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.
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Task 2: Report: LO1, LO2.
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Assessor(s): Ahmed Azim
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verifier: Prof. Sandeep Singh Sikerwar
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Assessment
criteria Task
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Marks Marks Obtained IV Comments
1.1 1 12
1.2 1 12
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3.1 2 12.5
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“Marketing Plan for …..”
Adam Rasheed
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Student Information
Course Name: Bachelor’s Degree in Business Administration
Module Name: Marketing Plane
Words
3

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.
4

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
5

Table of figures
6

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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changing according to the nature and shifts in their preferences, the target customers are now focusing on
heavy and reliable metal and designer railings which is strong and effective as well.
Recommendations of SWOT Analysis
 The company should promote new technologies which are upgraded in level so as to perform the
various functions and activities effectively.
 Promoting and encouraging new growth strategies which can boost the growth of the company.
 Keeping more educated and well known employees and workers who are technically sound and
aware about the uses of machinery and various equipment s.
 Providing fair prices and good cash flow system can increase engagement of the customers in the
organization.
 Encouraging different facilities and services can help the companies to get new opportunities to
attract the customer to believe in them.
Objectives of the company
The existing objectives of the welding engineering and company is:
 To deliver the best possible services and facilities to its customers so as to make them trust and believe.
 Focusing on increasing its growth strategy as well as enhancing its profit level.
 To have higher creativity and innovation to produce and deliver new products that meet customer need in
effective manner.
Marketing objectives
The below stated marketing objectives are set by the Welding Engineering Works Ltd for the launch of its
new product comprises of a Try cycle:
 To have better customer relationship with exiting customer as well as developing improved
relationship with potential customer through offering better quality products.
 To effectively advertise and promote its product to diverse customer and larger market share.
 To makes use of digital marketing strategy as well as social media platforms to attract and cater
a larger number of customer for its new product.
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New product development
The use of the Ansoff matrix is being made by the Welding Engineering Works Ltd to ensure and come
up with effective new product development. The marketing goal of the company is to promote its services
through the use of various promotional activities such as advertisements, hoardings etc. The welding
Engineering and company is focusing on the new product development in the market so as to make the
effective position in the market. Through following components
 Market penetration
The market penetration strategy is the least risky strategy compared to the other components. Thus, under
the penetration strategy, the Welding Engineering Works Ltd seeks for the increase in the market share.
More effective strategies are adapted in this market penetration to make the marketing easy and more
efficient.
 Market Development
This strategy is related with the development of the existing market so Welding Engineering Works Ltd
can use this as to expand the market share and area so as to perform various operations and activities which
can also encourage the market distribution.
 Product Development.
According to this component, various approaches are taken so as to develop the product and modify it
according to the needs and wants of the customers. Therefore, it seemed suitable for the Welding
Engineering Works Ltd as it helps in minimizes the risk of acceptance and poor performance among the
competitors (White, Arunrugstichai and Naylor, 2021).
 Diversification
This is the most aggressive set of the strategy as compared to the others, as it is riskier in terms of other
components in the product development component. The use of the diversification strategy by the Welding
Engineering Works Ltd is related to when the company uses the current knowledge to implement the
strategies according to the production, marketing or distribution of the channel development.
On the basis of the above discussion it has been seen that adopting and making use of the product
development strategy is seemed to be most appropriate and suitable for the Welding Engineering Works
Ltd as it helps in making modification and innovation with the product to come up with better quality
product. The Welding Engineering Works Ltd tend to make use of the effective creativity and innovation
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to come up with a new design of the Try Cycle that would be helpful for the its target market especially for
the workers working in construction industry through facilitating easy transfer of raw material.
Marketing Mix
Product Price Place Promotion
Welding Engineering
Works Ltd is tend to
come up with a new
product that comprise
of Try Cycle. These Try
cycle can be used as
cycle rickshaws (for
passenger transport or
the raw material
transport and freight
trikes, are used for
commercial purposes,
especially in the
developing world.
