Executive Summary

The national institute of business management is one of the driving forces of the Sri
Lankan private tertiary education sector which provided education for more than
5,000 students. With the recently tasted success it had due to the unparalleled
quality and the solid foundation it has laid as a semi government institution, NSBM
developed Sri Lankas one of the largest private educational arena which is named
as NSBM green university. The newly built green university town can accommodate
more than 30,000 students with the state of the art facilities.
Due to the expansion and with the recently discovered trend in terms of foreign
students the NSBM has decided to select Maldives as one of the key destinations
the organization should reach out for to attract new students. This decision was
backed by the findings during the study which supplements the suitability and less
risk nature of the country to deploy the international marketing strategies of NSBM.
The marketing communication plan was created taking into consideration the values
of the Maldives, which are deeply rooted with the Islamic teachings understanding
the cultural differences through globally renowned models such as Hofstede.
As the initial entry the presence in Maldives of NSBM will be done through
educational consultants which in later stages will increase with the successful
nature of the business operations. Within the three distinct business units namely
the faculty of engineering, faculty of business and the faculty of foundational
studies, the optimal business unit which is the engineering faculty will invest on its
degree programmes heavily due to its higher market attractiveness and the
strength it has brought to the business.
Introduction
National institute of business management or the shortened name NSBM is one of
the first ever green themed universities in south Asia accommodating both local and
international students. The NSBM due to its recently found enormous success,
opened up a newly built green university town which offers UGC (University Grants
Commission of Sri lanka) approved and internationally recognized degree
programmes under three streams namely Management, Computing and Engineering
in collaboration with esteemed universities resided in Australia, United Kingdom,
Malaysia and Ireland.
In the fields of higher education in Business studies, NSBM collaborates with the
worlds top ranked universities, such as the University College of Dublin, Ireland and
Plymouth University, UK. The introduction of degree programs in creative
multimedia from Limkokwing University of creative technology in Malaysia, opens
up a new landscape in the tertiary multimedia education fields in Sri Lanka.

About NSBM
Vision To build a world class School of Business, integrating leadership,
ethics, global thinking, core management skills, and leading edge technological
innovations
Ownership Half of the ownership is with the government of Sri Lanka and the
rest 50% resides between private investors
Faculties Business Management, Engineering and Foundation courses
Area of the university 26 Acres with a Gymnasium, Auditorium, Indoor stadium
Facilities- Indoor Stadium, Gymnasium, outdoor theater, Indoor auditorium,
Sports ground with a seating capacity of 10,000, state of art computer lab
facilities and library
Student Capacity 30,000

With its already tasted domestic success the NSBM as an institution/University

focuses on expanding its horizons towards a new market/Territory. Due to the
closest proximity and the size of the country, the NSBM management has decided
to focus on Maldives as the initial overseas country to expand its reach.
Task 1
Country Overview
The 12C framework is a tool for analyzing international markets in examining twelve
facts including the country, concentration, culture/consumer behavior, choices,
consumption, contractual obligations, commitment, channels, communication,
capacity to pay, currency and caveats. The 12C model was used in analyzing the
country.

Country Maldives is made out of 26 small islands spanning across an area of

298 Square Kilometers. The population according to the 2015
published statistics is 393,253. Nearly 47.8% of the total population
reside between ages 25- 45 years which is seconded by years 15-
24 years which is 21.3%. ( Please Refer the appendix for PESTEL
analysis)
Culture/Consu The Maldivian ethnicity is called Dhivehis whom are linguistically
mer Behavior and ethnically related to the people in the south Indian sub-
continent. The major religion is Islam with 98.4% and the official
language is Dhivehi.
The literacy rate is 98% with more than 70,000 foreign employees,
along with 33,000 illegal immigrants, comprised more than one
third of the Maldivian population. There are 40,000 Bangladeshis in
Maldives making them the largest group of foreigners working in
that country
Channels Educational agents are the primary channel to reach to foreign
universities
Commitment Low government interference due to lack of existing higher
education related resources in the country, Non corrupted
transparent market, Ease of access to the schools for the registered
institutions
Currency The local currency Maldivian rufiyaa reside between USD 65 cents
and has seen slighter fluctuations along the time. The currency
seems to be in a much stable form when compared to the current
Sri Lankan Rupee depreciation against USD.
Communicatio Mix of traditional and Social media are the preferred channels
n
Capacity to Moderate capacity pay
Pay
Contractual Less for this industry
Obligations
Consumption High demand for the affordable tertiary education
Concentration Lesser concentration due to less nationalities prevalent in the
country.
Caveats Low
Choices According to a popular web platform Uniagents.com seven
educational consultants are in operation in addition to one national
university in Maldives. Out of seven consultants three (3) main
consultants are covering nearly 70% of the market providing the
following,
-Visa assistance
-Career guidance
-University coordination (Refer to the appendices for more
information)

