.2, it seems that the
company has been aggressive in financing their growth with debt. However, the results were
successful and the expansion plans, renovations and joint ventures have generated greater returns
to the company's revenue and its shareholders. The company has taken some risk in borrowing,
because due to the economic crisis fluctuating, it shows the urge to become successful. Low debt
to equity ratios may indicate that the companies are not taking advantage of the increased profits
that financial leverage may bring. Investors are generally attracted to low debt to equity ratios
because the interests are better protected in the event of a business decline, but firms with high
debt to equity ratios may not be able to attract additional capital. If revenue declines 20%, the net
cash flow would generally drop 35% to 40% (Fitch, 2009). As such, during a recession, a decline
in hotel revenues will seriously impact the solvency of hotel properties that incurred large
amount of debt.

Figure 19: Marriott International Debt to Equity Ratio in comparison to competitors.

F
Source: Adapted from: IHG PLC 2009-2013; Marriott
2009-2013; Accor 2009-2013; IR Hilton
4.7Worldwide
Return On
Capital
Employed
(ROCE)
2012; Development Starwoods Hotels 2012; Market Watch 2015 and Statista 2015.

11

Marriotts ROCE are generally high compared to competitors, indicating that they
generate more earnings of capital employed. However, Marriotts current assets are less in
comparison with competitors (see Figure 11), which suggests the higher value of ROCE and
profitability. Marriotts is now focusing on asset light strategy and driving incremental revenue
by cutting costs at the property level and extend their expansion into the mid-level hotel segment
to take advantage of the industrys fastest growing population and by utilising low-cost, high
impact promotions to allow room rates to remain competitive (Renner 2010). Whereas
competitors are concerned with asset orientated strategy, deploying their balance sheets to secure
brand presence in strategic market and expand into emerging markets (Bergen 2012).

Figure 20:Marriott in comparison with competitorROCE

Source: Adapted from: IHG PLC 2009-2013; Marriott 2009-2013; Accor 2009-2013; Bib
Kuleven 2010; Development Starwoods Hotels 2012; IR Hilton Worldwide 2012; Market Watch
2015 and Statista 2015.

4.8 Earnings Per Share

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Marriott has improved earnings per share over the years, along with a growing rate of revenue,
which has demonstrated a positive pattern of growth rates. The five years trends could well
continue to rise of up to $2.57 (The Street Ratings 2015).The EPS was a 16 percent increase over
the years, showing a growth of 22 percent year-over-year (Marder 2013).

Figure 21:Marriott in comparison with competitor Earnings Per Shares

Source: Adapted from Marriott International Report 2009 2013; Accor 2010-2013; Markets Ft
2015; Bib Kuleven 2010;
4.9 Dividend Per Shares
The sum of declared dividends for every ordinary share issued. DPS is the total dividends
paid out over an entire year divided by the number of outstand ordinary shares issued. The board
of directors declared a quarterly cash dividend of seventeen cents ($0.17) per share of common
stock (Investor Shareholder 2013). DPS growth rate has increased 23.30% this year and 62.80%
over 5 years (Guru Focus 2014). Marriott repurchased over 31 million shares of approximately
$1.3 billion and including $191 million in dividends, the company returned $1.3 billion to
shareholders during the year (Marder 2013); this has likely to reflect on the revenue because it
uses the reserved cash to reinvest into the company, instead of paying more for dividends.

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4.10 Marriott International Share Performance

Marriott share prices has been increasing rapidly since 2010, with some short term
decreases. 2013-2014 has shown greater increase of up to 78 U.S. Dollars because of the
expansion of new businesses and the growth of the lodging businesses segments, which
contributes hugely to the share performance. The strong US economy also supports this.
However, there was a slight dip of share price during Aug-Sept 2012, which could be as a result
of the third quarter dividend pay. The expansion of the company has affected in the share
performance strong this year and several areas proves the strength of Marriott, such as the
revenue growth, solid stock price performance, growth in earning per shares and increase in net
income. These strengths outweigh the companys weakness cashflows. It is a good time for
investors to purchase shares because it looks like the prices are continuingly increasing and
shareholders will receive greater returns in the next year (Owusu 2014 ).

