Today’s business environment is very competitive compared to earlier. The customer’s expectation is increasing due to this high competition among the businesses. Most of the businesses are engaging in marketing activities and are trying to increase sales. Hence a comprehensive marketing plan is important for a business like Bank of Maldives in order to be a successful bank in the market because it clarifies the key marketing elements of the business and maps out directions, objectives and activities for the business and its employees.

In this marketing plan first part will discuss a detailed back ground information of BML, core competencies and marketing objectives. Company analysis includes internal environment analysis and SWOT analysis.

Second part will give a market analysis including customer environment, PESTEL analysis, and market size, market trend, marketing strategy, segments and market positioning.

Third section will talk about competitor analysis which includes the porter’s five forces and core competencies of competitors.

This will be followed by the marketing mix (7 Ps) main talks about the new Islamic banking service to be introduced but the existing products will also be included.

The next section will give talk about the implementation and control strategies which includes pre implementation, implementation and post implementation.

The following section will talk about the budget estimated, timescale and a contingency plan to be used. Lastly a summary of this marketing plan will be given.

2.0 Company Analysis

2.1 Company background

Bank of Maldives was registered as a company on 23rd May 1982 and it was listed on 10th November 1982. After the registration they were given the license to provide banking services in Maldives. Bank of Maldives Plc. was inaugurated on 11th November 1982 and started business process as a joint venture bank with 60% of shares by the Government of the Maldives and 40% shares owned by IFIC Bank Ltd from Bangladesh. Maldives government decided to restructure the BML and purchased the 40% shares held by IFIC Bank Ltd. The Government decided to sell BML shares in December 1992 to the public in order to develop the Bank’s capital. Today, the BML has 26 branches in Maldives of which three are in Male and the rest are in different atolls (BML, 2010).

The banking industry in the Maldives includes seven banks which are 2 locally incorporated banks, 4 branches of foreign banks and a subsidiary of a foreign bank. The competitors for BML include Bank of Ceylon, State Bank of India, Mauritius Commercial Bank, HSBC, Habeeb Bank and Maldives Islamic bank. The balance sheet shows the assets value of the bank has been increasing over the past three years. It has liquid assets around 31% of its assets. It has around 40% of market share. As of Dec 31, 2010, tourism, construction and fishing industries accounted for 80% of the BML’s loan exposures with the share of tourism standing at around 60% (Credit Analysis & Research Limited, 2011). The net profit of the BML for 2012 has reached over MVR 200 million. Hence, BML has high market share and high market growth (“BML net profit”, 2012).

Currently, the BML is providing the services like various bank accounts, card services, transnational travel and payments, internet banking, bill pays, personal loans, prepaid recharge, mobile banking, ATM services, direct debit, business card solutions, loan and leasing and merchant service solutions. Meantime, BML is planning to introduce its new Islamic banking services in December 2014. The target market is the whole population of Maldives including the foreigners in Maldives. The potential customers include businesses, the individuals in Maldives and Maldivians in international countries (students and businessmen who use bank facilities) (BML, 2010).

The vision is to lead the way through quality of service and dedication of their staff. The missions include becoming the leader in the financial industry in Maldives by spreading its presence in all key economic geographies in Maldives and promoting long term saving culture in the nation. The values are integrity, innovation, respect, communication and service (BML, 2010).

2.2 Objectives

1. Aims to achieve total customer satisfaction.

2. Aims to provide basic banking services to all islands by 2017.

3. Aims to launch Islamic banking services by the end of 2014.

4. Aims to install card machines in retail and other outlets on islands by the end of 2015.

5. BML also considers international expansion in 2017 (“BML aims to”, 2014).

3.3 Core competencies of BML

1. Strong Financial Platform - Deposit base of over MVR. 7.9 billion

2. Strong Customer Base - Over 235,000 customers

3. Market Leadership in Innovation - First to launch Internet Banking, Mobile Banking, ATM services, POS services, AMEX and VISA Credit and Debit cards.

4. Leadership in Service Delivery - Largest financial network of branches and ATMs in the Maldives. Market leader in self-service banking with the largest customer base of internet, mobile and ATM users.

5. Experienced and Dedicated Team - 99.5% of the workforce are locals. Largest employer in the banking sector with over 790 dedicated employees.

6. The Local Bank - The only locally owned bank in the Maldives and the only publicly listed bank in the Maldives (BML, 2014).

