THE MALDIVES NATIONAL UNIVERSITY

KULHUDHUFFUSHI CAMPUS

INTERNATIOANAL MARKETING (MKT301)

ANALYSING INTERNATIOANAL MARKETING

OPPORTUNITIES FOR MIFCO
LIFESTYLE PRODUCTS

BY:
AMINATH IBRAHIM (34961)
ADHILA IBRAHIM (26400)
NASHIDHA MOHAMED (42735)
LUBNA HASSAN (33315)

BACHELOR OF BUSINESS (SEMESTER 5 / 2016)

LECTURER: MOHAMED ABDULLA

Table of Contents
Executive Summery .....................................................................................................................................................2
Introduction of the Company .....................................................................................................................................3
Products ...................................................................................................................................................................4
Lifestyle Products ...............................................................................................................................................4
Company Objectives ...............................................................................................................................................5
Evaluation process .......................................................................................................................................................6
Country Identification ............................................................................................................................................6
Preliminary Scanning .............................................................................................................................................7
In-Depth Screening .................................................................................................................................................8
Country and Concentration ...............................................................................................................................8
Culture and Beliefs .............................................................................................................................................9
Choice.................................................................................................................................................................10
Consumption .....................................................................................................................................................10
Commitment ......................................................................................................................................................11
Communication .................................................................................................................................................11
Economy ............................................................................................................................................................13
Infrastructure and Transportation .................................................................................................................16
Market Entry Strategies............................................................................................................................................18
Direct export ..........................................................................................................................................................18
Advantages of Direct Export ............................................................................................................................18
Disadvantages of Direct Export .......................................................................................................................18
Final selection ........................................................................................................................................................19
Targeting and Positioning Strategy .....................................................................................................................19
Marketing Programs .................................................................................................................................................20
Marketing Objectives ............................................................................................................................................20
Short Term Objectives .....................................................................................................................................20
Long-Term Objectives ......................................................................................................................................20
Marketing Mix .......................................................................................................................................................20
Product...............................................................................................................................................................20
Price ...................................................................................................................................................................21
Place ...................................................................................................................................................................21
Promotion ..........................................................................................................................................................21
References ..................................................................................................................................................................22

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MKT301 GROUP PROJECT
Executive Summery

Fishing industry is the second largest industry in the Maldives where there are very few major
businesses. Among them Maldives Industrial Fisheries Company (MIFCO) is the leading player
in the industry with more than 20 years of experience. MIFCO focuses on providing high quality
fishing products to local and international market. In addition to this they have wide product range,
and they also emphases on new product development. Among their diverse range of products,
MIFCO Fasmeeru brand lifestyles products are unique brand of products which has got Maldivian
taste.

This report analyses the opportunities for MIFCO to introduce their lifestyle products to
international market and gives an insight about the potential markets. It found that MIFCO
currently export their fishing products to several international markets. Considering three possible
markets a preliminary screening is carried out. From the preliminary screening the top two
countries chosen for in-depth screening are India and China. Upon consideration of several factors,
China seems to be more attractive market to export lifestyle products.

Direct export is found to be the best strategy to enter the market. MIFCO will be supplying their
product to the supermarkets in China Shanghai city. The pricing strategy used would be a high
value strategy, where MIFCO would be charging a medium price compared to the Maldives
market.

Promotion would be carried out in a serial way to attract more customers. Promotional activities
include advertising, use of social media (Facebook/Twitter), Posters; Taxi posters and areas with
high accessibility to reach the target audience and through their website.

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Introduction of the Company
Maldives Industrial Fisheries Company, MIFCO was established on November 1993 and has
become the leading company in the fisheries industry. MIFCO is a state run corporate enterprise
for the processing and exportation of fisheries products. They have become the most successful
business in the industry, serving both domestic and international market. MIFCO focuses to
provide high quality products and render their services at an affordable price, while contributing
to the Maldivian economy. To ensure the quality of their products, the company has EU accredited
factories to process, canned, chilled, frozen and value-added products and priority has always been
given to ensure health and hygiene standards with the factory always adhering to the principles of
Hazard Analysis and Critical Control Point (HACCP) and Good Manufacturing Principles
(Mifco, 2014).

