Maldives Business School: Marketing Plan for Welding Engineering Works

This report presents a marketing plan for Welding Engineering Works, a company specializing in welding services, including welding machines and sheet metal fabrication. The report begins with an executive summary and table of contents, followed by an introduction providing background and situational analysis of the company. It then delves into the company's vision, mission, and services offered, along with its current objectives. The core of the report includes a macro-environment analysis using PESTLE, and a micro-environment analysis utilizing SWOT and Porter's Five Forces models. The report examines market overview, target market, and customer analysis, followed by recommendations based on the SWOT analysis. It further outlines the company's marketing strategy, identifies challenges and risks, and concludes with a section on monitoring and evaluation, along with references. The report analyzes both internal factors, such as strengths and weaknesses, and external factors, like opportunities and threats, to provide a comprehensive marketing strategy for the company.

Maldives Business School Co
ver
Pa
ge
ASSESSMEN
T BRIEF
Bachelor’s Degree
Year 2
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Project summary information
Unit Unit 19: Marketing Planning Modality OL
Specialization core
Project type This is an individual project.
Tasks Submit on
D
o
o
n
Task 1: Examination: LO3, LO4.
Task 2: Report: LO1, LO2.
Extensions An extension must be applied for
in writing by individual students
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reasons.
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for all grades but will incur a fine
of MVR 250 per task.
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charged MVR 100 & re-sit/retake
for examination will be charged
MVR 250.
Assessor(s): Ahmed Azim
Internal
verifier: Prof. Sandeep Singh Sikerwar
Assessor(s) please fill the table below AFTER the evaluation.
Assessment
criteria Task
Maximum
Marks Marks Obtained IV Comments
1.1 1 12
1.2 1 12
2.1 1 16
2.2 1 10
3.1 2 12.5
3.2 2 12.5
4.1 2 12.5
4.2 2 12.5
Total Marks 100
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at
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presentation format and referencing. Evidences required to achieve each criterion are given just below each criterion. End of cover page.
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85 & Above A * Higher Distinction
75 to 84 A Distinction
65 to 74 B Merit
50 to 64 C Pass
Below 50 F Fail
“Marketing Plan for …..”
Adam Rasheed
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Student Information
Course Name: Bachelor’s Degree in Business Administration
Module Name: Marketing Plane
Words
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Executive Summery
The main aim of this report is analyzing the winding engineering company activities which is
focused on welding services such as welding machines, sheet metal fabrications and others. This medical
fabrication is a raw structure of raw material by using the operations like cutting, assembling, and bending.
This wending engineering company expand their business globally, but still they need to make a proper
strategies plan to justify the internal such as strength and weaknesses and external environment like
opportunities and threats. It helps the company to enhance their performance and compete with their
competitors in the market and achieve their target effectively and efficiently.
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Table of Contents
ASSESSMENT BRIEF..............................................................................................1
Student Information..............................................................................................................4
Executive Summery.....................................................................................................................5
Table of figures.......................................................................................................................7
INTRODUCTION................................................................................................................................8
Background Analysis or Situational Analysis..............................................................................8
Vision...........................................................................................................................................9
Mission.........................................................................................................................................9
The below Services Provided by Welding Engineering Work Shop:..........................................9
The Current Objectives of Welding Engineering Work Shop...................................................10
Macro Environment Analysis....................................................................................................10
Pestle Analysis...........................................................................................................................10
Porters –five- force Model.........................................................................................................11
Implication of porter five force of Welding Engineering Works Ltd........................................12
Micro Environment Analysis.....................................................................................................12
Swot Analysis.............................................................................................................................12
Market Overview, target market and Customer.........................................................................13
Recommendations of SWOT Analysis......................................................................................13
Objectives of the company.........................................................................................................14
Market strategy...........................................................................................................................14
Challenges and Risk...................................................................................................................16
Monitor and Evaluation..............................................................................................................17
References..........................................................................................................................................18
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Table of figures
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INTRODUCTION
Background Analysis or Situational Analysis
Following the surrender of the Royal Air Force to the Maldivian government in 1976, Mohamed Khaleel, a
labourer who later became an international welder, embarked on a long and arduous journey to establish
Welding Engineering Works Ltd. With years of experience and knowledge of many losses and hardships
that he refused to succumb to, Khaleel organised a workshop with his mentee in Malé's capital. This basic
beginning shaped his idea for a larger and better undertaking, one he could call his own, which is now
known as Welding Engineering Works.
Welding Engineering, founded in 1987, initially focused entirely on welding services, with a small team
and no key machinery (Jena, 2020). The workshop made significant growth and expanded their services in
2004 because of Khaleel and his family's perseverance and direction. Welding Engineering Works finally
bought its first lathe machine when the need for large-scale service grew. This was followed by the
addition of more complex tools and gear.