Internal environment analysis

Retail banking is the main business of BML. Most of the developments banking activities in all the atolls of the Nation are also handling by BML. BML also covers a variety of modern banking services through online in a fully computerized environment and they are proud to serve the nation as the leading bank in the Maldives. The marketing objectives and strategies are to lead the way by providing quality services by dedicating their staffs’. This will benefit their stakeholders because customers will receive high quality product and services, shareholders will receive high dividends and employee will receive good wages. The current marketing performance is good because the number of customers and profits are increasing continuously (UKEssays.com, n.d.).

Currently, BML has enough resources like finance, qualified and experienced human resources in order to achieve their future marketing objectives and the overall objectives. Meantime, it is expected to increase their resources in future. There are no current and anticipated cultural and structural issues in BML because there is separate marketing department in the company and resources are allocated to this department. The marketing function is divided into the customer experience, public relations, brand communications and corporate social responsibilities as well as research and planning (Bank of Maldives, 2013).

SWOT analysis

Matching Strengths and Opportunities to overcome Weaknesses and Threats

1. They can use the available funds to hire more employees to expend and to improve its services.

2. They can create more foreign currency reserve by using its available funds and can increase the number of ATMs.

3. They can set up more outlets in various atolls in the country to expand its services to compete other competitors.

4. They can minimize the negative impacts from the economic crises by having good relation with the government.

3.0 Market Analysis

Customer environment

For the analysis of the customer environment, 5W model will be used. It will identify who are the customers, why they buy, what they do, when they buy and where they buy the products of BML.

Why? The BML’s current customers are all Maldivians including foreigners who are living in Maldives and the Maldivians who live in international countries (students and businessmen who use bank facilities). The potential customers are the customers who have different bank accounts in BML including various age groups. What? Most of them deposit their salary to BML’s account. The customers mainly save their money in BML and some customers are enjoying with BML’s different loan. These loans are used for working capital purposes and expansion purposes. Why? The customers take these loans to overcome their financial difficulties and for building houses. The customers borrow these loans because the loans can be easily obtained in a short period of time. Some customers do not use these short term loans because of high interest and they prefer the Islamic banking system. Where? The customers are able to get BML’s product in various atolls in Maldives. The customers also can make online transactions when without visiting the BML’s branches. When? The customers mainly use the BML’s loans to overcome the financial difficulties they face. The customers also use the international payment methods like travelers’ cheque while they are traveling abroad (UKEssays.com, n.d.).

PESTEL Analysis (External environment)

3.1 Market size

The above pie chart shows that BML has 41% of market share in Maldives banking sector. Hence, this will be a competitive advantage for the BML.

3.2 Market trend

The above graph shows that market growth of Maldives banking sector has a continuously increasing trend. Hence, this is an opportunity for the BML.

3.3 Marketing Strategy

BML should implement the market penetration and product development strategy by capturing current market share. Besides that, the launch of the new service would be a step towards product development that would be useful to counter other financial institutions that are in the market. The market development strategy can also be carried out at a later date by bringing the new product into other geographical markets like Sri Lanka and India (Asikhia, 2010).

3.4 Target market

Segmentations

1. Geographical segmentation

BML has 26 branches throughout Maldives. They are providing the services in 18 atolls in Maldives (BML, 2010).

2. Business segmentation (Industry/Firmographic)

BML is helping the businesses with a wide range of financial products and services by catering for the needs of small, medium and large businesses. The business segmentation includes all the industries in Maldives such as fishing and agriculture (BML, 2010).

3. Retail banking segmentation

Retail Banking focuses on sales and service for retail customers and developing a differentiated customer service. This involves managing Micro, Small and Medium Enterprise Banking, organizing and managing activities related to management of Banks affluent market segment and managing branches (BML, 2013).

4. Corporate banking segmentation

Corporate Banking is divided into two areas which are relationship management and transaction banking. It is aimed at building strong, enduring relationships with corporate clients and offering them one stop solutions to meet their banking needs (BML, 2013).

5. Electronic banking segmentation

BML’s internet banking helps the customers to do online banking. It is flexible and free to bank securely when the customers in their homes or offices. They help customers for the different internet banking requirements by reflecting their plans of internet banking for individuals and business’s needs (BML, 2010).

6. New segment (Islamic Banking)

The introduction of Islamic banking as religion segmentation is a kind of product development for BML because they are introducing this service to the existing market as a new service. Since Maldives is an Islamic nation, this will be major segmentation in future.