The GE Multi factor matrix

By considering the above 12C factor analysis it is clearly evident that Maldives as a
country possess a healthy environment to promote the NSBM products. But NSBM
alone has three distinct business units/Faculties which operates as Foundation unit,
Business Unit and Engineering unit. In order to analyze and decide which business
unit should be expanded the Mckinseys GE multi factor business portfolio matrix
is used.
The nine-box matrix plots the BUs on its 9 cells that indicate whether the company
should invest in a product, harvest/divest it or do a further research on the product
and invest in it if therere still some resources left. The BUs are evaluated on two
axes: industry attractiveness and a competitive strength of a unit. (Please refer the
appendices for the workings of the respective business unit)

Figure 1.Ge Multi Factor Matrix

(Source:

Strategicmanagementinsights.com)
After analyzing the existing NSBM operations and the tertiary education industry,
the three business units were placed on a GE matrix according to the relative
attractiveness and the business unit strength. It is clearly evident that out of the
three business units the engineering business unit has the highest strength and the
highest market attractiveness out of the whole three business units.
The business faculty or the business unit which offers business management
degrees are in an uncertain state since it is resided in medium ranges of the both
strength and the attractiveness. When the other business unit which offers
certificates and foundation studies to the students is considered, it resides in low
market attractiveness and has a medium business strength in terms of competitive
advantage.
So by considering the above facts it is clearly evident that the engineering unit
which offers mainly the software engineering degrees and the multimedia degrees
should be the way forward towards the Maldives expansion. The efforts should be
put in towards promoting the engineering degrees whilst business can be
considered secondary.

Figure 1.2 - NSBM GE Multi Factor Matrix

Task 2
Barriers to the Maldivian Market
Tariff Barriers
Each and every business operating inside the Maldives are subject to Goods
and services tax which is taxing the returns of an entity on the added value.
The domestic GST rate resides in 6% for the local goods and services whilst
the overseas companies who operate and promote products within the
country are subject to a tax rate of 12%.
Non-tariff Barriers
The non-tariff barriers are as follows,
Each institute that is promoting inside the Maldivian island should be
registered under the Government of Maldives. The certificate of
incorporation and any standards which the organization has obtained as a
place which is fit to accommodate/Educate students should be presented
in the registration process. Maldives government charges a registration
fee of approximately $1,000 in order to get registered. But this
registration process is considered as a very rigorous process since it takes
a considerable time.
Nearly the whole population is following Islam as the key religion in the
country. When the business management and finance is considered, the
sharia Law is being followed. Concessions are offered to the
Degree/Diploma programmes which has more Islamic finance elements
are inculcated.
The students who are willing to study abroad are subject to the Maldivian
foreign exchange law. In order to pay the respective fees and to continue
the studies abroad, the respective student must have to submit the duly
completed foreign exchange clearance form.
Since Islam is the main religion embraced within the country, the
communication and the advertisements should not by any means
contradict with the Islamic teachings and the guiding rules. In such an
event the government has the full rights to with draw the operations
license and ban and black list the corresponding university or institution
from the country. By any means the communication should not promote
any other religion as well since promoting other religions are considered
nearly as a criminal offence.
Possible Implications to the Marketing Strategy
The tariff system does not make a huge impact on the marketing strategy of
the NSBM towards the Maldives. But since the country is totally governed by
the Islamic rules will raise few concerns with regard to the communication of
the institute. The models and the costumes used, and the possible messages
delivered should be re looked into with a perspective of aligning it with the
country moral values.
Task 3
Identifying the cultural differences between the Home country and the Host
country and the ways to manage the difference.
By the above facts it is clearly evident that somewhat different culture is
prevalent in the Maldives in comparison to Sri Lanka. As there is no proper
analysis on the Greet- Hofstede global website with regard to Maldives, the
below analysis is mainly done through referring to articles and by interviews
with personal references. In addition, these discussions are fairly generic;
discounting the difference there might exist between sub-cultures within the
Maldivian society.
According to Hofstede (2001) there are five key dimensions which we could use to
analyze a given culture; they are Individualism vs. Collectivism, Power Distance,
Masculinity vs. Femininity, Uncertainty Avoidance and Short Term vs. Long Term
Orientation.