Their main focus is on producing original Maldivian products with target export market for
Europe and Asia. The core ability to withstand competition comes through delivering quality
assured tuna rather than quantity and by responsibly sourcing it, despite the hardship of the process.
MIFCO stands steadfast supporting fishermans tremendous effort to bring about a progressive
economic growth to Maldivian Fisheries Industry (Mifco, 2014).

MIFCO manages the largest fish procuring operation in Maldives collecting the Pole and Line and
Hand line caught Yellow fin and Skipjack Tuna. It has been recognized as the one of the most
environmental friendly fisheries in the world (Mifco Company Profile, 2015).

MIFCO key business competency lies in fisheries sector. MIFCO has taken multiple set of
exemplary efforts to improve the fish collection process, including introduction of environmental
friendly nature for fish breeding sector. MIFCO has not only focused on international market
however had taken prominent approach toward catering the local market by introducing a range of
products. The concept of healthy nutritional products gained wide spread popularity in the local
market (Mifco Company Profile, 2015).

Mifco, has its operation based in three factories located in three strategic geographic regions across
Maldives, procuring fish directly and lending logistical support to the fisherman through additional
fleet of companys own collecting vessels. Their operational sites are Kandu Oiy Giri Fish Village,
Addu plant and Felivaru Mas plant (Mifco, 2014).

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MKT301 GROUP PROJECT
Products
MIFCO has categorized their products into six main product areas. These are

1. Lifestyle products
2. Canned fish
3. Frozen tuna products
4. Yellow fin Tuna
5. Dried products
6. Rihaakuru

Under each category there are several other products. In our project we will be doing a market
analysis to export lifestyle products to, china market.

Lifestyle Products
Life style products are one major category in the product range of MIFCO products. These
convenient and ready delicious products are segmented to the busy working age group. These
products can be easy served, since they are microwavable and ready to fry products (Mifco, 2014).
These products include:
1. Kulhimas
2. Hanakuri Mas
3. Kandumahu Mussamma
4. Tuna meal in BBQ sauce
5. Tuna meal in Hot Butter Sauce
6. Tuna in Black Pepper Sauce
7. Black Pepper Sauce fish
8. Chillie Fish
9. Tuna in Devilled Sauce
10. Kandu kukulhu
11. Madacascar Sauce fish
12. Spinach rice with Kankun

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Company Objectives
The company objective with regard to international market is making use of opportunities that
exists in fisheries sector of Maldives and to deliver high quality products at an affordable price in
the international market by using the available resources and facilities and to increase their market
share in the international market.

Currently MIFCO markets their chilled, frozen, dried and canned fish products to five major
markets. These markets are United Kingdom, Germany, Thailand, Japan and Sri Lanka. In addition
to this they also market their products to Singapore, India, Indonesia, Italy and Spain market. But
these markets are not major markets.

The key resource MIFCO has is experienced employees and management team and their long term
experience in the industry, exporting fish products. They also have a strong infrastructure, which
includes the operations centers and supporting fleet of vessels. There are five storage ships, 20
collection boats to support day to day operations. In addition, to this their well-groomed reputation
in the market is another advantage to support their objectives. Moreover, the diverse range of
products make them the most prominent player in the market.

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Evaluation Process

Source: http://www.marketingteacher.com/image/co 1

Country Identification
The decision to enter into international market requires certain steps that needs to be followed.
Firstly, identification of the country. Secondly, preliminary screening and then In-depth screening
and later, final selection.

Before exporting a product into international market we need to look into the similarities and
differences, between the markets, and make the final selection. In order to export lifestyle fish
products it is necessary to select the most profitable market for these products. Therefore, MIFCO
must consider the current opportunities, threats and trends in the market before selecting a country
to target the product. At the first stage three countries were identified.