Further, adult-sized
tricycles are used
primarily for recreation,
shopping, and exercise
purpose also.
The Welding
Engineering Works Ltd
have set price for $120.
for its new innovation in
this price segment for its
Try cycle.
According to Welding
Engineering Works Ltd,
Maldives is a tropical
place which is why the
company should use the
offline and online
channels to promote its
products and services to
the customers.
Company displays at
every industrial shops so
that it can be easily
visible to welders.
Various strategy are
used to make the
customers aware about
the products and
facilities which has been
provided by the
companies, such as
advertising, sales
promotion etc.
Company have opted
digital marketing to
promote its product as it
is cost effective and
effective method to
attract customers. By ad
campaigns on digital
platforms, company can
advertise its product as
mostly audience are
available on social
media. The Welding
Engineering Works Ltd
tend to makes the use
of the digital as well as
social media platforms
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for having the effective
promotion and
adverting of its Try
Cycle.
Target market
They should be the users of electronics and encourage their product maintenance in terms of technologies
and resources so as to promote the effective work with managing the resources and the machinery uses as
well. Company wants to target welders and other hardware electrical personnel.
Target market 1: Local business and local people who involved in construction industry
 The prospective target customer of the Welding Engineering Works Ltd tend to includes of local
business and local people who can use this try cycle for the purpose of transportation of people as
well as raw materials (Sahoo, 2021).
 Further, the try cycle could also be used for the purpose of exercise and ensuring eco-Friendly
transport at construction sites.
 Age: 35-45
Target market 2: Young local people
 For the purpose of going to school and collage as it supports a cost effective way of transportation
 It also attracts young people to get rid of the issue of the obesity and other health problem through
offering effective way of exercise.
 Age: 15-25
 Action Plan
Marketing activities Target market Date of
completion
Budget Success criteria
Formal meeting to
have familiarization
and the demo of the
product.
Target Market
1: Local
business and
local people
01/04/22 50000  Havin
g
better
comm
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who involved
in
construction
industry
unicat
ion
and
intera
ction
with
target
marke
t.
 Create
higher
public
ity
and
aware
ness
about
the
new
Try
Cycle
.
Sales promotion Welding sector 05/03/22 50000 40.00%
Door to door selling Nearby people 22/03/22 9000 10.00%
Social media campaign Target market
2: Young local
people
1/04/22 4000  To
create
awaren
ess
about
the
Try
cycle
throug
h use
of
social
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media
such as
Facebo
ok and
Instagr
am.
Email marketing Young people 7/04/22 3000  To
ensure
regular
notific
ation
about
the
new
Try
cycle
Content marketing For young
people who
tend to have
transparent
system which is
eco-friendly in
nature
20/04/22 4000  Use of
attracti
ve
content
would
be
made
to
attract
and
cater a
larger
numbe
r of
custom
ers.
 Budget
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Other expenses :
The other expenses in this company's day to day operations also includes engineering costs,
purchasing of various necessary material and also the purchase of machinery and equipment
so as to perform the tasks and operations effectively.
Challenges and Risk
Advertisement- The ethical issue concerned with this for, of marketing is dishonesty and lack of
transparency, in order to overcome this problem there will be an auditing committee which will
review every advertisement made in this company.
Sales promotion- The ethical issue concerned with this form of Promotional activity is the
commitment issue and accountability which can be lacking so by which, the Various aspects would
be committed to make sure that there would be clarity and accountability in the organization.
Door to door selling- This activity is built to make local community aware about the welding
services and the major problem will include the privacy invasion which is why their privacy will be
restricted.
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Further, the three important ethical issues in that would be faced by the marketing plan:
 Selling Products to Markets That Don't Want Them (i.e., False Promises)- To sell more and hasten
revenue production, they push products to multiple markets without proper research.
 Lack of Transparency- It has been seen that most consumers are aware that brands collect
information on them, but that doesn't exclude the need for transparency (Jena, 2020).