Welding Engineering Works is now the umbrella organisation for a variety of services, including all sorts
of welding, machining, and sheet metal fabrication, and it is constantly evolving to meet the demand for
increased capacity, quality, and productivity. In the early 1990s, the capital city of the Maldives had a
smaller number of metal fabrication shops. Metal fabrication is the process of producing structures from
raw materials using operations such as cutting, bending, and assembling. He launched this company with a
tiny amount of capital and little machinery, and he didn't have a single employee at the moment. However,
after 35 years, he now employs 26 people and produces 270 metal fabrication items. In the year 2022, Male
city has about 150 workshops that serve a wide range of services. Modern welding, laser cutting, and so on.
The workshop business has to deal with a number of problems, such as growing and making new products
to meet customer needs, as well as figuring out how to make more money and make better use of its
resources to make the most money possible.
Today, the firm serve a wide range of industries, including tourism, agriculture, construction,
transportation, power generation, hydraulic services, and more. Welding Engineering Works is also a
unique company that has the competitive advantage of being able to provide service from the workshop at
any time of the day or night, depending on what the customer needs.
To justify this marketing plan, the company's internal strengths and weaknesses, as well as external
opportunities and dangers, were assessed. Swott analysis, pestle analysis, and the Porter Five Force Model
have all been employed.
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Traditional marketing tactics have been used by Welding Engineering Works Ltd in the past. B2B
(business-to-business) marketing is a strategy for selling products or services to other businesses and
organizations.
As such, Welding Engineering Works Ltd is classified as a B2B marketer since it sells a product that is
primarily used as a promotional tool by its corporate clients. In 2018 they features in local news and B2B
marketing is also used when a company buys products, machinery, and raw materials to produce its own
products (Mousavi,Nikfar,and Abdollahi, 2021).
Vision
To become the local leading sensation of all industrial Services.
Mission
To provide a holistic experience that involves quality services and inspirational creativity using modern
technology.
The below Services Provided by Welding Engineering Work Shop:
 Lathe Work
 Cylinder Boring and Honing
 Surface Grinding
 Connecting Rod Boring
 Milling
 Keyway Slotting
 Propeller Shaft and Crank Shaft alignment
 Sheet Metal Fabrication
 Pipe bending and Rolling
 Sheet Rolling and Sheet Bending
 Hydraulic Hose Assembly
 Havoc System and Duct work
 LPG gas line
 Welding ( AC/DC Tig welding /Mig welding, oxy acetylene welding, spot welding)
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The Current Objectives of Welding Engineering Work Shop
The key to success in a volatile market in this industry is keeping up with the rapidly changing demands of
customers while maintaining high output capability, with machinery that is becoming more sophisticated.
It is about learning to balance capacity with variability.
For metal fabrication and welding Engineering work shops this means
 To make one of the largest company in industrial sector.
 To identify customer needs and based on that formulation of product.
 To make company more profitable along with opting sustainability.
Macro Environment Analysis
Pestle Analysis
In order to identify external factor and macro environment, the Pestle analysis has been carried out
in order to find out firm Sustainability.
Political
 Due to Political Competition over Capital Male, this type Of work can be
carried far from general public due to safety issues, there no specific land
provided by government of Maldives.
 There are lack of government interest to increase this industry and there
productivity,
 Government can be applying new tax or increase tax in raw materials.
 Welding work legislation may restrict or limited ability to expand
In the area of capital city due to higher safety precaution.
Economical
 Import tax is high for raw materials, which leads cost of production high in the
industry.
 Exchange rates and Stability of host country currency
 Inflation Rate ,Interest rates, and Dollar devaluation
Social
 Their lack of empowering youth and those who involving in the industry to
produce and manufacturing things over import.
 This industry rely on skill employees from other countries, industry can be
influence government to recruit local teenagers.
Technological  Their lack of technological machinery and for the expansion of the business
Environmental
 Emphasize the more safety regulation or location can be change due highly
populated area danger works are carried out.
 Customer spending and business pattern may be change but as far now
company have been carried out 130000 task completed.
Legal
 There is no Specific law in the industry for copyright, patents /Intellectual
property.
 High tax laws and regulation, no control on rents
 Their lack of regulatory body to monitor firms following the guidelines of
consumer protection act and safety regulation act over work shop.
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Porters –five- force Model
Analysis of core competencies, capabilities and resources .Porters five force model is important for
knowing competitive advantages with the help of main 4 components which are bargaining power of
supplier, bargaining power of buyer or customer, Threat of new entrance and Threat of substitute.
bargaining power of supplier bargaining power of buyer or customer
 Welding Engineering Works Ltd have been
good relationship with different supplier ,
metal supplier , sheets, electrical
equipment’s, its depend on customer needs
and product that customer needs to be
customized. There no much bargaining
power of supplier due to country and
industry it’s self-depend on import raw
materials.
 There are higher number of supplier of
materials and chemical so, Therefore,
bargaining power of the suppliers is relatively
low
 Almost every company in the Metal
Fabrication business obtains its raw
materials from a variety of sources.
Suppliers with a strong position in the
market can reduce the margins that Welding
Engineering Works Ltd can make. Suppliers
with clout in the Industrial Goods sector
utilize their clout to extort higher rates from
Metal Fabrication companies. The overall
impact of increased supplier bargaining
power is that it reduces Metal Fabrication's
total profitability.