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 Preliminary Scanning

Countries and details

Index Weighing

Index weighing

Index weighing
Screening Factors

Total weighing

Total weighing

Total weighing
Factor Rating

Thailand

China
India
Exchange rate 5.4 2.33 3.08528 16.66 66.5 88.056144 475.5 6.69 8.85858051 36.126

GDP real annual

rate 5.3 2.80 16.8573 89.34 7.1 42.745334 226.55 6.71 40.397351 35.563

GDP per Capita

PPP 8.4 13987 42.2351 354.8 5730 17.302292 145.34 13400 40.4626023 112560

Unemployment
rate 3.8 1.00 10.0503 38.19 4.9 49.246231 187.14 4.05 40.7035176 15.39

Monthly wage 5.7 373.58 0.59606 3.398 272 0.4339878 2.4737 62029 98.9699492 353565.3

ease of doing
business 6.5 16.00 6.95652 45.22 130 56.521739 367.39 84 36.5217391 546

Population 9 67.22 2.49345 22.44 1254 46.516511 418.65 1374.6 50.9900366 12371.58

-
inflation rate 8 -1.19 -23.288 186.3 5.00 97.847358 782.78 1.30 25.4403131 10.4

Consumer Price
Index 6.5 106.33 31.4279 204.3 131 38.719593 251.68 101.00 29.8525109 656.5
Food Inflation % 8.2 1.11 13.3413 109.4 5.91 71.033654 582.48 1.30 15.625 10.66

Competitiveness
Index 7.9 4.65 33.4292 264.1 4.31 30.984903 244.78 4.95 35.5859094 39.105

Consumer
Spending 8.5 33522.4 10.6645 90.65 16055 5.1076021 43.415 264758 84.2278742 2250443

Sales tax rate 4.3 7.00 18.1818 78.18 14.5 37.662338 161.95 17 44.1558442 73.1
Interest rate 8 7.00 39.2157 313.7 6.5 36.414566 291.32 4.35 24.3697479 34.8

Total 1444 4181.4 2730398

Ranking 3 2 1

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In-Depth Screening
Country and Concentration
India
India lies on the Indian plate, a northern portion of the Indo-Australian Plate. The Indian
subcontinent is surrounded by three different water bodies and is easily recognizable on the world
map. India is the seventh largest country in the world in terms of area which makes it an obvious
place to have vast geographical features. There are numerous rivers and backwaters in
Maharashtra, Goa, Kerela and Karnataka. These regions are divided into two parts- the Malabar
Coast and the Konkan.

India is surrounded by water from three sides- Arabian Area in the west, Bay of Bengal in the east
and Indian Ocean in the south

The current population in India is 1254.02 million. India population is equivalent to 17.84% of the
total population.

India ranks number 2 in the list of countries by population. New Delhi is the Indias capital
territory, is a massive metropolitan area in the countrys north.

The SRS survey reveals that 71% population in India is non-vegetarian while 28.85% is
vegetarian (kaushik, 2016).

China
China is geographically located in Southeast Asia along the coastline of the Pacific Ocean. China
consist of 9.6 million square kilometers and 18000 kilometers of coastline. The current
population in China is 1374.62 million. China is considered to have worlds largest population.
People tend to divide china into 4 regions. That is, North, South, Northwest and the Qinghai
areas. Residents of each region have different life styles and customs because of geographical
differences.

China has many rivers and lakes. According to Travel China Guide Website it says, more than
50000 rivers in China has drainage areas that exceed 100 square km; more than 1500 exceed
1000 square km.

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Culture and Beliefs
In order to analysis the culture of India and China Hofstedes model have been used. In this model
we will mainly be focusing on four dimensions. That is, Power Distance, Individualism,
Masculinity and Uncertainty Avoidance.

Source: https://geert-hofstede.com/india html

Power Distance
India scores 77 and China scores 80 for this dimension. Which means that china has high level of
inequality with regard to power and wealth within the society. Also, it indicates that there is a lot
of power distance between subordinates and superiors. Even though, it is considered to be
accepted and normal in China. Apart from China India is famous for Caste System which
indicates the power within the society.

If china is open to international market, we need to respect who rank higher than us, and show that
we understand and appreciate China so that we could make a positive impression upon Chinese
market.

Individualism vs Collectivism
India scores 48 for this dimension, and china scores 20. According to the graph, India is considered
to be more individualistic than China. An individualistic society will mostly look after themselves
and their immediate family only. Many research findings confirm that the Chinese are collective
subjects, with the characteristics of group orientation. For instance, Chinese-majority society

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has been found with the characteristics of collectivism (Hofstede, 1984). (WONG, February
2001) In market me china website Geert Hofstede mentioned that A low score here shows that
China is a Collectivist society. The people in China tend to think in terms of We, and place the
need of others ahead of their own. (Hofstede, 2014)

Masculinity Versus femininity

China scores 66 and India scores 56 in this dimensions. Which indicates that China is more a
Masculine society than India. Therefore, it can be said that, they value competitiveness and
ambition. China is said to be a society where success is defined by achievement.

