Strategic Marketing Management for Ooredoo Maldives Mobile Company
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This report analyzes the strategic marketing management of Ooredoo Maldives Mobile Company, including product portfolio analysis, customer retention and loyalty programs, and recommendations for fixing cyber issues. The report also includes an in-depth analysis of the buying behavior of business customers in the telecom industry.
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Strategic Marketing Management
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EXECUTIVE SUMMARY Strategic marketing management affects products as well as services in the business with the implementation of suitable tactics. However, the companies need to be focused on the effective marketing strategies to achieve the business objectives and missions. The study has been carried out in context of strategic marketing management, the Ooredoo Maldives Mobile company has been selected. Currently, the company is dealing with the cyber issues and it was suggested for the business to resolve the issues related to cyber-attack by increasing the security aspect.
Table of Contents 1 INTRODUCTION........................................................................................................................1 1.1 Introduction of the Ooredoo company...................................................................................1 2 PRODUCT PORTFOLIO.............................................................................................................2 2.1 Market segments and portfolio analysis................................................................................2 2.1.1 Segments/ services/positioning for existing customers..................................................2 2.1.2 Boston Consultancy Group (BCG) Matrix- Portfolio analysis.......................................3 2.1.3Identifying issues and opportunities..........................................................................5 2.1.4Recommending actions for sustainability of the business.........................................5 2.2 In-depth analysis for business consumers segment...............................................................6 2.2.1 Analyzing the business customers buying behavior.......................................................6 2.1.5Identify the environmental factors that affect the customer’s behavior....................7 2.2Marketing strategy to know about customer buying behavior..........................................9 2.3.1 Relationship marketing strategy.....................................................................................9 3 INNOVATION FOR BUSINESS..............................................................................................10 3.1 Identifying the life cycle of the product/service..................................................................10 Introduction............................................................................................................................10 Growth...................................................................................................................................11 Maturity.................................................................................................................................11 Decline...................................................................................................................................11
3.2 Discussing the innovations to achieve business growth......................................................12 Innovations and strategy........................................................................................................12 4 CUSTOMER RETENTION AND LOYALTY..........................................................................13 4.1 Reviewing the customer retention and loyalty programs....................................................13 4.2 Proposing a retention strategy for customers.......................................................................14 Give loyal customers a head start..........................................................................................14 Know your customers............................................................................................................14 5 RECOMMENDATIONS AND OUTCOMES...........................................................................15 5.1 Fixing the issues..................................................................................................................15 5.2 Recommendations for issues...............................................................................................15 High-speed data.....................................................................................................................15 High security..........................................................................................................................16 5.3 Desired results for the recommendations............................................................................16 6 CONCLUSION...........................................................................................................................16 7 REFERENCES...........................................................................................................................18 8 APPENDIX.................................................................................................................................24 1 PESTLE analysis for Maldives...............................................................................................24 2 SWOT Analysis......................................................................................................................24
