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Executive Summary
Bank of Maldives PLC (BML) is the leading financial institution in the Maldives. Bank is fully engaged across the complete spectrum of personal, business and corporate financial services, touching the lives of almost every citizen and business in Maldives thorough extensive network of branches, agents, relationship managers and online banking facilities (Bank of Maldives, 2017).
Bank of Maldives penetrates throughout the country with a customer base of 260,000 customers and to excellence the services; Bank of Maldives has established 34 Branches, 95 ATMS, 230 Cash Agents, 5000 Point of Sale (POS) merchants and 34 Self Service Banking centers. In addition Bank of Maldives is the exclusive acquirer and issuer of American Express cards in Maldives and principal member for Visa and MasterCard (Bank of Maldives, 2017).
With the latest technological advancement adapted, Bank of Maldives introduced BML MobilePay services on March 2017. BML MobilePay is easy, secure and convenient way to make purchases at merchant outlets.(BML, 2018)
This report is aimed to promote BML MobilePay service to the cardholder of Bank of Maldives, by analyzing the market segmentation along with target market. As this a new technical advancement correct marketing measures should be applied to execute to increase BML MobilePay users.
In this report, researches are done using Bank of Maldives website, product launch details, and Annual report.

TABLE OF CONTENTS

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INTRODUCTION

Bank of Maldives (BML) operates as Joint venture bank which was formed on November 11, 1982. Originally BML was a joint venture between the Government and IFIC Bank, until the divestment by IFIC in 1992. (Bankofmaldives.com.mv, 2018).
Bank of Maldives is now listed on the Maldives Stock Exchange with the government holding the majority of 62.2%, state Owned enterprises 4.1% and the rest is held and balanced by the general public (Bankofmaldives.com.mv, 2018).
Furthermore Bank of Maldives is the leading financial institute, which is known locally as the national Bank. BML engages across from personal, business and corporate financial services. They provide services through a broad range of branches across the country, online banking facilities is also one of the services the bank provides in order to make it easier for customers to conduct bank transaction, as they need (Bankofmaldives.com.mv, 2018).
BML MobilePay is one of the very new services that is introduced in Maldives in order to increase the convenience of the customers by making the transactions made by the BML credit or debit cards more secure (BML, 2018).

Moreover it is a very quick and convenient way to make purchases and transfer money through your smart phone. This service allows the user to make transaction without presenting the physical card for the transactions (BML, 2018).

However in order to use this services the individual must have a BML card or a smart phone. The application is available on Google play and Apple Store (BML, 2018).

SITUATION ANALYSIS

Situation Analysis in essential for any business or an individual to show or figure out where you stand in the market, it allows you to know what your next move is to progress to the next stage, in other words it means predicting the results of your decisions (Bhasin, 2017).

Furthermore even if you plan to introduce a new product/service or you are eager to find out your strengths and weaknesses the situation analysis can indicate them and how you should approach them.

It is very similar to a Marketing Research.

SWOT Analysis

SWOT analysis is a tool used by business in order to determine their Strengths, Weaknesses, Opportunities and threats as it helps the organization as a whole to thoroughly understand the business from various angles and allows them to be on the right track (Bigcommerce, n.d.).

A SWOT analysis will allow the BML to create goals, strategies and implementation practices as it aids in decision-making and creates a standard description of the organization.
Strength:
* Financial stability and bank is well capitalized
* 90% of population is BML customer base
* Awarded 3 years for customer satisfaction methods
* Backed by government as they have majority of the shares
Weaknesses
* Too many new projects run at the same time
* Less employees to handle ever expanding of clients and service
* Limited dollar supply
Opportunities
* Could increase revenue by expanding the business internationally because of financial stability
* Increase capital by selling more shares to the general public
* Get more experience and development from experienced banks
Threats
* Competitors
* Political Instability and policies
By varying the strengths and opportunities against the weaknesses and threats its shows that BML possess the power to overcome their threats which is comparably very less, by making vital decision it will allow BML to gain more market share and revenue.
Moreover already a vast majority of the individuals are existing customers of BML, as such this allows explain the new service of the company to the customer base. Furthermore BML can continue the growth by getting trainings from more experienced international banks and card associations.