Uncertainty Avoidance
Uncertainty Avoidance is the degree of members of the society feel threatened with risk and
uncertainty. Countries with low uncertainty avoidance tends to be more flexible informal rather
than bureaucratic. When comparing China and India, China tends to be more flexible to uncertain
risk than India as china scores 30 and India scores 40, as china scores lower than India.

Choice
According to the preliminary screening and Hofstedes model we could say that China is the best
market to internationalize life style products produced by MIFCO. Because China is the largest
population in the world which consist of 1374.62 million people and therefore consumer spending
is tend to be higher. Consumer spending in China is 264758 and India is 16055. Also, Chinese
market is more flexible to uncertainty and risk based on Hofstedes model.

Consumption
China
In past three decades Chinese consumption patterns have changed dramatically as incomes have
risen and new products and concepts have entered the China market (Nelson, 2011) Chinas fast
growing product categories include snack foods, convenience foods and toys etc. The young
generation of China spends less time in cooking. Therefore, there is an increasing demand for
ready to fry / microwave meals. Nowadays, many local companies in China are researching to
make Chinese food more convenient. (Nelson, 2011)

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India
Indias faster economic growth over 1990s has raised expenditure and has considerably impacted
food consumption patterns. The expenditure on food items had decline from 49.9% to 35.4%
between 1991 and 2004. But the expenditure on non- food items showed a faster increase from
50.1% to 64.6% in the same year. (Sethia)

Commitment
China
According to WTO, Chinas average applied MFN tariff rate was 9.4% in 2013, which increasingly
went down from 15.3% in 2001. Tariff was higher in agricultural products at 14.8% than non-
agricultural products 8.6% corporate income tax was lowered to 25% from 30% for foreign
invested businesses as well as local businesses.

India
According to World Banks website, Indias agricultural tariffs average between 30-40 %, anti-
dumping measures have liberally used to protect trade. Average non-agricultural have fallen below
15% in 2005.

Communication
China
Chinese is a family of closely related but commonly unintelligible languages. Manadarin is the
most common as well as the official dialect in China. English language levels are very patchy but
few fluent English speakers do exist. Chinese non-verbal communication speaks loud. Frowning
while someone is speaking is said to be a sign of disagreement. Also, it is considered to be
disrespectful to stare into another persons eyes. In crowded place Chinese people avoid eye
contact to give themselves privacy. Handshakes are the most common form of greetings with
foreigners. Also, many Chinese will look towards the ground while greeting people.

Broadcast media: all broadcast media are owned by a government agency or a communist party of
China. Foreign made TV programs must be approved by the government before broadcasting.
There is no privately owns TV or radio station in China.

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India
The official language of India is Hindi and is spoken about 45% of the population. English
language is considered as the authoritative legislative and judicial language in India. Also it is
widely used in finance and higher education. The famous Head tilt in India means yes, I
understand which is often seeing as one of the most popular body language used in India.

Broadcast media: the Indian Media and entertainment industry has been largely driven by
increasing digitization and high internet usage. With regard to India Brand Equity Foundations
website it says that in 2014, the television industry in India resulting the major share of its revenue
from advertising (32.6%) and remaining is from subscription (67%)

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Economy
China

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Source: http://www.focus-economics.com/

As for the economic indicators The current population of China is 1,383,869,864 people. China
population is equivalent to 18.72% of the total world population. And it will increase by 10 % in
the year 2020. The unemployment rate is 4.1also most of the people live in the urban areas . and
the GDP per capita is 7808$. And the inflation rate is 1.4, which means the consumer can spend
more on goods. China has a positive BOP that means they import less from other counties. The
exchange rate over the dollars is 6.29.