3.5 Market positioning

The positioning of new service will be at high price, high quality quadrat. Maldives Islamic bank is the only bank which provides this service in Maldives. Therefore, BML is positioning this service at a low price and high quality compared to MIB with the help of its core competencies.

3.6 Positioning strategies:

1. Price and quality positioning; consumers will have high expectations for the quality of the service at a certain level. This strategy can offer a better opportunity for BML to position their service through price and quality positioning because the changing price level and quality relationship of products frequently attract various consumers segments. Therefore, it is important to balance the price and quality ratio (Asikhia, 2010).

2. Positioning by new features; BML needs to position its brand by unique quality of features that can make it different from the other competition like MIB. These features must be able to provide more benefits to give it a distinct advantage at the market place. This will help BML to be positioned its brand against the competitive brands (Asikhia, 2010).

3. Stealing the unhappy customers from MIB by providing what they cannot offer. Each and every competitor has unhappy customers who are looking for other good options and services. This could be due to lack of personal relations with the consumers. It could be due to the prices are high and the service might be poor. So, BML needs to find the unhappy customer of MIB and deliver good alternative services to them (Asikhia, 2010).

4.0 Competitor analysis

4.1 Competitor (Porters Fives Forces)

Threat of new entrants (low): BML is a local bank in Maldives. However, there are other banks in Maldives like State bank of India, Habib Bank, HSBC bank in Maldives, Maldives Islamic Bank but they do not have more than one branch in Maldives. Therefore, it is very challenging for new entrants to come in this banking industry because the threat of new entrants mainly depends on the barriers to entry. In order to enter into the banking industry in Maldives for local businesses, it is very difficult due to high capital requirement they need to invest on the business and also it is challenging to achieve the economies of scale. Similarly Bank of Maldives is one of the main suppliers with 26 branches across the country (UKEssays.com, n.d.).

Threat of substitutes (high): The threat of substitute services depends on the buyers' willingness to substitute, the relative price, performance of substitutes and the costs of switching to substitutes. The threat of substitute services of BML is comparatively high because there are many substitute services provided by other competitors.

Bargaining power of suppliers (low): For BML, bargaining power of suppliers is less because there are more leading supplier like rainbow, all other brothers business in the market.

Bargaining power of buyers (low): For BML, the bargaining power of buyers are less because BML is the only business that provides the customers throughout the country and they have branches in many atolls of the country and when looking to other competitors such as HSBC, they are the only branch situated in capital of Maldives.

Intensity of rivalry (moderate): BML is the leading company of banking industry in Maldives. Also, for BML the degree of differentiation is higher than the other competitors in Maldives (UKEssays.com, n.d.).

4.2 Core competencies of BML’s competitors

1. State bank of India, Bank of Ceylon and Habib Bank ltd came to the market before Bank of Maldives.

2. Maldives Islamic Bank is the only Islamic banking services provide in the market.

3. HSBC and other foreign banks have strong financial capabilities (BML, 2014).

5.0 Marketing Mix

Marketing for financial services pose distinctive challenges to marketers because services are intangible, inseparable and cannot be inventoried. An expanded marketing mix is required to fully answer the differences between product marketing and marketing for financial services. The expanded marketing mix aims to capture the distinctive nature of financial services (Booms & Bitner, 1981).

5.1 Product

The product is an important part of the bank’s marketing strategy. Poorly designed service products that do not create value for customers are destined to fail regardless of how well the other 6 Ps are executed. The goal of the product element is to create a service concept that would offer more value to a market segment than competitors. The product must be a means to solve a problem or satisfy a want in the market. Customers require more borrowing facilities for various purposes in Maldives. This is the reason why BML has introduced “Lui Express loans” to ensure that customers get quick finance for their needs.

Existing Products

1. Bank accounts: BML provides various types of bank accounts like saving, fixed deposit, children’s and current accounts. BML offers flexible account options that best suit for personal needs and requirements. The right financial solution whether customer wants to save for the future or manage finances with the care of its experienced staff (BML, 2014).

2. Card Services: BML offers debit and credit cards for its customers. It has a range of cards designed to match customer needs and lifestyle. It is convenient, safe and a secure way to make purchases and gain easy access to cash. BML is the principal member of VISA in the Maldives and also the exclusive provider of American Express Cards in the country (BML, 2014).

