Marriott Ansoff Matrix is a marketing planning model that helps the international hotel chain to determine its product and market strategy. Ansoff Matrix illustrates four different strategy options available for businesses. These are market penetration, product development, market development and diversification. Marriott Ansoff Growth Matrix Within the scope of Ansoff Matrix, Marriott International uses all four growth strategies in an integrated manner: 1. Market penetration. Market penetration refers to selling existing products and services to existing markets in increased quantities. Market penetration is one of the main growth strategies for Marriott. The company uses this strategy through competitive pricing for some of the brands within its portfolio, promotional discounts, targeted marketing and other means. Moreover, Marriott Bonvoy loyalty program plays in instrumental role in increasing the effectiveness of market penetration. 2. Product development. This growth strategy involves developing new products to sell to existing markets. Marriott has a strong track record of developing and launching new brands and hotel concepts that meet the evolving needs of its customers. For example, the company launched several new brands in recent years, such as Moxy Hotels, AC Hotels by Marriott, and Autograph Collection, as well as, new hotel concepts such as Tribute Portfolio and Element Hotels. 3. Market development. Market development strategy is associated with finding new markets for existing products. An extensive focus on market development business strategy has allowed Marriott International to become the largest hotel chain in the world operating in 138 countries and territories under 30 brand names.[1] 4. Diversification. Diversification involves developing new products to sell to new markets and this is considered to be the riskiest strategy. Marriott uses diversification sparingly, preferring to stick to its core hotel business. The rare cases of diversification for the hotel chain include entering into vacation rentals, timeshares and operating…Marriott Ansoff Matrix
Thursday, October 26, 2023
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Marriott Ansoff Matrix is a marketing planning model that helps the international hotel chain to determine its product and market strategy. Ansoff Matrix illustrates four different strategy options available for businesses. These are market penetration, product development, market development and diversification. Marriott Ansoff Growth Matrix Within the scope of Ansoff Matrix, Marriott International uses all four growth strategies in an integrated manner: 1. Market penetration. Market penetration refers to selling existing products and services to existing markets in increased quantities. Market penetration is one of the main growth strategies for Marriott. The company uses this strategy through competitive pricing for some of the brands within its portfolio, promotional discounts, targeted marketing and other means. Moreover, Marriott Bonvoy loyalty program plays in instrumental role in increasing the effectiveness of market penetration. 2. Product development. This growth strategy involves developing new products to sell to existing markets. Marriott has a strong track record of developing and launching new brands and hotel concepts that meet the evolving needs of its customers. For example, the company launched several new brands in recent years, such as Moxy Hotels, AC Hotels by Marriott, and Autograph Collection, as well as, new hotel concepts such as Tribute Portfolio and Element Hotels. 3. Market development. Market development strategy is associated with finding new markets for existing products. An extensive focus on market development business strategy has allowed Marriott International to become the largest hotel chain in the world operating in 138 countries and territories under 30 brand names.[1] 4. Diversification. Diversification involves developing new products to sell to new markets and this is considered to be the riskiest strategy. Marriott uses diversification sparingly, preferring to stick to its core hotel business. The rare cases of diversification for the hotel chain include entering into vacation rentals, timeshares and operating…
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