Individualism Vs Collectivism
In Maldivian culture, it is commonplace for extended families to live under one roof
and there is expectation placed upon individuals to help out financially and
emotionally to even extended family members. Financial assistance for medical
treatments, weddings and other family activities are expected from other members
in extended family. In the current Sri Lankan context though it is the extended
family, the trend is now relatively moving towards the nuclear families where the
focus is only on the immediate families.
Based on these observations, it is inclined to believe Maldives and Sri Lanka are
fairly a collective culture with strong pressures upon individuals to follow what is
regarded as the collective norms of the society.
Power Distance
Maldives is currently moving away from a high power distance to a low power
distance culture, although, it may take a few more years for it to fully become a low
power distance culture. And in the future where they will stand in this dimension will
largely depend on the way Islam and democracy is shaped in the Maldives. A more
Islamic fundamentalist approach could result in a higher power distance whilst
strong democratic values would lower the power distance barrier. On the other hand
Sri Lanka according to the Hofstede index has a higher value towards the
hierarchical society with higher power distance. (Source: geert-hofstede.com)

Masculinity Vs Feminity
In Maldivian culture, individuals who have achieved high academic qualifications or
have managed to amass huge wealth are considered to be high achievers
irrespective of the quality of their life. For instance, majority of families who come to
the Capital Male to educate their children stays back in Male after their children
have completed their education when they have the possibility of going back to
their islands where they can enjoy a better quality life with more spacious living and
peace. Numerous other examples can be seen in our culture which suggests that
Maldives is a very masculine culture which values material success over quality of
life.
Sri Lanka on the other hand is thus considered a Feminine society. In Feminine
countries the focus is on working in order to live, managers strive for consensus,
people value equality, solidarity and quality in their working lives. Conflicts are
resolved by compromise and negotiation. Incentives such as free time and flexibility
are favored. Focus is on well-being and status is not shown or emphasized.
This clearly illustrates that Sri Lanka is having a famine culture whereas the
Maldivians are having a Masculine culture.
Uncertainty avoidance
Maldivian culture has low tolerance level for change. As a result it makes it takes
time for new changes to become accepted within the society. For instance, when
engines were first introduced in 1970s by then the President Honorable Ibrahim
Nasir the fishermen were very critical and resisted this change citing that fish shoals
would not surface due to the loud noise the engines generated. Fast track 30 years,
now all the fishing vessels are equipped with engines and it would not have been
possible for Maldivian fishing industry to be where it is now in terms of the scale of
production and number of markets which we supply fish without this mechanization
of fishing vessels. Maldives can be classified as a strong uncertainty avoidance
culture.
Same as Maldives according to the official Hofstede index Sri Lankans are not
having a strong preference to the change where they also can be stated as an
uncertainty avoidance culture.
Short Term Vs Long Term
In analyzing Maldivian culture through the time orientation dimension, a lot of
values associated with long term oriented cultures can been seen in Maldivian
culture. For instance, one of the most striking feature of that culture is warm
hospitality of the people. Maldivians are known to go all the way in making visitors
feel comfortable and well fed even if it means it puts us in an uncomfortable
situation or they have to spend the night with little or no food.
On the other hand Sri Lankans are also equally popular for the hospitality. Like
Maldives at any cost Sri Lankans are also has higher scores is their generosity
indicating a long term perspective.
Cultural Conclusion
The two cultures whilst analyzed through Hofstede index resides very closely since
both countries are driven by the religious values so the culture is more or less
similar but has different values. The clear distinction is generally in dealing with the
Maldivians, attention should be paid towards the Islamic values and non-promotion
of other religions within the country. Other than that since the cultures are not
having drastic differences it will be less complex in terms of cultural related issues.

