Marketing Jugo In Maldives Essay

2774 words - 12 pages

IntroductionThis report is conducted by a group of diploma students (semester 2) from Maldives National University (MNU), Faculty of Management and Computing (FMC), under the subject of Introduction to Marketing (MKT101). In this project, we are assigned to choose a product/service in relation to the Maldivian market. Therefore we have chosen a well-known and popular drink, Jugo.Jugo is a cool and refreshing drink which is made up of few ingredients, but which consists of a variety of flavors. A Jugo joint can be established without a significant amount of capital, and it can be set up on a very small area of land which is precious to Maldivians. Although a Jugo joint is a very common ...view middle of the document...

Furthermore it differs for each and every business; however it involves many similar factors such as suppliers, customers, competitors, marketing intermediaries (resellers) and the company itself.The macro-environment is those unpredictable factors all companies in every industry experience in common and which are difficult to control. This can range from economic forces (economic recession & inflation), natural forces (tsunami's, earthquakes, weather) and demographic forces (human population ranging from density, age, gender, race, occupation). Jugo's macro-environmentAlthough most products and services are susceptible to market forces, our research shows us that Jugo is a very stable product in the market. For example: - as it is priced at an average of 12-15 Mrf each, it does not suffer from the usual market forces like economic crisis and the price is very inelastic due to high demand and high competition. Technological and Political market forces do not influence the production of Jugo, as they are disparate. The two most important macro factors to Jugo are: - Demographic forcesThe demographic environment as it stands today in Male', favors Jugo as this city is densely populated with a huge market for the drink. The other demographic factor unique to Maldives is that all Maldivians are of the same race and creed. This provides a highly stable market. Cultural forcesThe core beliefs and values of our country are the Islamic faith and our strong national unity, these are unshakable beliefs. However, our secondary beliefs like any other country are subject to change due to factors like time and changing trends. Jugo is the current "in" thing. Moreover, it has caused a cultural phenomenon by shaping a new culture. Jugo is now the hottest trend in Maldives. Market Research and Jugo Segmentation Market ResearchMarket research is the analysis of the market done in order to obtain information of a particular product or service, so that prospective businesses could study and evaluate the current market situation and trends. This is a fundamental process which is conducted by business proprietors globally, which is necessary to achieve success (although this is not always the case as Microsoft clearly shows).Market research being done for Jugo in the Maldivian marketplace is not a common practice as our survey evidently indicates. Jugo is not a product which needs much marketing to promote itself. It is more of a trend which grows more popular; the more it is seen the more momentum it gains. This is supported by all the interviews we conducted with the owners of the Jugo points.However, this does not mean that the Jugo points were founded and became overnight successes. The entrepreneurs did do some research concerning the Maldivian market's culture and lifestyle of its inhabitants. This was done very simply; it was in the form of questionnaires and surveys conducted to the targeted segments.While we wrote our report, our data was...

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