PRODUCT PLAN

MIFCO

MAAZ ABDULLA BM K24

Who is Mifco?
Mifco commenced its operations in 1st November 1993 The main objective is to produce and market niche branded, internationally accredited and 100% Maldivian products The most prominent markets include UK, Germany, France, Japan, Thailand and Srilanka

FISH PASTE (RIHAAKURU)

This is a fish based thick brown paste
This is a traditional dish of Maldivian cuisine This is the first time that the fish Paste is made by a company in

Maldives

MICRO ENVIRONMENTAL FACTORS INFLUENCING MARKETING DECISIONS

Suppliers Suppliers are the individuals that provide the resources needed to produce the product. Mifcos supplier would be the fish supplier and the supplier of different spices

 Competitors
Competitors are Mifcos rival

At this moment Mifco has only few rivals as the fish paste production has not been in a business form yet

Customer
It is necessary to study customer in every market so that the firm meet their needs There will be many customers of this product as this is a very famous dish

MACRO ENVIRONMENTAL FACTORS INFLUENCING MARKETING DECISIONS

Demographic

Demography is the study of human population in terms of many statistics

This is a major interest to marketers as it involves people and people make up markets Trends in demographic changes constantly (e.g.: population increase)

 Cultural
This is made up of institutions and other forces that effects societys perception, behavior and preferences Here are few characteristics which affect marketing decision: Persistence of cultural values Peoples view of themselves

Peoples view of the organization

 Technological

It includes forces that create new technologies, create new products and marketing opportunities
New technology will create new markets and opportunities This is the most dramatic force shaping the destiny

Segmentation
This is the process of dividing the total market for a good or service into smaller groups, each which tends to be homogenous or similar in all aspects Segments for the product:
Segmenting among the cities Segmenting according to age

Segmenting according to income

Segmenting according to lifestyle and social class

Market segmentation

Segmenting among cities

Segmenting according to income

Segmenting according to age

Segmenting according to lifestyle

Evaluation of segments
Identifiable
The size of the city and the population of it helps to identify the market The age of people from the total population helps to make a measurable market for the product

The income levels of different people will gather up a market

The population with high lifestyle and social class will make up a market

 Accessible
The age group of different people can be reached through different communication distribution channels To reach the market in the cities promotional and distribution activities will help

Substantial
The age group, cities, income and lifestyle population of Maldives is high and it will be able to generate good sales and profitability

 Durable
The age, income, population in cities and the lifestyle should minimize the cost of Mifco in times of frequent change

Target Market
Segmenting according to age group

Segmenting according to lifestyle

Positioning
This is the perception of a product of organization in the consumers mind relative to their perception of other offerings in the same category Positioning strategies

- By attribute or benefit : most frequently used

positioning strategy. For this product the attribute may be the fish taste from the paste - By competitor : the competitor of the product would be producers from islands and thus, the product can be compared with them

- By price or quality : both Mifco and the island producers produce the product and the price and the quality of the fish paste can be weighed upon each other to show customers the difference - Based on product process : this is the process which identifies the customers class. For example, wearing a jeans with a designer label develops a fashion image

How Mifco positions through their statement:

Quality Fish Products At Its Best

Marketing Mixes
A planned mix of the controllable elements of the marketing plan
The marketing mix includes 4ps
Price Place Product Promotion

Marketing mix
Price
The product will be sold at $8 and this price is $2 less than market price

Place

Product

Promotion

THANK YOU..