MARKETING OBJECTIVES (SMART)
The process of setting the objectives is very critical for an organization as its vital for the management to set it right because otherwise it will lead the team and the organization in the wrong direction (Managers.org.uk, 2011). If the objectives set consist of an Achievable and realistic goal, it will motivate the individuals and if it’s Specific and Measurable it will define the success of the Goal.
A majority of organizations now use SMART objectives within appraisals and performance management systems.

The Term SMART stands for specific, measurable, achievable, realistic and timely goals.
The target for BML is to increase the penetration of BML MobilePay users by 40% and increase the brand awareness by 50% in the next 12 months.
Bank of Maldives should achieve 5% of the market share within the first 12 month of the MobilePay launch in 2018.
• Similarly at the end of 3 months organization should achieve 10% of the market share
• Similarly at the end of 6 months organization should achieve 20% of the market share
• Similarly at the end of 9 months organization should achieve 30% of the market share
• Similarly at the end of 12 months organization should achieve 40% of the market share

Bank of Maldives should achieve 50% in the level of brand awareness within the 12 months of the BML MobilePay Launch in 2018
• Similarly at the end of 3 months organization should achieve 20% in the level of brand awareness.
• Similarly at the end of 6 months organization should achieve 30% in the level of brand awareness.
• Similarly at the end of 9 months organization should achieve 40% in the level of brand awareness.
• Similarly at the end of 12 months organization should achieve 50% in the level of brand awareness.

Market Segmentation (one or two para)
A general market contains various individual who has different wants, practices and beliefs and their purchasing power will differ from one to another. Moreover through segmentation of these markets, organization can divide the mass market to different segments where the organization can focus on a particular group of individual which will allow them to market their products more effectively (Kotler and Armstrong, 1999).

Through market segmentation BML can ensure which group of customers has the purchasing power to attain there product or service and they can make decisions of how to attract more individuals to get the service from them.

SEGMENTATION PROFILE 1 PROFILE 2 PROFILE 3
Geographic
City Male’, Hulhumale’
Villimale’
Addu Laamu Gan
Demographic
Age

Gender

Income
Generations
18 – 54yr
55 – 64yr (CIA,2018)

Female / Male

(9000 – 30,000)
Y (Millennial), Z
18 – 54yr
55 – 64yr (CIA,2018)

Female / Male

(9000 – 25,000)
Y (Millennial), Z
18 – 54yr
55 – 64yr (CIA,2018)

Female / Male

(9000 – 25,000)
Y (Millennial), Z
Psychographic
Lifestyle
Personality
High life style
Mid life style
Mid life style
Behavioral
Benefits
Brand Loyalty
Technical awareness
Speedy service

Brand Loyalty
Technical awareness
Speedy service

Brand Loyalty
Speedy service

Target Marketing
Target Marketing comes after Market Segmentation. It is basically breaking down the market into various segments and based on the customer’s needs and desires, which match your product or service concentrating on them to increase your revenue and to make your business the successful (Ward, 2017). Furthermore after conducting Market Segmentation it will reveal your organizations market opportunities, the organization will have to evaluate the segments and have to choose which segments to target (Kotler and Armstrong, 1999).

BML MobilePay service is targeted to the whole customer base using BML credit or debit card. This service will be more attractive in the market when targeted to this group. Mainly this is targeted to people who live in Capital City, Addu City and Laamu atoll.

Marketing Position
Market Positioning is the influence an organization on the customer’s perception of a product or service, by aiming to gain an advantage position in the customers mind compared to the competitors.

A product position is the way the customer defines the product and how they place the products in their minds relative to competitors; moreover it’s the consumer’s opinion on the product (Kotler and Armstrong, 1999).

Product positioning will be relatively important to as they have to gain a positive perception from the target market about the new chain of products they plan to release, furthermore it’s vital to communicate through marketing mediums to customers about these products to gain customers goodwill, loyalty, to meet the expectations of buyers and to be more market oriented.

