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Language Maldivian Business: 1.10 Factors Of Globalization

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1.10 Factors to consider when globalising
Factors Description
Language Maldivian language factor has to be kept in mind. Well knowledge and language skill staff need to be recruited to adjust according to the local language
Culture Countries are different from one other in terms of language spoken, religion practiced, and food eaten and in many other ways. These differences are very real and significant, and HNB should consider how these differences can hinder or facilitate the marketing efforts of the company in the Maldivian market.
Market Attractiveness The attractiveness of a market can be assessed by evaluating the market potential in terms of revenues that can be generated, access to the market in terms of the host country being warm …show more content…

Legal and regulatory requirement It is important to know the attitude of the Maldivian government and the people of the host country before HNB decide to commit resources. HNB’s historical record and its professed attitude towards globalizing should also be considered.
Competition
Currently there are around Seven main banks operating in Maldives. Bank of Ceylon, Bank of Maldives, Habib Bank Ltd, HNB, Maldives Islamic Bank, State bank of India and the Mauritius Commercial Bank. These main competitors’ products and service they offer and all other information has to be gathered.
Economic factors Not all countries will be attractive for all companies. Some markets cannot afford the service and they should refrain from entering those markets, whereas there may be some markets which would readily accept a slightly different version of their existing service. HNB should be aware that terms and main economic factors in the Maldivian banking and financial industry. Table 3: Factors to consider when …show more content…

Opportunity to access resources internationally.
Access to international investors and stakeholders Table 5: Opportunities and threats for HNB bank Sri Lanka when globalising to Maldives
It can be further explained via Barney's (1991) VRIN framework
V Value
Maldives being one of the nearest countries to Sri Lanka it is easy for HNB to manage when it comes to resources and man power to start up the operations. This will help HNB to gain a competitive advantage.

R Rarity
Maldives being one of the top tourist destinations the rarity is low. Each year more than one hundred thousand tourist travel to Maldives.
I Inimitability
Banking and financial institution operations are almost the same when it comes to all banks in Maldives. HNB will be giving special consideration to provide superior customer service to have an edge among its competitors.

N Non-substitutability
Insurance companies are a substitute Figure 5: VRIN framework (Source - Barney's (1991) VRIN framework)

1.13 Recommendations on changing to use a more suitable planning process to meet the new global

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