3. Loans: BML provides Lui loan, Lui express, home loan, Kiyavaa loan, home construction loan, tertiary student loan and vessel finance. If customers are looking to make purchases for their home or planning for further studies, they can rely on BML’s loans (BML, 2014).

4. Bill payment: Customers can pay bills through online banking, ATM’s and direct debit. Bill Payments is a free service offered by the BML that allows customers to pay their bills online, 24 hours a day, 7 days a week (BML, 2014).

5. Internet banking: With Maldives Internet Banking, customers can do their banking at home and away, wherever it’s convenient for them. It is a secure, convenient and easy-to-use service giving them access to banking 24 hours a day anywhere in the world.

6. International travel and payments: BML offers a wide range of options to facilitate international travel and payments. Its globally accepted debit and credit cards are a perfect partner for customers even when they are away from home.

7. ATM Service: With BML’s ATM Services, customers can enjoy convenient round the clock banking. ATM’s allows customers to withdraw cash 24 hours 7 days a week, can check balance, provide a mini statement of account, fund transfers, pay utility bills, buy prepaid mobile vouchers and change card PIN via ATM anytime (BML, 2014).

8. Products for Businesses and institutions: In addition to the above products, BML provides services for the businesses and other institutions for their needs. They provide POS service, payment gateway, and salary processing service, direct debit and products for international trade. They provide other services for the corporates such as relationship managers, trade finance and corporate cards etc (BML, 2014).

New Product (Islamic Banking services)

Bank of Maldives have been working for many days to offer Islamic Banking services to its customers. Recently, Maldives Monetary Authority (MMA) has officially granted the license to Bank of Maldives to operate Islamic Banking in Maldives. On receiving the license, necessary works are being carried out so that Islamic Banking services are availed to customers at earliest. BML is planning to launch this service by 10th of December 2014 (BML, 2013).

Islamic banking services will provide saving, current, children and general investment accounts. Financing includes motorbike financing facility, consumer goods, murabaha general asset financing, construction materials, diminishing musharaka and mobile phone financing. For businesses current accounts and general investment accounts will be provided. Other financing for businesses include letter of credit, shipping guarantee, murabaha general assets, murabaha vessel financing, project financing and guarantee facilities.

5.2 Price

The pricing decisions or the decisions related to interest and fee or commission charged by banks are influencing the target market. The MMA is concerned with regulations. The rate of interest is regulated by the BML and other charges are controlled by MMA. The pricing policy of a bank is considered important for raising the number of customers’ regarding the accretion of deposits. Also the quality of service provided has direct relationship with the fees charged. Thus while deciding the price mix customer services rank the top position. The banking organizations are required to have two strategies. First, the strategy is concerned with interest and fee charged and the second strategy is related to the interest paid. Since both the strategies have a vice- versa impact, it is important that banks attempt to establish a correlation between two. It is essential that both the buyers as well as the sellers have feeling of winning.

While pricing strategy is highly dynamic for products and services, pricing for current account services have become rather static in recent years. BML does not require any fees to set up a current account. It instead relies on the money that floats in the interval when they are deposited to when they are spent in order to profit from current accounts. It is unlikely that any increases in interest rates would be able to attract customers to open up new current accounts with BML. The base lending rate that is now at 9% per annum provides little room to maneuver for banks and other financial institutions. Adding to that is the credit crunch and declining asset prices that makes borrowing at a higher rate unattractive at the moment. The ATM charges of withdrawal was MVR 2 but today it is free. The interest rate for the saving account is 2.5% but the interest rate for the Liu loan express is 18%. They are offering very low interest rate for the savings but charging maximum percentage allowed by MMA which need to be considered in future.

Since the Islamic Banking is an interest free service, BML can get charge the interest for these services. BML needs to charge a certain profit margin for providing these services. They should not charge a high prices for the products and should not be expensive compared to its competitor (MIB). The prices should be attractive in order to be successful.

5.3 Place

The place element involves delivering the product element to customers through appropriate methods and delivery channels. BML’s delivery involves both physical and electronic channels. Failure to make a service product readily available to customers would guarantee its failure regardless of how good the service product is. The ATM services would be made readily available in all the branches and all the atolls.

BML has 26 branches in Maldives covering 18 atolls in Maldives. Through its Dhoni Banking, they reach out to all the islands that has no physical branch, offering financial services as well as delivery of pension to senior citizens. In Male' it has 21 ATMs and 2 Deposit Machines accessible 24 hours. Additionally, it has ATMs located at all atoll based branches across the nation. The customers are also able make online transactions without visiting the bank. All these channels will be used in delivering the new services to the customers.

