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Large corporate enterprises private sector small and

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Large Corporate Enterprises (Private Sector)Small and Medium Enterprises (SMEs)IndividualsFrom the above list, the main player in the industry, BML with 35 branches in 20 Atolls is wide-spreadacross the country as compared to just 1 branch in Hulhumale’(Maldives Monetary Authority, 2021d)which is also in greater Male’ area(Bank of Maldives, 2021a). This signifies that the bank’s marketcovered is significantly lower, only reaching the residents in the Male’s city and greater Male’ areaand businesses in nearby islands. However, due to the fact that 30% of Maldivian population residesin the capital city of Male’ (i.e. 155 000 approximately); this may not seem to have much adverseeffecton the bank’s market coverage also given the fact the rest of the country is still not verydeveloped and the capital city being the centre of all business activities (World The World Bank, 2021).As per MMA’s data, due to pandemic; Tourism, Construction and transportation & communicationsectors which are the identified as the major contributing sectors to the GDP, observed declines ingrowth rates and the resilient sectors which contributed positively at the end of Q1-2021 were notedto be fisheries and education sector (Maldives Monetary Authority, 2021a).
23 |P a g eTable 7: SWOT Analysis and TOWS matrix highlighting the strategic priorities to be pursuedStrengths (internal)Significant market sharegained in short span oftime within a highlycompetitive industryAttained good ROCEBacking and supportfrom its co-owner, CBCbeing one of the largestprivate banks in SriLankaWeaknesses (internal)Low brand awarenessLow market coverage in outerAtollsBetter range of services offeredby competing banksLong term established bankshaving more customer loyaltyComparatively less experience inthe market compared to itscompetitors as it is the newestbank in the industryOpportunities (external)Popularised digital banking servicesin ever changing technologiesopening doors for new productsEconomy overhauling activities byGovernment after the pandemic hitFinancial aid from internationalagencies like IMF and world bank intimes of crisisInflow of Foreign Currency depositswith the surge in tourism sectoroperationsIncreased awareness ofenvironmental issues promoted bynew environmental projectsSO strategiesProduct developmentstrategy: Invest in new‘cutting-edge’ digitalproducts designingAiming for Customersatisfaction by enhancingthe customer services toadd-value to bank’sproductsWO strategiesEnhance brand awareness anddevelop brand equityImplement Customer relationshipmanagement strategyThreats (external)Slowed economic growth due to thepandemic-lessened living standardsof householdsPolitical unrest and terroristactivitiesthe risks of frauds and cyber risksand scamsST strategiesImplement pro-activemarket orientationstrategyIncrease training &development of staff tokeep them up-to date onlatest developments inpolitical and

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Term
Fall
Professor
NoProfessor
Tags
Marketing, CBM, Bank of Maldives, Commercial Bank of Maldives

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