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List of figures Figure 1: BCG Matrix......................................................................................................................4 Figure 2: Product/Service life cycle..............................................................................................12 List of tables Table 1: PESTLE Analysis............................................................................................................22 Table 2: SWOT analysis................................................................................................................22
1 INTRODUCTION Strategic marketing management is the process to implement the company’s mission and achieve better from the existing marketing plan with the help of the specific techniques (Wilson, & Gilligan, 2012; Chernev, 2018). In this way, the strategic marketing management is beneficial to increase the profitability of the business (Cravens & Piercy, 2006). In this context, the current report is based on the marketing management of the Ooredoo Maldives company that deals in the various telecom services such as fixed and broadband internet services, 3G/4G data connectivity and wireless services to the business and domestic customers. Apart from this, the company is emphasizing on the innovations of virtual goods, robots, 5G services, mobile banking and e- commerce services etc. for the growth of the business.Moreover, a product portfolio has been prepared to assess the products/services along with Boston Consultancy Group (BCG) and service lifecycle has been used to know about the effectiveness of the services. Specific marketing strategy “Relationship marketing” has been adopted to retain the existing and generate the new consumers for the Ooredoo Maldives. The analysis is supported by the external environmental analysis of Maldives and other related information of the country. 1.1 Introduction of the Ooredoo company Ooredoo Maldives is a mobile operator and telecommunication company and it is owned by the international Ooredoo group and it was founded in 1stAugust, 2005 as a member of Ooredoo group. It has two headquarters in Male and Maldives and it is one of the largest mobile company among all telecommunications companies. It provides the services related to mobile, wireline, content, fixed and broadband internet as well as wireless etc. (Ooredoo, 2018). It offers the services to the domestic as well as businesses consumers. and Ooredoo has a broad market in 1
South Asia, the Middle East and North America. It has the vision to enhance the lifestyle of the consumers by providing the effective telecommunication services (Ooredoo, 2017). Its market areas spread all over the countries such as Iraq, Myanmar, Indonesia, Palestine etc. Moreover, it is the superior company in the telecommunication industry and it has been awarded by the ‘Best mobile operator of the year' in 2013 (Ooredoo, 2017). 2 PRODUCT PORTFOLIO The product portfolio comprises all products and services offered by the company to a target market (Lindstedt, Liesio & Salo, 2008). The product portfolio of Ooredoo Maldives includes the bunch of telecommunication services related to wireless and fixed internet to customers (Ooredoo Maldives, 2018). 2.1 Market segments and portfolio analysis 2.1.1 Segments/ services/positioning for existing customers Customer segments Ooredoo's customers are globally divided into the business and residential consumers. Its market is not specifically constrained to a particular segment for the customers. Moreover, it has more than 114 million global base customers worldwide. On the basis of analysis of Ooredoo group 2016, the overall number of customers increases to 138 million at the yearend (PriMetrica, Inc, 2017). Products/Services The company offers several mobile products and internet services to its target customers and the main motive is to improve the standard of the people by offering advanced telecom services. Currently, Ooredoo Maldives renders the high-speed mobile data roaming and 3G/4G 2
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services to its residential and business customers(Ooredoo, 2018).Further, it also facilitates a couple of services for the overall customers with pre-paid and post-paid plans. Positioning It has a strong market position in the 10 counties of the Asia Pacific regions including Maldives, Qatar, Kuwait and Oman etc. It has global data leading position in the growth market of South and middle east and North America of the telecom industry. Currently, it is focusing to build a key market position as per the leading-edge technologies and communication solutions to the valued customers (Ooredoo Maldives, 2018). Recently, it is emphasizing on the 5G to create an innovative and leading position in the market trends (PriMetrica, Inc, 2018). 2.1.2 Boston Consultancy Group (BCG) Matrix- Portfolio analysis BCG Matrix is a growth share matrix which is used to analyze the products as per the growth and market share of the company(Ioana, Mirea & Balescu, 2009).On the basis of the BCG model, the company can assess the cash flows, growth rate, investment criteria etc. for the current as well as future. Matrix consist of main four elements such as question mark, stars, cash cows and dogs which provides the better analysis of products on the basis of market share and growth rate of the business segment (David, 2011). According to BCG matrix, Stars reflects that high market share as well as growth rate whereas Question mark shows the position as high growth rate but low market share of the products. Moreover, Cash cows relates to the high market share but low growth rate, however, Dogs represent the situation of low growth rate as well as market share of the products (Ioana, Mirea & Balescu, 2009). In this context, BCG Matric has been applied to analyze the growth rate and market share of telecom products of the Ooredoo Maldives company 3
