Existing International strategies in Marriott: Complying with the political laws – The private corporations based in different countries have to abide by the laws and culture outlined by the government in that state. Marriott Corporation is allowed to operate in different states simply because it ensures its associates from different risks. The company also gives room for cultural diversity and tolerates different cultural values among its clients (Go amp. Pine, 2011). Increasing the market size – In order to outrun other companies worldwide, the corporation increases the number of new hotels in different states. The new hotels are managed under the same goals as the central hotel located in the USA. Marriot Corporation reported total revenue of $10.17 million in the 3 quarter of 2016 which increases year by year (Go amp. Pine, 2011). Compared to its competitors, the company had 4.13 % more revenue in the same quarter. Licensing the enterprise – A license is a basic requirement in a business enterprise since it permits the organization in performing its services. Marriott Corporation always renews the business license from the relevant authorities during its operation (Johnson amp. Vanetti, 2005). The renewal of the license ensures that the hotels operated under the corporation continue in their performance. Location advantages – Business location is another key factor that determines the effectiveness of the business operation. Basing its branches in different countries, Marriott Corporation always chooses a suitable environment to locate its structure. Hotels such as. Luxury International Management in Nigeria, Luxury Hotels International Management (Oman), Marriott International Services, Ltd. (Panama Branch) are located on a very conducive topography, away from both noise and air pollution (Johnson amp. Vanetti, 2005)
Existing risk management strategies in Marriott: Financial risk management – Financial risks in Marriott include access to loans and loans default, cash flow management and investment strategies. Marriott Company primarily manages the financial risk by owning designers who build and maintains properties in the hotel (Porter, Goold and Luchs, 2014). By doing this, the company reduces the cost of purchasing new assets from other expensive markets. Marriott has many sub-branch hotels that run under its permission. The company then uses the earned revenue from these branches to buy shares in different companies. This puts the organization in an ample position to earn more profit and access loans from different institutions (Porter, Goold amp. Luchs, 2014). Hazard risks management -Hazard risks include natural problems such as floods, fire outbreaks, hurricanes and winter storms. Technical hazard includes power failure, computer software failure, gas leaks, and transportation accidents. The need for hazard risk management greatly arose after Carolyn Mangham, a worker in one of the hotels (Westin Peachtree Plaza) downtown Atlanta was found dead in a large freezer. This made the institute call for new safety measures in order to curb such harms. Currently, devices are placed in the large freezers and help to detect trapped and injured bodies in the large freezers then send an alarm to the security officers in the hotel. The improvement was mainly to avoid the $12500 penalty that was proposed by Occupational safety management in the U.S based on the death of Mangham. The company is still extending its effort to combat the loss associated with the adverse weather condition and it does this by ensuring that its enterprises are well insured against such risks. (Godfrey P.C, 2005).