 Perpetuating Stereotypes (Without Even Realizing It)- it is essential for the Welding Engineering
Works Ltd to ensure that its promotion strategy and advertisement should not include any critics
and negative thoughts based on age, gender, etc.
How to overcome these challenge
The Welding Engineering Works Ltd need to ensure that they would not make any false
promise regarding the use and quality of its new Try cycle. Further, it is important for the Welding
Engineering Works Ltd to ensure that its consumers must have transparency and should know how
and what data it will collect, and they should be fully aware of their practices. Along with this it is
also important for the Welding Engineering Works Ltd for making sure that it would not participate
in any form of the stereotypes that can be hurt full for the society or emotions of its customers.
Monitor and Evaluation
 Action plan copy
Marketing activities Target market Date of
completion
Budget Success criteria Review the
outcome
Formal meeting to
have familiarization
and the demo of the
product.
Target Market
1: Local
business and
local people
who involved
in
construction
industry
01/04/22 50000  Havin
g
better
comm
unicat
ion
and
intera
ction
with
target
marke
t.
 Create
 Plan
B:
havin
g
digital
meeti
ng
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higher
public
ity
and
aware
ness
about
the
new
Try
Cycle
.
Sales promotion Welding sector 05/03/22 50000 40.00% Plan B: Direct
selling
Door to door selling Nearby people 22/03/22 9000 10.00% Plan B: Better
communication
and interaction
Social media campaign Target market
2: Young local
people
1/04/22 4000  To
create
awaren
ess
about
the
Try
cycle
throug
h use
of
social
media
such as
Facebo
ok and
Instagr
am.
Plan B: use of
search engine
optimization
Email marketing Young people 7/04/22 3000  To
ensure
regular
Plan B: Use of
SMS.
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notific
ation
about
the
new
Try
cycle
Content marketing For young
people who
tend to have
transparent
system which is
eco-friendly in
nature
20/04/22 4000  Use of
attracti
ve
content
would
be
made
to
attract
and
cater a
larger
numbe
r of
custom
ers.
Plan B: Use of
images and
videos
Marketing activities Target market Date of
completion
Budget Success criteria
Advertisement General
Audience
01/04/22 50000 82.00%
Sales promotion Global
customers
19/04/22 10000 20.00%
Door to Door selling Local
community
28/04/22 12000 50.00%
It is important to monitor activities of business as it helps in tracking of performance and it
corrective actions can be taken in time so as to avoid risk. Welding Engineering Works Ltd tend to make
the uses KPI and benchmarking to measure effectiveness of business plan and to take immediate action in
case of negative indication. Company compares current performance with preset performance, if it
indicates negative then it becomes easier to formulate effective strategy which will enhance company's
performance.
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References
Books and Journals
Jena, R.K., 2020. Measuring the impact of business management Student's attitude towards
entrepreneurship education on entrepreneurial intention: A case study. Computers in Human
Behavior, 107, p.106275.
Mousavi, T., Nikfar, S. and Abdollahi, M., 2021. Comprehensive study on the administrative, economic,
regional, and regulatory prospects of complementary and alternative medicine (CAM) in
inflammatory bowel disease (IBD). Expert Review of Clinical Pharmacology, 14(7), pp.865-888.
Sahoo, S., 2021. Big data analytics in manufacturing: a bibliometric analysis of research in the field of
business management. International Journal of Production Research, pp.1-29.
Tsiligiris, V., Lawton, W. and Hill, C. eds., 2020. Importing transnational education: Capacity,
sustainability and student experience from the host country perspective. Springer Nature.
White, W.T., Arunrugstichai, S. and Naylor, G.J., 2021. Revision of the genus Mustelus
(Carcharhiniformes: Triakidae) in the northern Indian Ocean, with description of a new species
and a discussion on the validity of M. walkeri and M. ravidus. Marine Biodiversity, 51(3), pp.1-24.
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