Figure 22: Marriott International Share prices 2010-2015 (US Dollars)

Source: UK Yahoo Finance 2015

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Recommendation

Based on protecting local environment, Marriott always focus on building loyalty brands,
building hotel Inn to draw young generations (Marriott Sustainability Report 2014). In 2020,
hotel branding will be incredibly creative. The new generation of traveler wants experiences and
convenience. Isenberg (2015 cited by Higley 2015) said that brands will need to learn how to
bend the rules to satisfy guests by paying more attention to guests, as well as creating new jobs
in developing countries, especially in Africa in next few years (Marriott Sustainability Report
2014).
Nowadays, Marriott became the largest hotels in Africa in April 2014. They also won
LEED (Leadership in Energy and Environmental Design) silver because they built the Marriott
Marquis in Washington, DC which is the largest hotels in the U.S. in May 2014 (Marriott
Sustainability Report 2014). Besides, Marriott will open hotel chain in Africa, China, India and
Brazil (Marriott Sustainability Report 2014). For example, they plan to open Marriott Port-auPrince Hotel in Haiti in February 2015 and will provide over 200 new positions to promote local
economic (Marriott Sustainability 2014).
In conclusion, Marriott has some positive factors that should attract investors to with the
opportunity to gain earning per share as Marriott assures investors of the guaranteed share
dividends each year. The companys strength can be seen in the revenue growth, good cash flow
operation, increasing share price in the stock market, growth in earning per share and increasing
in net income. The strength outweigh the facts that the company shows low liquidity and low
profit margin.

11

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11

Grouop 29: Group Meeting Action Plan

and Progress
N
o
1

Item
1st
meeting

Details
Form a group

Action
Talk about the
topic and key
points in the
report that
need to be
covered.

Who
All

What
We brainstorm what
company or industry we are
interested to do research.
We formed a group on
Facebook and use it as a
primary discussion room
promptly.

When
9th
Ootber,
2014

2nd
meeting

Share information

We share
information of
the company
that each of us
have found

All

Just a rough group meeting

to see how much information
we can find about Marriott
International, Inc. and see
which part need to fulfill
more.

14th
October,
2014

3rd
meeting

Info. Gathering

Devide the
report for each
of us to study
and work on it.

All

We consult among the group

and assign each part of the
report to each team
member.

16th
October,
2014

Resullts
We finally
assign
every
member
to do
some
research
of the
company
that each
of us is
interested
in and
consider if
it cover
topics as
required.
Homewor
k for
searching
for
informatio
n
resources
Start
working
on
individual
parts

N
o
4

Item
4th
meeting

Details
Structures & group
member issue

Action
Going on with a
group of 4 and
brainstorm for
the outline

Who
All

What
We decide to keep working
with a group 4 people after
Iaona suspended her course
at BU.

When
13th
Novemb
er, 2014

We came up with external

and internal factors,
company overview, and
suggestion parts in our
report. Separate each part to
each of us.
Rattikan - Financial report,
stocks and accounting
Chanunya - Strategic
management (past-presentfuture)
Yao and Ming - Business
Plan
5

5th
meeting

Combine info and

structures

Gather all
information we
found so far in
each sections.
Re-construct
the structure of
the analysed
report again

11

All

After doing some reseach to

get info about Marriott, we
want to re-construct the
outline again to cover all
ections and make it more
relevant between each
section.

18th
Novemb
er, 2014

Resullts
We have
to find
informatio
n and
start
writing a
draft
report of
each part
as
assigned.
Then, we
will keep
updating
via online
chat and
share
individual
report for
the team.
We got
new
structure
and will
continue
doing
research
and find
both
descriptve
analysis
and
critical
analysis

N
o
6

Item
1st
meeting
with the
advisor

Details
Meeting with
Jef

Action
consult with Jef
about the outline of
the report and
important parts

11

Who
Yao,
Chanunya,Ra
ttikan

What
At the moment, Christina
went back to China due to
personal reason
immediately. We are
planning to work on with a
group of three. Jef also
indicates some financial
parts for us to calculate and
analyse more.