Recommended marketing strategy and the operating strategies

Entry Strategy Contract Manufacturing/Service Offering

The contract manufacturing stands for the companies doing international
marketing contracts with firms in foreign countries to manufacture or
assemble the products while retaining the responsibility of marketing the
product.
By considering the above facts it is clearly evident that there are distinct
differences in the culture and the governing principles between the two
countries. During the initial phase of analysis it was recognized that the
recommended channel of foreign education in Maldives can be considered as
the educational consultants. Since it is the most established channel as the
entry toward the country, the educational consultants can be considered as
the most prudent channel to reach the target customer base initially. Since
this is a service business, the model will delegate the authority to the
education consultant with regard to NSBM towards the student consulting
and student selection and screening process. This model is having less risk
since NSBM does not lose a lot if the environment changes drastically when
the other entry strategies such as Greenfield investments require huge
amounts of capital during the initial phases. So this strategy can be
highlighted as a Low risk strategy to entry.
The most reliable educational consultant amongst the three big consultants
according to the Uniagents.com is the Gio-Net consultants. The Gio- Net
will be selected as the initial agent who has the exclusive rights towards
promoting and recommending the University to the key students. Though the
promotion rights are offered, the whole marketing will be done according to
the central NSBM marketing team catering to the taste of the Maldivian
customer base.
Strict screening and filtering process such as Minimum advance level/
ordinary results will be imposed which will be used separately to the
Maldivian students depending on the strength and depth of the existing
education system in Maldives.
The Gio-Net will be driven according to the given target fee Percentages
(commissions) to enhance the performance and to make the agreement a
Win-Win one for the both parties. The respective Percentages will differ
according to the enrolled number of students. As an example for first 30
students 5% of the total value of the degree and if they achieve more than
30 and less than 50 it will be 8%. More than 50 students the fee percentage
will be 10%.
The local marketing will be carried out in consultation with the Gio-Net who
has vast experience in the country with regard to the educational
consultancy. Yearly budget amounts will be allocated for the marketing where
higher proportion will be focused on Social media Promotions. After Social
media the next promotion channel will be conducting events and
sponsorships. The social media will be centrally handled by the Sri Lankan
marketing team in order to have a more control over the content.
How to face challenges imposed by the competition offering cheaper options
from less developed economies.
According to the basic analysis which was conducted during the start of the
study it was clearly evident that the competition amongst the educational
consultants is high. In terms of the options the degree programmes offered
by Bangladesh universities are charging fairly less fee amounts in
comparison to the NSBM. The whole fact behind a far less amount are that
those universities are offering degrees from a local universities which are
resided in Bangladesh. When the student facilities are concerned the
facilities are less in comparison to the NSBM since the NSBM is having a
larger auditorium, gymnasium, labs and etc.
In terms of the university rankings, it is clearly evident that the degrees
offered by NSBM are from relatively higher ranked universities in UK, Ireland,
Malaysia and Australia. On the other hand the Degrees offered by
Bangladesh universities reside between 2500-3000 in the global university
rankings which clearly highlights the fact that the universities are not very
recognized internationally in comparison to the degree programmes offered
by the NSBM.
The intensity of the competition can be handled in two ways. Number one
method is to educate the consulting staff with regard to the price differences
and the facilities offered by each university/Institute. Thorough comparison
will clearly illustrate the benefits which are out flowing above the cost
differences. The second method is in marketing communication having more
emphasize on the global university ranking and the facilities offered by the
NSBM for the affordable price. This point can be stressed further by the fact
that Sri Lanka being in the closest proximity to Maldives which will give an
overall advantage of Air and related other costs.

Marketing Communications
The communication mix refers to specific methods used to promote the company or
its products to targeted customers. Some depictions of the promotional mix include
five elements, while others add a sixth -- event sponsorship. The key channels
which can be used in marketing communications can be illustrated as Advertising,
Direct Marketing, public relation and event sponsorship.
Advertising
Since the NSBM Is a new brand amongst the Maldivian community, during the
introductory stage considerably higher advertising should be carried out. In the
advertising the conventional channels such as TV, radio and press can be
considered as expensive in the initial phase of the launch. So the recommended
channel can be considered as social media marketing. According to international
monetary fund statistics (2016) the internet penetration in Maldives is 69% which is
very high considered to a country like Sri Lanka which is having a mere 30%.

