A marketing plan of Mitsubishi Corporation Japan is hereby proposed as follows for the Elevator Promotion to the Maldivian market. Mitsubishi has a good presence in Asia and globally also. Mitsubishi Corporation Japan plan is to get into Maldivian market to sell elevators as Maldives population is increasing and the construction industry is booming in the country. The marketing plan will consist of marketing strategy through 4p’s price, promotion, product and place. The competitors in Maldives haven’t segmented the market, so Mitsubishi elevators should take marketing action by segmenting market such as high segment, middle segment and low segment (to normal residence) in Maldives.
In brief, the objective of this Market Plan of Mitsubishi Corporation Japan is to market Mitsubishi Elevators in Maldives. This Market Plan can be used for 2015. The limitations of this market plan were difficult to get up to date information and time limitation.
In 1954 the new Mitsubishi was founded, and at the same year was listed on both the Tokyo and Osaka stock exchanges. The company began expanding its development and investment-based business on a global scale. In 1971, the company made “Mitsubishi Corporation” its official English name (Mitsubishi Corporation, 2012). Mission of Mitsubishi Corporation is, “to leverage our business to help solve problems in Japan around the world, and to embrace the spirit of our Three Corporate Principles by creating Sustainable Corporate Value” (Mitsubishi Corporation, 2012). In addition, according to Mitsubishi Corporation (2012), Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including financial, energy, metals, machinery, chemicals, food and environmental business. MC’s current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to invest in retail business, infrastructure, financial product and manufacturing of industrial goods. With more than 200 offices and subsidiaries in approximately 90 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people.
Maldives construction industry is booming. According to Maldives Partnership Forum (2009), “the construction sector’s contribution to GDP growth has been increasing especially since 2004, fuelled by the recovery and reconstruction efforts following the tsunami disaster, and the construction of new tourist resorts leased out from 2004 onwards”. Moreover, due to high population of Maldives than the land space result to demand for building more buildings such as government housing projects in hulhumale’.
Strong presence in Asia *
Strong reputation (Global presence) *
Broad product portfolio
Fluctuating cash flows *
Lack of advertising
Construction industry in Maldives is booming, creating high demand in future *
Small land leads more storey buildings in Maldives
There are other Competitors in Maldives market *
Lower economic condition in Maldives *
Elevators are only allowed in buildings where there are more than 5 storey’s
Survey of target market analysis
Political condition of Maldives is in a bad condition. This is due to the development of the political party in Maldives. The people in the economy are frustrated and effecting their life negatively. As there is a negative and frustrating life, when Mitsubishi enter into the Maldivian market the people may damage the elevators due high frustration. This damage can be a high cost to Mitsubishi for repairing as these products are quality high products.
Moreover, when we look into Maldives economy as far as Maldives...
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