5.4 Promotion

The promotion element relies on effective communications to bring awareness in the market of the service products offered by BML. The three objectives of the promotion element are to gain the attention of customers, provide additional information and persuade customers to purchase the product.

The media that would be utilized includes television, newspapers, magazines, outdoor advertising and the internet. A sales promotion will be carried after the launch of Islamic banking service to help stimulate customer purchase and the effectiveness of intermediaries. Other promotional materials include press releases, posters and brochures. The Ramazan promotion - simply shop with customer BML Debit or Credit Card and automatically stand a chance to win back 3 times weekly spend. Publicity activities includes the sponsorship of activities and donations to the public. They also use CSR activities like Dhoni banking service to incorporate pension distribution which promotes the business. BML uses its website to promote the services and products offered to the customers. They also use the social media like Facebook and tweeter. All these media will be used to promote the new services.

5.5 People

Despite technological advances, many financial services still require direct interaction between customers and bank employees. The nature of these interactions strongly influences how customers perceive service quality. This is particularly true for financial services as employees are often the first line of contact with the customer.

Due to the importance of this element in the marketing mix, special attention needs to be given to the training of employees concerning the new Islamic banking services. Training should only be given to bank staffs that are directly involved in the new current account package. However, back office staff must also be formally notified concerning this new current account package to ensure that the entire organization have a coherent understanding on the bank’s products and services. Besides that, training of IT personnel must also be stressed as new information systems may have to be put in place before the launch of the new product.

5.6 Physical Evidence

Physical evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following Internet/web pages, Paperwork, Brochures, Furnishings, Business cards, and the building itself.

The physical evidences also include signage, reports, punch lines, other tangibles, employee dress code etc. Signage: Each and every bank has its logo by which a person can identify the company. Thus such signage is significant for creating visualization and corporate identity.

Financial reports: The Company’s financial reports are issued to the customers with emphasis or credibility. Tangibles: Bank gives pens, writing pads to the internal customers. Even the passbooks, checkbooks, etc. reduce the inherent intangibility of services. Punch lines: Punch lines or the corporate statement depicts the philosophy and attitude of the bank. Banks have influential punch lines to attract the customers. Employee’s dress code: BML follows a dress code for their internal customers. This helps the customers to feel the ease and comfort.

5.7 Process

The process element focuses on the mechanisms by which the service is delivered, including business policies for service provision, procedures, degree of mechanization etc. It is imperative that the policies and procedures are written and tested before the launch of the new current account package.

BML needs to conduct a test to determine how efficient and effective front line staffs are at explaining the new services which are going to be introduced. A step by step guide on how to set up the new Islamic banking services to be issued to all front line staff to ensure that no confusion is to occur during the critical launch date. Besides that, front line staff should also be constantly monitored to ensure that the delivery of services occur smoothly. Customer feedback and complaints should be welcomed as they would provide the input needed to continuously improve service delivery and customer satisfaction.

Customer involvement: ATM does not involve any bank employees. Besides, during usual bank transactions, there is definite customer involvement at some or the other place because of the money matters and signature requires. Customization: There are specialty counters at each branch to deal with customers of a particular scheme. Besides this the customers can select their deposit period among the available alternatives.

6.0 Implementation and control

Market research will be carried out before, during and after the launch of the new Islamic banking services. There are three methods for a financial services organization to carry out its research, namely, using in-house resources, using the services of a specialist agency or a combination of the two methods. During the period nearing the launch of the new current account package, both pre and post implementation research should be carried out by BML’s marketing and research department.

6.1 Pre-implementation stage

During this stage, research should be focused on whether the market’s current external environment matches the company’s initial results during the first external environment analysis. Political, legal and economic elements of the external environment are likely to be very volatile in the coming days that may cause BML to either delay or bring forward the launch of the new Islamic banking services. Furthermore, research should also be done on the company’s corporate image and the receptiveness of market for a new product and concept during a time when the banking industry is facing heavy criticism from the public.

6.2 Implementation stage

A tracking study should be carried out by the research agency during the implementation stage. The tracking study will be done through monitoring consumer’s awareness and acceptance of the new Islamic banking service. This process should be an ongoing one during the product’s life cycle. Tracking studies should be conducted with small groups of a target market segment. It would also be advisable to rotate the members of a group with another group to ensure that a variety of responses is noted.