China's attractiveness as a destination for investment capital rests on its development of

infrastructure, resource availability (physical and labor), productivity and workforce skills, and the
development of the business value chain. The level of maturation of these elements can make
China more attractive for FDI relative to other nations, such as India, that compete and vie for the
same investment capital. A growing and developing economy requires infrastructure and resources
in order to facilitate the sale of goods and services. Lower transaction costs, due to the maturation
of these elements, enables investors to earn returns on their investments as their enterprises are
able to generate profits. Roads, highways, bridges and other forms of physical infrastructure should
be present, maintained and provide sufficient safety for the transportation of goods as well as for
the commute of employees. (Marvin, investopidia) due to lower transection cost we can export
more to the china market. Moreover, china more developed than India. This will help us to
transport our goods to different places all over the china market.

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India

Source: http://www.focus-economics.com/countries/india

As for India the population is 1276 million people. That is 17.85% of the world population. The
unemployment rate is 9.4 it is higher than china. It means that in India the working population is
low that will affect the customers who buy the branded goods is decrease. Since most of the
Indians are living in the outside of the cities where it is not development of roads, shopping centers.
This means that we cant transport the goods all over the Indian market. The exchange rate over
the dollar is 50.88 which means their currency is very low. The GDP per capita is 1623 in the year
2010. The inflation rate of India is 12.6% which means that their buying power is low.

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Infrastructure and Transportation
India
Indias roads are already congested, and getting more so. Annual growth is projected at over 12%
for passenger traffic and over 15% for cargo traffic. The Indian Government estimates around
US$90 billion plus investment is required to improve the countrys road infrastructure
(Montgomery 2008). It should also be noted that though Indias railway system connects a large
area there is still a wide gap in between. Increased manufacturing activities and a growing
population are also causing a surge in power usage. (Montgomery 2008). India has a vast network
of roads, both metalled and unmetalled. However, this means of transport and communication are
still inadequate for our needs. The vehicles that are mainly used on village roads are motorbuses,
trucks, and bullock carts. (Prakash, 2015).

Since there low in infrastructure we cannot transport the goods one place to another place within
the India. Moreover, the transportation costs are high in India. Because of this it will difficult to
consumers to get the products.

Modes of transportation
modes price
train 50-1000 Rps
buses 500 Rps
long distance taxi 8000Rps for 8hr journey
flights 50 -75$ with in country
local transport 5-10 per trip

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China
Compare to India, China people can travel one place to other places easily and low cost. This will
help to transport goods one place to another place easily and customers can get the goods in every
place across china. in china they have a good train network that is one of the biggest train network
in the world. China has four and five are respectively occupied by the international airport of Hong
Kong, that of Beijing and of Shanghai Pudong- behind the airport of Seoul, in Korea, which offers
the best services to the passengers and this for the sixth consecutive years and that of Singapore,
the Changi airport.

China has well build roads and railways and metros. Many years of road building has given a
china an extensive highway network particularly in eastern regions. Since 2000, china express
network which is already second largest in the world has been growing at an average 20% per
year.

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Market Entry Strategies
Direct export
Our product will be introduced to the market of China and India through direct marketing. There
are many benefits of using direct marketing.
Advantages of Direct Export
The profit we received from selling the product through the direct export will be more as
compared to the other market entry strategies as it does not involve any intermediaries.
When the products are sold through direct export, we will be able to know the customers
well and build a good relationship with them. Therefore it will help to maintain the
customers. Moreover the customers will feel more secure in doing the business.
The effort we give in doing the business will be more effective and efficient because we
will be able to meet the customers who buys the products from us.
When the product is directly sold to the customers, customers will be able to contact us
easily and if there is any problem they will be able to give the recommendation to improve
the products. As a result of this the performance in the market place can be improved.
As the direct marketing is used we will be able to have a better understanding of the market
place.
As the business is developed in the foreign market, we will have a greater flexibility to
improve or redirect the marketing efforts.

Disadvantages of Direct Export

For direct exporting, it will take more time, energy and money than doing some of the other
forms of businesses.
It will be difficult to get the customer as we are selling the products to other countries.
We may not be able to respond the customers as local agents do due to the communication
barriers.
When we do direct exporting we should be aware about the laws and regulations of the
other countries.

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Final selection
Based on the in depth screening of Thailand, India and China the most attractive market seems to
be China as it got the rank 1. As the China is the most populated country the demand for the
lifestyle products will be more in the China.