According to BCG model, the Ooredoo Maldives is come under the Stars category because this has high relative market share and growth rate in the telecommunication products. The company has well-established products such as broadband, fixed internet and 3G/4G network which is consistently used by business as well as domestic customers (Ooredoo, 2018). On the basis of high growth rate and market share, the company is focusing on to launch the high-speed network facilities like 5G, digital products etc. to attain the customer satisfaction and increase the number of consumers (PriMetrica, Inc, 2018). Further, due to increment in sales and growth rate of the telecom products of Ooredoo Maldives leads to high market share of all established products. Figure1: BCG Matrix 4
(Source: Business News Daily, 2018) 2.1.3Identifying issues and opportunities Issues The Ooredoo has internet issues in Maldives region due to global cyber-attack and the internet services were affected randomly by the cyber-crimes. Ooredoo Maldives dealing with the problem related to the dismission of internet services by the DDOS (Distributed denial of service) attack (Sun media group, 2018). Moreover, this kind of issues arise through the excessive use of those sites that have junk traffic on the internet by overwhelming service providers. Internet connectivity goes slowdown at any time and it arises problems for the users while they have an important task with internet and increases the ways for the cyber-crime in the country (Tehrani, Manap & Taji, 2013,Refer appendix 2).Although, the latency issues faced by the business are being addressed with the application of suitable strategies and improving the experience of users (Chendi, 2015). Opportunities The Ooredoo has an opportunity to invest in the new networks such as 5G in Maldives, research and development sectors to create the knowledge-based economy. As per the issues, it has been found that the company is facing the problem related to connectivity of networks. In this regard, Ooredoo has a deep opportunity to bring the 5G network for the business as well as domestic customers. With this step, the company will be able to stay with the current technology innovative ideas for the business to retain the consumers. Further, Ooredoo has an opportunity to increase the chances of employment for the young people in the field of innovative applications (Ooredoo, 2017,Refer appendix 2). 5
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2.1.4Recommending actions for sustainability of the business Improve the connectivity problems On the basis of analysis of market segment, customer demands and issues of the Ooredoo it has been recommended that the company should emphasis on the major issues relating to the internet connectivity. In this context, the company can focus on the speed of the mobile network to mitigate the connectivity issues. Settlement of denial of service attacks Although a company is already pointing out the innovations in the mobile products and internet services for the business and individual customers to provide the effective services. For the regularity of the services, it has been suggested that the company can settle the cyber issues by fixing up the connectivity problems. It may be helpful in reducing the cyber-crimes for the telecom industry. 2.2 In-depth analysis for business consumers segment There are two major segments of the customers such as business and domestic customers. The business customers have been selected for the analysis of customer buying behavior of the Ooredoo company. 2.2.1 Analyzing the business customers buying behavior It is necessary to know about the buying behavior of the customers because today's world is the buyers' market instead of sellers' market (Bennett, Härtel & McColl-Kennedy, 2005). In this regard, for the Ooredoo company business customers are selected to know about the market trends and buyer’s behavior regarding those trends. Business customers use the products for 6
business activities and always have a desire to grab the new opportunity from the market and apply in the business. Further, business customers buy the services to provide them to final user of the telecom services. Moreover, business customers of telecommunication industry have a motive to avail the new and innovative network services to the others.Furthermore, business consumers have an intention to increase the number of customers for their business and maximize the profitability of the business (Ioanăs & Stoica, 2014). For instance, Business to Business (B2B) telecom market comes under the business consumers because they produce the services and products to increase theirbusinessinthemarketoftelecommunication.Like,mobilenetworkcompaniesdo innovations in the connectivity and speed of data and it will have an impact on the mobile handset companies because handset companies might produce the phones as per the network adaptability. In this context, the network companies specify the criteria that this kind of network such as 3G/4G/5G will work in the particular cell phones (Sen & et al., 2010). It reveals that business buying behavior needed strong consumer-supplier relationships because adaptability of buyers depends on the availability of suppliers. Further, business buyers of the telecom industry affected by the economic factors of the company from which the buyer wants to avail the services for the business (Waverman, Meschi & Fuss, 2005). 2.1.5Identify the environmental factors that affect the customer’s behavior Political factors Maldives is a South Asian island country and it is a small in context of size of population. Maldives is politically unstable and it frequently change the policies and regulations for the 7