6.3 Post-implementation stage

Post-implementation research should be aimed at obtaining tangible results on whether BML has indeed managed to obtain the desirable level of market share and profitability. Another goal of the new Islamic banking services are to change the attitudes and perception of the public towards BML. Marketing research at this stage should also determine on whether BML is now perceived to be a more responsible financial institution that not only aim for profits but provide value to customers. Besides obtaining tangible results on whether marketing objectives are met, it is also important to gain feedback on customer satisfaction levels and any complains on the product offered by BML. This is to ensure that further improvements can be made in the future and any mistakes made would not be repeated.

Control

The control environment will be a result of monthly employee meetings during which they will discuss the current marketing activities, sales, promotional activities, and ideas that will lead to improvement. Each person, whether a full-time or part-time employee, owner, or manager will facilitate the meeting once a month on a rotation. Minutes will not be necessary but current facilitators will follow up on previous topics and debate the value of current and future marketing programs. Marketing ideas have little value until they are implemented and they must be implemented by individuals who believe in them 100%. Through these monthly meetings everyone should feel vested in the decision making process and in the long-term success of the company.

7.0 Budget

The budget to implement this marketing plan is estimated to be around MVR 7 million. A contingency of 5% is included in the numerical calculations to ensure that some measure of volatility is covered should the promotion of the new services proves to be more expensive than anticipated. Therefore, total budget is (7000000+350000) = MVR 7350000.

8.0 Timescales

The implementation of the entire marketing plan would take around 2 months to complete. The launch date of the new service is the 10th of December 2014. The following Gantt chart is included to break down the timeframes of individual tasks.

9.0 Contingency Plan

A contingency plan is included to note down various responses to some of the challenges posed in these difficult times. Among the various scenarios that might occur in the future includes the failure to manage Islamic banking, and the failure to gain market share in the Islamic banking market.

Scenarios	Possible Responses
1. Failure to manage Islamic banking	This scenario is highly unlikely as the new Islamic banking service should be thoroughly examined during product development stage.
2. Failure to gain market share	Front-line staff may have to be retrained and new promotional materials implemented in order to increase sales.

10.0 Conclusion

Bank of Maldives is a successful company in Maldives banking industry covering a large area of the market. They are providing various services to its customers and are leading the market. The objectives are achievable and aligned with the vision and mission.

The situation analysis of BML shows that the internal environment of BML is in a good situation because the marketing objectives and strategies are aligned with their vision and mission. The customer environment shows that the customers are happy about their services but due to the high competition in the market the customers are seeking for the new services like Islamic banking. The external environment analysis shows that they are facing more political, economic, social and technological challenges. The competitor environment is challenging because of the high competition in market.

The SWOT analysis shows that BML has many strengths and opportunities than the weaknesses and threats. Therefore, they can overcome these weaknesses and threats by taking the advantages of their strengths and opportunities in order to achieve their marketing and overall goals. BML has high market share and this sector is growing continuously. Market penetration and product development are marketing strategies. Segmentations include geographical, business, retail, corporate, electronic banking and new Islamic service. The new service is positioned and different positioning strategies are used. BML has more core competencies compared to its competitors.

Competitor analysis is done by porter’s five forces. Threat of new entrants is low, threat of substitutes is high, barging power of buyer and seller is low. Industry rivalry is moderate. The 7 Ps of the BML are explained. Since BML is a service provider, the 7 Ps is marketing mix tool is used. The 7 Ps will mainly talk about the new Islamic banking service that will be introduced by BML. However, the existing products are also included in this plan.

After that implementation and control will be done. The three stages of implementation are pre-implementation, implementation and post implementation. The details of implementation is clearly shown on Gantt chart. In addition to this, the marketing plan will be implemented based on the budget estimated and timescales set. Meanwhile, a contingency plan will be used to handle possible situations. Although BML might face certain challenges in implementing this marketing plan, I believe that if the general direction of this plan is followed it will lead to success.

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BML. (2014). Bank of Maldives: Home. Retrieved September 26, 2014, from http://www.bankofmaldives.com.mv/about-bml/our-locations/Pages/default.aspx

UKEssays.com. (n.d.). Overview of the Bank of Maldives. Retrieved September 24, 2014, from http://www.ukessays.com/essays/business/overview-of-the-bank-of-maldives-business-essay.php

Adam Khaleel

Sunday, December 20, 2015

Module Name: Marketing Management

Contents

1.0 Executive Summary