As the China is one of the fast developing country, most of the people in the working age group
will be doing their jobs in a busy schedule. Therefore there is a need for the Lifestyle products as
it can be easily consumed with few steps. Moreover based on the In depth screening we can see
that the monthly wages of the people of China is higher as compared to the other two countries,
India and Thailand. The consumer spending is also higher in China.

Targeting and Positioning Strategy

The lifestyle products will be targeted to the market of China. It will be mainly focused to the
people of working age group and above. We have selected this segment of the market as they will
be more busily working and there is a higher need for such product to this segment of the people

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Marketing Programs
China is a huge market with the highest population in the world. MIFCO marketing plan should
focus on marketing the lifestyle products to the busy young working population in the market. The
marketing plan should be focused on this segment.

Marketing Objectives
When exporting products to China market, it is vital to consider the short term and long term
objectives

Short Term Objectives

- Provide excellent high quality products

- Build excellent customer relationship and maintain a strong customer base

- Increase the awareness of the lifestyle products through promotion.

Long-Term Objectives
- Expand the business in different region of China

- Develop an innovative workforce and gain competitive advantage

- Expand the product range

Marketing Mix
Product
MIFCO offers lifestyle products to the China market. The products are under the brand name
Fasmeeru. There would be diverse range of lifestyle products under the brand name Fasmeeru.
MIFCO would be focusing on products quality and its standard. Moreover standard packaging
would be used. Packaging is used to protect fish & fishery products from damage during handling
and transport, it would give a unique look to the product.

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Price
The price remains one of the most important elements in the purchasing decision for fish
products. Factors to consider when setting a price includes demand, competition, costs, legal
considerations, economic condition etc. price must remain at an acceptable level for the target
customer, because price is one of the most important factors in the purchasing decision. Maldives
fishing products are high value products in the international market. The pricing should not hinder
the positive brand image of the products. The pricing strategy MIFCO use at China market would
reflect the quality of the products. The pricing strategy used would be a high value strategy, where
MIFCO would be charging a medium price compared to the Maldives market. When setting the
price, the export related expenses such as documentation, shipping insurance cost, warehousing
and storage, customs duty fee and taxes, etc should be considered. In addition to this MIFCO can't
ignore the competitors' pricing and exchange rate fluctuations in China.

Place
MIFCO will be exporting the products to Shanghai. It is the largest and wealthiest city in China.
Shanghai has the largest and busiest port in terms of containers and cargo tonnage, a grand business
district, two large airports (Pudong and Hongqiao). MIFCO will be supplying their products to
supermarkets in the Shanghai city through agents. Therefore MIFCO Fasmeeru brand lifestyle
products will be available in the largest supermarkets in the Shanghai city.

Promotion
Product promotion is one of the necessities for getting brand in front of the public and attracting
new customers. Regardless of company's product, a strong set of promotional strategies can help
position MIFCO in the China market. MIFCO would carry various promotional activities in
entering the China market. The activities would be carried out in a serial way to attract more
customers. Promotional activities include advertising, use of social media (Facebook/Twitter),
Posters; Taxi posters and areas with high accessibility to reach the target audience and through
their website.

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References

Delaney, L. (2016). direct-exporting-advantages-and-disadvantages. Retrieved September 28,

2016, from the balance: https://www.thebalance.com/direct-exporting-advantages-and-
disadvantages-1953310

kaushik, H. (2016, June 10). 'Veg' Gujarat has 40% non-vegetarians. Retrieved from times of
india: http://timesofindia.indiatimes.com/city/ahmedabad/Veg-Gujarat-has-40-non-
vegetarians/articleshow/52681704.cms

Mifco. (2014). Retrieved September 25, 2016, from Mifco: http://www.mifco.com.mv/about/

Mifco Company Profile. (2015, April 22). Retrieved September 22, 2016, from
https://www.youtube.com/watch?v=3auBL4ePuIQ

Nelson, C. (2011, July 1). Understanding Chinese Consumers. Retrieved from China business
review: http://www.chinabusinessreview.com/understanding-chinese-consumers/

Sethia, S. (n.d.). INDIAS CHANGING CONSUMPTION.

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