Figure 3.0 - Social media websites used (Source: Statsmonkey.com)

By the figure XX it is clearly evident that more than 95% of the social media
users are present in the face book. This can be used as a key marketing
communication channel to reach the desired audience since by looking at the
key social media age breakdowns, the Facebook is the only social media
website which reaches across each and every age segment. Out of those
segments the most crucial age limits will be 17-25 years which can be
considered as the target group age range for potential customers. As it
clearly illustrates in the figure XX , the persons who are within those age
ranges are having a considerably higher social media penetration in
Facebook. A dedicated Facebook page only for the Maldives market where
the contents are more local nature can be considered as effective.
Figure 3..1 -Social media Vs Age breakdown in Maldives (Source: EY, Social media Marketing
trends study; 2016)

Apart from the social media the next best mode of advertising can be the
newspapers which will offer more in detailed picture about the NSBM to the
guardians and relevant stake holders. Newspaper can be used as a way of
educating the target market whereas the social media can be used a
possible lead generating medium.
Direct Marketing
The potential customer leads can be collected through the schools and
related institutions for a nominal price which contain the contact details of
students who would like to pursue a degree abroad. These will be used to
send bulk Emails and call follow ups through Gio-Net to obtain new
customers.
Events/Sponsorships
NSBM will organize events such as seminars for the students who will be
completing the school. This will be a sequence of seminars in which on
category will contain career guidance tips from popular individuals in
Maldives and Sri lanka. The core objective of these events will be to increase
the awareness of the NSBM brand and to guide the students. Other category
of seminars will be focused on the students who are still in the school and
facing examinations, who needs essential attention on areas like effective
memory, time managements and motivation. So these will be addressed
with trainers/ coaches who are specialized in child psychology.
Apart from the events, sponsorships will be used as a strategy to obtain
essential leads and to promote the NSBM brand amongst the target group.
Events such as educational seminars, sports day and career days will be the
key areas sponsorships will be on offer.

Marketing Communication: Should it be standardized? Or Adapted?

The standardization standpoint (as proposed by Jain, 1989; Levitt, 1983)
according to these authors, supporters of standardization believe that there
is a union of cultures with similar environmental and customer demand
around the globe. On the other hand supporters of the international
adaptation approach, emphasize the importance of customization. The
fundamental basis of the adaptation school of thought, is that when entering
a foreign market one must consider all environmental factors and constraints
such as language, climate, race, occupations, education, taste, different
laws, cultures, and societies
The marketing communication can be done in different ways. But from the
information gathered so far it is clearly evident that theres a clear difference
between the cultures of the two countries. With this difference,
standardization is not the correct path to reach to the customers in Maldives.
To a certain extent the marketing communication should be adapted
according to the values which are practiced in Maldives. The color themes
and the models used in the communication materials should be aligned
towards the Islamic values. The contents should be in the local language to
appeal towards the general target audience.
In its communication elements the NSBM has certain themes according to
the existing seasons in Sri lanka such as Sinhala and Hindu New year theme,
Xmas theme. Likewise in Maldives the Ramadan period is one of the most
sensational periods for the locals which normally falls under august every
year. These should be taken into consideration when communications are
being implemented.
In theory the preferred model to embrace in the marketing communication
should be the product extension whilst adaptation of the communication to
the local taste.
Appendices
Political Presidential republic system where president is both the head
of government and head of state
Maldivian educational ministry does not have a proper vision
towards the Maldivian higher education
The government focuses on improving the local university
system and developing more local universities in order to save
foreign exchange outflows
Economical Nearly 30% of the GDP is contributed by tourism
Fishing is amongst the main profession of majority of the locals
where the government offers various concessions on
developing that industry.
Agriculture and manufacturing plays a secondary role in
Maldives due to the lack of land area
Social Islam is the only official religion of the Maldives. The open
practice for all the other religions are forbidden and such
actions are liable to prosecution under the law of the
government
Internet penetration rate of Maldives is 68.9%
Maldivians prefer Services as a major sector
Median age of the Maldives 26.2 Years
Technological Government spends on Research and Development only on the
sectors which generates GDP
Mobile phone penetration has reached 125% highlighting the
fact that nearly every person uses a mobile phone connection
Recently the country linked with the international fiber optic
cable network.
Legal Islamic religious legal system with English common law
influences, primarily in commercial matters
7 provinces with 1 municipality
Sharia law is the only and accepted law when it comes to the
financial dealings
Environmenta Has 26 coral islands covering 290 square kilometers
l Low elevation of the island makes the country sensitive to the
sea level rise.
PESTEL Analysis - Maldives

Porters Five Forces Analysis

maldives
open and free economic policies of
conducting is relatively easy due to the
- starting up a business and
relatively higher laws/regulations
- The government does not posses
Threat Of new Entrants - High
Barriers to entry - Low
- The maldivian government does
not have a very stringent
process to register educational
providers. As a result of that the
barreirs to entry are low for a
new educational institute.