business and companies (Sunday times, 2012). In this regard, the instability of government affects the business in a negative manner and they need to amend the policies for the production of products or services (Refer appendix 1). Thus, it may have an impact on the buying behavior of the consumers and purchasing capacity might decrease because the services will be available at unfavorable prices. In this regard, political instability causes excessive changes in the policies for telecommunication industries for the launching of new services. This reflects that negative changes in the political factors would negatively affect the buying behavior of customers and they may not retain the customers for the longer time span. Technological factors Technological factors mainly affect the buying behavior of the business customers because through the new technologies companies wants to expand its business in the world (White Baker, Al-Gahtani & Hubona, 2007). For example, the IT market of Maldives is growing on the regular basis from the year of 2011 and it is exceeding the technology infrastructure to operate the data centers, robots and automated systems for the business to compete at global level. Further, by investing in technological infrastructure, it will develop a virtual goods market as a by-product of investment (Widhadh, 2012.). Further, it is helpful in improving the environmental protection, lifestyle and increase the living standard of people.In this context, it may have an impacton the buying behavior of the business consumersbecause in the development of technology people will access the more technological products to complete the task at business or domestic requirements. Moreover, the telecom companies might offer the services at a low cost and it may turn to increase the number of customers. It shows that the maximization of end users will affects the development of business and increases the adaptability of business buyers for the IT services. 8
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2.2Marketing strategy to know about customer buying behavior Marketing strategy is the process to attract the customers towards the products and services (Graham, 2008). As per the buying behavior of business buyers, it has been identified that business consumers are interested in adopting the changes in technology in the telecom services. In this context, it has been recognized that the relationship marketing is beneficial for the changing buying behavior of the customers. 2.3.1 Relationship marketing strategy Relationship marketing is a process to build and maintain the relations with existing and proposed customers (Sin & et al., 2005). In this context, the Ooredoo Maldives telecom company may lay emphasis on the relationship marketing strategy to maintain the effective relations with business customers that are helpful to maximize the business of communications. There might be a strong connectivity between business buyers and company because the needed information may be provided by the company to buyers. The Ooredoo Maldives stores are fully packed with smart stuff and people because these are always ready to help the customers. Moreover, the business buyers can render the services and information to end users through the connectivity and it will be helpful to know more about the buying behavior of the customers. Furthermore, the companies will be able to know about the changing behavior such as demand for new services, innovative technology, high speed of data with less interruption etc. of the buyers through regular contacts with business customers (Hennig-Thurau & Hansen, 2013). In this regard, the Ooredoo Maldives company may bring the changes and new concepts in the technology as per the demand of business customers because businessman has the desire to attract a large number of customers and generates the more profits. The Ooredoo company could be able to maintain the business as well as domestic customers with the help of the relationship 9
marketing. On the other hand, relationship marketing is helpful for the transaction of specific assets and need for adopting the uncertainty in the business (Liu, Guo & Lee, 2011). This is because companies get to know about the feedback from the buyers and address them on the priority basis. Thus, it might be helpful for the company to adopt the changes and unpredictable acts in the telecom industry with the help of effective connectivity with buyers. The company will offer the desired services and it may change the buying behavior of customers because they might be ready to pay extra to avail of the innovative services (Kuo, Wu & Deng, 2009). 3 INNOVATION FOR BUSINESS Business growth is based on the innovations and life cycle of the products and services (Stark, 2015). The Ooredoo Maldives telecommunication company offers the several internet services such as wireless, fixed internet, 3G/4G and landline voice services to the customers to change their lifestyle (Ooredoo, 2018). 3.1 Identifying the life cycle of the product/service The life cycle of product or services refers to the several stages such as introduction, growth, maturity and decline that a product or service consists (Hendrickson, Lave & Matthews, 2006). The life cycle of the services offered by the Ooredoo Maldives as follows- Introduction The introduction is the first stage that consists of the launching of services or product in the market for the global identity (Aurich, Fuchs & Wagenknecht, 2006). For instance, a company wants to launch a broadband internet service, in the introduction stage, the Ooredoo Maldives may introduce the service to the market or customers. It has an objective to create awareness of the people regarding internet services. 10