Bank of Maldives has several competitors operating in Maldives as per Table#2. Although the competitor is high marget penetration shows is high hence number of ATM though out is 95, as BMl reaches to the most number of people.

Bank Names No. ATM’s Internet Banking Credit Card Facilities
Bank of Maldives Plc (BML) 95 YES YES
State bank of India (SBI) 6 YES YES
Bank of Ceylon (BOC) 2 YES YES
Maldives Islamic Bank (MIB) 2 YES NO
Habib bank limited (HBL) 2 YES YES

Table # 2 competitor’s analysis

Should include a positioning MAP

Marketing Mix
An organization will always thrive to gain the maximum profit to ensure that the business sustain through the highly competitive market. When coming up with a strategy BML should come up with a strategy, which is a combination of all the goals, and targets set.
Furthermore a good market research is conducted inclusive of the marketing mix

Marketing mix is known as the tactics an organization practices in order to promote a particular product/service in the market. The 4P makes up a marketing mix – Price, Promotion, Product, Place (The Economic Times, n.d.).

Product
BML launched “BML MobilePay” on 2017. This service will increase the security feature of the Debit/Credit card whilst at the same time this service will be quite convenient for the customers. The service will be accessible through application, which is available on Google play and App Store.
Furthermore BML has integrated the cards to the application, which allows the customer to make transaction without the presence of their cards.

Moreover the customer will need a smart phone in order to access the application and this is not quite a problem as majority individuals keep up with the trending technologies.

Price
MobilePay app doesn’t have any additional charges and the application itself is also free from the website.
Moreover this will benefit many low-income citizens and price sensitive individuals and this will be a hit for the Generation Z and the Millennial as these groups tend to be more hyped for the trending new technologies.

Place
The MobilePay app is an online platform; the service can be used throughout the Maldives. So the customer does not need to go physically to a BML outlet to get access to the service.

Promotion
BML will make sure to gain the attention of the customers by advertisements, Banners, Social Media platforms.
Furthermore the brand ambassador for the new service will be Ali Ashfaq a well-known football player in Maldives. He’s very popular between both genders and this will be very vital to promote the brand image and gain brand equity for the organization.
Moreover since the brand ambassador is quite well renowned it’ll help the organization to be a stand out from it’s competitors and it allows to gain publicity through banners and advertisements on television.

REFERENCES
• Bigcommerce. (n.d.). What is a SWOT Analysis, and why is it important?. online Available at: https://www.bigcommerce.com/ecommerce-answers/what-is-swot-analysis/ Accessed 11 Mar. 2018.

• Ward, S. (2017). Target Marketing. online The Balance. Available at: https://www.thebalance.com/target-marketing-2948355 Accessed 21 Mar. 2018.

• Pickton, D. and Broderick, A. (2005). Integrated marketing communications. 2nd ed. Harlow, England: Prentice Hall/Financial Times, pp.377-379.

• Bhasin, H. (2017). What is Situation Analysis? What is the meaning of Situation Analysis?. online Marketing91. Available at: https://www.marketing91.com/situation-analysis/ Accessed 10 Oct. 2018.

• Bankofmaldives.com.mv. (2018). BML MobilePay. online Available at: https://www.bankofmaldives.com.mv/personal-banking/bml-mobilepay Accessed 10 Oct. 2018.

• The Economic Times. (n.d.). Definition of Marketing Mix. online Available at: https://economictimes.indiatimes.com/definition/marketing-mix Accessed 15 Oct. 2018.

• Bankofmaldives.com.mv. (2018). History. online Available at: https://www.bankofmaldives.com.mv/about-us/History Accessed 10 Oct. 2018.

• Lorette, K. (2018). A Situational Analysis of a Strategic Marketing Plan. online Smallbusiness.chron.com. Available at: https://smallbusiness.chron.com/situational-analysis-strategic-marketing-plan-1474.html Accessed 10 Oct. 2018.

• Managers.org.uk. (2011). Setting SMART Objectives Checklist 231. online Available at: https://www.managers.org.uk/~/media/Files/Campus%20CMI/Checklists%20PDP/Setting%20SMART%20objectives.ashx Accessed 13 Oct. 2018.

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