Rivalry Amongst the Competitors -High

- The low cost bangladesh universities are offering similar degrees for
a lessor price which makes the competition more cut throat.
-Top ranked universities are also on offer for a higher price for the
affordable segment with heavy spendings on advertising

Threat of Substitutes - Moderate

- Majority of the students go abroad
power.
to obtain the teritiary education. If
base. They posses a higher bargaining
not the best alterntive would be
reaching towards the target customer
applying to the local maldivianian
consdiered as the key chennel of
university. which is a relatively
- Educational consultants are
cheaper option but without less High
facilities Bargaining Power of Suppliers -

SWOT Analysis
Strengths Strong private sector tourism industry
Generally stable political environment with the ongoing
reform agenda
Government pushes on local governance and decentralization
Reasonably good primary and secondary education and
English language skills
Weaknesses lagging behind the agriculture industry
A narrow economy base: tourism accounting for a third of the
GDP, followed by transport/communications (15%),
manufacturing (8%), and fisheries (6%).
Large inequalities and inequities between the capital Mal
and outer atolls
Opportunities Increased foreign investment in core sectors and promotion of
private investment by locals
Growing interest among the youth towards internet and
related industries
Improved infrastructure
Threats Increase in political tensions in the short term due to the
transition to multi-party democracy.
Potential fiscal and economic instability: unless the
Government addresses the rapidly growing fiscal deficits
before its debt reaches unsustainable levels, high economic
growth would be difficult
Social and political tension from large social and economic
inequities between Male and outer atolls
Rising sea level, tsunamis, and mismanagement of
environment and pollution
Industry Attractiveness Vs Business Unit Strength

Industry Attractiveness
Engineerin
Foundation Business g
Weig Rati Sco Rati Sco Rati Sco
Factor ht ng re ng re ng re
0.7 1.0
Industry Growth Rate 0.25 2 0.5 3 5 4 0
0.6 0.6 0.8
Industry Size 0.22 3 6 3 6 4 8
Industry 0.5 1.0
Profitability 0.25 2 0.5 2 0 4 0
0.2 0.4
Industry Structure 0.1 2 0.2 2 0 4 0
0.1 0.1 0.2
Trend Of Prices 0.09 2 8 2 8 3 7
Market 0.1 0.1 0.1
segmentation 0.09 2 8 2 8 2 8
2.2 2.4 3.7
Total Score 1 2 7 3

Competitive Strength
Foundatio Engineerin
n Business g
Weig Rati Sco Rati Sco Rati Sco
Factor ht ng re ng re ng re
0.7 0.7 0.7
Market Share 0.25 3 5 3 5 3 5
Relative Growth
Rate 0.2 2 0.4 2 0.4 4 0.8
Company
Profitability 0.2 3 0.6 2 0.4 4 0.8
0.4
Brand Value 0.15 2 0.3 3 5 4 0.6
Customer Loyalty 0.1 2 0.2 3 0.3 4 0.4
Product
Differentiation 0.1 2 0.2 3 0.3 4 0.4
2.4 3.7
Total Score 1 5 2.6 . 5
References
1. Statistical Pocket Book of Maldives (2015) ,

http://statisticsmaldives.gov.mv/nbs/wp-

content/uploads/2015/10/Statistical-Pocketbook-of-Maldives2015.pdf
2. Doing Business in Maldives (2015) ,

http://www.trade.gov.mv/dms/161/1453198480.pdf
3. National bureau of statistics of Maldives , (http://www.planning.gov.mv)
4. World Bank, (http://data.worldbank.org/country/maldives)
5. University agents , (https://www.uniagents.com/)
6. Strategic Management Classic Edition By H. Igor Ansoff and G.I.Nakamura

(2007), Palgrave Macmillan, New York

7. Marketing Moves: A new approach to profits, growth and renewal By -

Philip Kotler, Dipak C.Jain & Suvit Maesincee

8. International Marketing by P.Cateora, M.Gilly and J.Graham (2014)
9. The world bank, (www.worldbank.org)
10. Maldivian monetary authority (www.mma.gov.mv)
11. Geert- Hofstede (https://geert-hofstede.com/national-culture.html)
12. Understanding Maldivian culture: Hofstede cultural dimensions
(https://hamblogs.wordpress.com/2010/05/29/understanding-maldivian-
culture-hofstede-cultural-dimensions/)