Growth It is the second stage of the broadband internet services and the service will be graduated to the growth stage from the introduction (Adebisi, Maleque & Rahman, 2011). In this, the internet service may start earning revenue, increase the sales, demand and the base may be customer satisfaction. Further, the competition increases due to the entry of new sellers in the market. Moreover, the customers are already aware of the services offered by the Ooredoo Maldives and they have further expectations in the form of high-speed connectivity. Maturity Maturity is that stage in which product or service reach at peak point of the sales and almost sales come at the endpoint or stagnant point (Hendrickson, Lave & Matthews, 2006). For instance, the broadband services will reach at the stagnant point due to several innovations in the marketplace which satisfy the customer requirement in the better manner. At this juncture, the company tries for the new alternative to increase the sale of broadband services. Decline Decline is the last stage of the service lifecycle in that the sale goes down, minimize the profits (Stark, 2015). In the context of Ooredoo Maldives broadband services, the people will reduce the use of broadband services and it may turn to low sells and profits and losses may occur to the company. 11
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Figure2: Product/Service life cycle (Source: Aurich, Fuchs & Wagenknecht, 2006) 3.2 Discussing the innovations to achieve business growth The Ooredoo Maldives is well established company in the telecom industry and it facilitates the several services including broadband, fixed 3G/4G etc. to the people in the field of communication (Ooredoo, 2018). Innovations and strategy The Ooredoo Maldives is focusing on the various innovative products and services to achieve the business growth in the marketplace.It is developing the mobile money, e-commerce, micro insurance, mobile wallet and microfinance services to the existing or potential consumers through which customers in Maldives are provided novel or updated experienced. However, technology push innovation strategy may be helpful for business to resolve its issues related to network and provide the advanced services to consumers (Brem & Voigt, 2009). Apart from this, market pull innovation influence business to bring changes in its current work and practices on the basis of research and development (Di Stefano, Gambardella & Verona, 2012). This results in retaining the customers and obtaining the competitive edge of the business.In this context, Ooredoo Maldives is rendering the 3.5 million online transactions in a month with the help of the 12
mobile financial services and has future plans to establish the business in the Myanmar and Iraq in the field of mobile banking (Ooredoo, 2017). Thus, the company is assessing the digital environment in the all over the areas through digital products and services. Further, in the mobile financial services, the customers can pay the bills, transfer the money internationally, receive the salary through mobile app etc. In this regard, the company should adopt the ‘Active innovation strategy’ to deal with the challenges faced in the telecom industry. This strategy is helpful to bring the changes in the market and offer the products or services as per the expectations of the customers. 4 CUSTOMER RETENTION AND LOYALTY The company always try to retain the customers by offering the different loyalty programs so that consumers can be attracted towards the company to avail the services or products (Joachim, 2008). 4.1 Reviewing the customer retention and loyalty programs The Ooredoo Maldives company launched a loyalty program ‘Vedhun reward’ to retain the business customers as a prepaid and postpaid for long-time (Ooredoo Maldives, 2018). In this program, the loyal and regular customers earn the points in the form of rewards and the points may be redeemed in the form of any service that is offered by the Ooredoo Maldives telecom company. The points can be earned by spending every Rufiyaa for any of services offered by the company. Moreover, these points can also be retrieved to specific recharge, bill payments, data offers, travel benefits to give special warms to the loyal customers (Ooredoo Maldives, 2018). This loyalty program is helpful to maintain the existing customers and generates the new to increase the business. However, customer loyalty depends on the types of services and 13
retention strategies of the business (Bowen & Chen McCain, 2015; Zakaria et al. 2014). For this purpose, Ooredoo Maldives ensure free flow of communication with customers and also get their feedbacks so as to improve the service quality on the basis of their requirement.Further, Ooredoo Maldives has been launched a new program for the premium customers such as “Club Premier Lounge” to increase the interest of existing as well as new customers in the company (Hotelier Maldives, 2018). Moreover, it also offers the services to the premium customer’s like support platforms and adding new incentives. Furthermore, Ooredoo club premier facilitates the personalized services with special deals to its valued customers and this service is rendered as the first-class comfort and needs of the customers (Ooredoo Maldives, 2018). The business customers get this kind of awards and facilities in the by the club membership card of the loyal and prime customers. Ooredoo is mainly emphasizing on the reward programs for regular consumers to increase the loyalty towards the company because it has more tie-ups with number of service providers and companies at national as well as international level (Ooredoo Maldives, 2018). 4.2 Proposing a retention strategy for customers Customerretentionistheratetokeepthecustomersforalongperiodoftime (Gustafsson, Johnson & Roos, 2005). It is necessary to retain the customers that may increase the loyalty towards the company. Give loyal customers a head start Both the business and domestic can be retained in the company by adopting the ‘Give loyal customers a head start’ strategy because it may provide a prime membership to the customers (Hennig-Thurau & Hansen, 2013). In the prime membership card, there is a possibility to avail the specific offers related to data offers, discounts in the voice calling etc. In the context 14