When
28th
Novembe
r, 2014

Resullts
We study
more and
work harder
because we
now reduce
to a group
of three and
are in
uncertainty
that
Christina
can manage
her time to
continue her
study this
trimester or
not.

N
o
7

Item
1st
revision

Details
Meeting during the
winter break

Action
Gather content
of analysis

Who
All

What
Fortunately, Christina can continue
her participation on this group
assignment, so we divide some
more topics to her. For other parts,
we consult among the group to see
if anybody is struggling in some
topics and need help. At the end,
we separate and bring back the
pending jobs to work on during the
school break and will come back
again for the final version of
everyone's part.
Now each responsibility in the
report is as the following.
Rattikan - Financial analysis and
scenario planning
Chanunya - Industry analysis
(PEST, Porter's Five Forces,
Economy of Scale), consumer
behaviours, company's expansion
and risk management.
Yao - Company's overview,
competitor analysis, market
analysis (market share, market
growth, target market)
Christina - Stakeholder, leadership
style, BCG Matrix and SWOT
Analysis.

11

When
9th
Decemb
er, 2014

Resullts
Each of us
needs to
find more
references
and
analyse
some
topics
deeper.

N
o
8

Item
2nd
revision

Details
Meeting after the
winter break

Action
Revise some
parats of the
report

Who
All

What
We gather all information and
revise it for one lst time before
meeting with Jef in the next two
days. Some parts need peer
review such as Financial analysis
and risk management. We take
the whole day to get all individual
parts together and revise it as a
one complete report.

When
7th
January,
2015

3rd
Revisioon

Meeting again
before meeting Jef

We meet again

All

8th
January,
2015

1
0

2nd
meeting
with the
advisor

Meeting with Jef

Get the idea

where to cut
the words down
and where to
add more
details

All

Some more points to edit

- Edit analysis of BCG Matrix
- Find more academic info. For
Leadership style
- Find more info for competitive
advantage
- Analyse and calculate financial
part
We need to do some more
financial calculation and some
edition in some analysis.
- CSR
- Economie of scale
- Competitive Advantage
- BCG Matrix
- SWOT Analysis
- Leadership sryle

11

9th
January,
2015

Resullts
If anybody
need to add
or edit some
content in
the report,
we still can
do it by
Tuesday
13th
January.
Each of us
need to
finish our
part by
tomorrow
meeting.
Each of us
really need
to get every
thing done
by
tomorrow.
Therefore,
we canr
echeck the
report again
for one last
time.

N
o
1
1

Item
4th
Revision

Details
Combinatio
n and
revision

Action
We need to finish
every part and go
through the whole
report once again.

Who
All

What
We cut the words done to
limitations and revise some
content. We combine every part of
the report including the cover page
till appendix at the end. We recheck
and revise it for one last time.

When
10th
January,
2015

1
2

Final
Revision

Last
revision
before
handing in

Gather every part

of the report and
organise the report

Chanun
ya,
Rattikan
and Yao

After receiving every part of the

report and revising content some
parts because we exceeded the
word limitation, we need to cut the
words down. Due to Christina's
illness, Chanunya needs to revise
her part. Rattikan and Yao recheck
Financial part for one last time. At
the end, Chanunya gathers and
reorganises the whole report into
one parallel structure. Rattikan
takes care of grammar checking for
one last time. Yao is responsible for
figure and table orders.

12th
January,
2015

11

Results
As we could not
finish the
content and
calculation as
planned, we
need to have
one more
meeting to go
through the
whole report
altogether
again.
Print the report
to submit as a
hard copy and
send online in
PDF file via
myBU