 Welding Engineering Works Ltd more depend on
tourism industry from their records, there are 7
repeated Clint recorded in tourism resorts sector.
Therefore moderate to high power of bargaining.
 And from Records we know there are more than 150
work shop across capital city Male’ same services
have been provided. Customer can be switch one to
another relatively.
Threat of new entrance Threat of substitute
 There are opportunities for new entrance, but for
sustainable business, huge capital, skilled workers
and new technology have to be adopted before in
order to keep running business.
 There are lot of capital and new machinery as well as
safety equipment’s, stock will be needed to obtain
workshop in this market, in the city of capital Male’
 Marketing and customer trust have to be gain in order
to sustainability.
 As far there are more work shop in the
capital city of Male’, there is chance of
Substitute, When a new product or service
addresses similar client needs in different
ways, industry profitability suffers. Services
like Dropbox and Google Drive, for
example, can be used to replace storage
hardware drives. If an alternative product or
service has a very different value proposition
from what the industry is already offering, it
is a big threat.
 If there is Special products, than there is low
of substitutes but as now there higher
chance of Subsites from other work shop.
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Implication of porter five force of Welding Engineering Works Ltd
By analyzing all the five competitive forces Welding Engineering Works Ltd strategists can gain a
complete picture of what impacts the profitability of the organization in engineering works, Metal
Fabrication industry (Tsiligiris, Lawton,and Hill, 2020). There are highly competitive among rivalry or
competitors like Daisy work shop and RKL. Competition is fierce, but the industry is also expanding at a
quick pace. As a result, the negative effects of increased competition are lessened as the industry grows.
Welding Engineering Works Ltd's unique creation of different-sized trial cycles (Rashu Pickup) will assist
Engineering Works shop stand out from its competitors in the future.
Micro Environment Analysis
1. Swot Analysis
Strength Weakness
 The product portfolio diverse
 The owners who run the
business have more than 35
years of experience in the
field.
 There regular 7 regular client
from tourism industry which
add more brand reputation.
 They obtained customer trust
by maximum coordination as
reached customer
satisfaction.
 Skilled employees.
 More than 4 million MVR
machinery and equipment’s
already exist in the firm as
assets.
 Internal capabilities. Stuck in same
market
 Lack of High technological support
like machinery
 Not have been focus on Marketing
 Operating process some time
retaliate and course loss
 company depend on foreign
employees, which course more
expenses, like visas ,annual bonus,
and holiday tickets,
 There no growth Strategy in the
firms
 After investing so much, if the
company thinks about growth and
expansion there still lack of
specialized machinery and
equipment’s.
Opportunities Threat
 Scope of new market higher
todays
 There other equipment’s like
house hold equipment’s
which can be manufacture,
even construction tools etc.
 Investing on new machines
and buy a land from near
capital city like Thilafushi
island will be useful to carry
 There are 150 workshop across city
male’ so competition will be huge.
 New Regulation and law may be
restricted operation in Male; city
 Inflation and price of raw material
will be huge impact for current
production ,when cost of
production increase it might be
reduce the order of current Clint
and daily earning will be less.
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out manufacture process for
equipment’s and machines.
 Segmentation can be change
according the demand of
public, like production of
construction steel molds,
other vehicle equipment’s.
 Development of new product
 Higher level of expansion in
the industry.
 Cash flow issues.
Ways to convert weakness into strength for better launch of the new product of the Welding
Engineering Works Ltd
It has been seen that the lack of high technology machinery as well as ineffective creativity is
seemed to be the biggest threat and weakness of the Welding Engineering Works Ltd. Thus, through
making the recruitment of more talented and skilled employees along with ensuring the regular training of
employees would be made by the Welding Engineering Works Ltd to enhance its strength. This would
supports creation of more innovative and better quality Try cycle by the Welding Engineering Works Ltd
to attract and cater a larger number of customers.
Market Overview, target market and Customer
The term market is defined as the place where the various activities relating to the buying and selling
of the products takes place. The market overview of a company is the fundamental and operational analysis
of the company as a whole which is running its business. The Welding Engineering Works Ltd. Is a
welding company of Maldives which is well known for its effective works in welding and other areas as
well. The company provides various operations that accommodates the large range of sectors such as,
tourism, agriculture, construction and transportation etc. The welding engineering works is also considered
as an exceptional company which is having a competitive advantage of providing various services such as,
lathe work, cylinder boring and honing, surface grinding, connecting and boring as well as mining
activities too. The company also works with the new and innovative ideas such as folding the metal sheets
to fabricate the pipes and it also design heating, ventilating and air conditioning systems. The companies
most profitable segment is the welding works and sheet folding, which is basically used to sheet the metal
fabrications, and engine rebuilding as well. The company has improved its welding and gas pipe fitting
operations so as to benefit the customers. The target market of the welding engineer workings is the
welding sector which is in a great use nowadays such as in constructions, pipeline fitting and metal
workings (White, Arunrugstichai,and Naylor, 2021). The likes, tastes and wants of the customers keeps on
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