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of Ooredoo Maldives company, it is proposed that the company can focus on this strategy to retain the customers because it may be helpful in maintaining the loyalty. Know your customers The second strategy ‘Know your customers' is proposed to the Ooredoo Maldives company to retain the customers and it might be helpful in increasing the loyalty towards the company. There should be a quick view of the daily services provided to your customers and review the feedback of customers. It may help to improve the adaptability of customers because through it, the company may revert to the customers and offers them the expected services that can increase their loyalty (Keiningham & et al., 2007). Further, it is helpful to increase the positivity in the customers that the company is focusing on customers' requirements and assessing the feedbacks for better relations with customers. This also reflects that company want customers to stay connected with the help of healthy relationship. 5 RECOMMENDATIONS AND OUTCOMES 5.1 Fixing the issues The problems are already specified in the issues and weakness section of the report. It has been summarized that the Ooredoo Maldives company has internet connectivity issues due to different types of cyber-attacks and Denial of internet connectivity. In the cyber-attacks, the normal sites get slower through the more traffic of junk sites. In this way, this junk files creates unnecessary traffic on the main sites and it affects the work of partners while working online. It has been found these issues occur due to unwanted use of sites by which the main sites get distracted and opens the junk sites and reduces the speed of data for users. On the other hand, a company has an opportunity to introduce the new innovative technology 5G and digital products 15
as well as virtual goods for the business and domestic consumers (Ooredoo, 2018). It might be beneficial for the company to maximize the volume of business. 5.2 Recommendations for issues High-speed data On the basis of current issues, the Ooredoo Maldives company is dealing with the problem of Denial in data connectivity and it is affecting the work life of the people. This problem also affecting the regularity of the business and domestic customers in the negative form. In this context, it has been recommended that the company should focus on the issue of connectivity errors and should launch a high-speed data connectivity to improve the errors. Thus, customers will be able to quickly access the relevant sites and junk sites may not take place while surfing on main content sites (Holma & Toskala, 2007). High security In the issues, it also recognized that the Ooredoo Maldives company has a problem of cyber-attacks because of less security of data packages. In this regard, to deal with this issue, a company should improve its security criteria to minimize the data crimes and to save the customers high-speed data. It is also suggested that the company should generate the password for the customers to operate the internet access so that unauthentic access will be reduced and accordingly cyber-crime will not take place. 5.3 Desired results for the recommendations Two major recommendations have been given to the Ooredoo Maldives company to deal with the current issues in the recommendation section. On the basis of the first suggestion, it has an expectation that the internet connectivity may be increased, people would be able to perform 16
business activities and would maximize the revenue for the company. Further, on the basis of the second recommendation, the company has an expectation that the mobile and broadband internet service data might be secured and no one could be efficient enough to steal the data. 6 CONCLUSION On the basis of the report, it has been concluded that the company is dealing in the various internet services but it has the issues with Denial of internet connectivity and cyber- attacks. To deal with the issues it has been suggested that the company should improve the connectivity and do the settlements of cyber-attacks to increase the customer satisfaction. Further, it also concluded that the buying behavior of the business consumers have an impact on the profitability of the business because it has an intention to increase the number of customers and maximize the volume of business. Furthermore, the political and technological factors of the Ooredoo Maldives affect the buying behavior of the business as well as domestic buyers. The company is continuously expanding its business in the field of IT and developing the new consumers and maintaining the existing buyers. 17
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8 APPENDIX 1 PESTLE analysis for Maldives Table1: PESTLE Analysis FactorsCriteriaEffects PoliticalPolitical instabilityChangetakeplaceinthe business policies frequently TechnologicalAdaptive to innovationsDevelopmentofnew techniques like Robots, virtual goods,digitalproducts,5G, mobile banking etc. (Source:Sunday times, 2012) 2 SWOT Analysis Table2: SWOT analysis Strengths Adoptive to innovations Stable government Quality products/Services Opportunities Investment in new techniques Huge employment Weaknesses Higher cyber-attacks Less internet connectivity Threats More competitors Increment in customer dissatisfaction (Source:Ooredoo Maldives, 2018) 25