New York City, NY 10004 Issue 1 2011. Advertising is very crucial for increasing the revenue of an organization. Islamic teachings do guide a merchant on being principled in charging the right price. If this approach is applied and consumers are segmented by religion, Muslim consumers can be identified in any society. Bai Salam. Readers may find developments of interest blogged at ogilvynoor.com. Recently, in a scholarly article, I came across the term ‘religion-marketing intersection’. Unique communication strategy: Customize your messaging to appeal to Muslim values, needs and sensitivities. Volume 1. Thus, labelling a consumer class as ‘Muslim consumer’ has to be done more insightfully. A marketing research questionnaire is essential if you are to grow your business. Islamic marketing is a great Ave nue for research. Promotion is another area where Islamic teachings and rulings have directed practices. Frequently asked questions. Image credit: justyn. It requires a whole new product line or business unit to be created to address unique Muslim product needs. Level 2: Unique Media Access: This level of customization focuses on engaging the Muslim audience by using media channels that are targeted towards Muslims. Islamic marketing (IM) is a relatively new development in marketing thought and the term IM has not been addressed satisfactorily in the literature. It would be better if a businessman paid attention to the prevailing norms or trade procedures that exist in Islam. This article is not even a primer to the discipline of Islamic marketing and is intended to underline the importance of this emerging discipline. Issue 3 2011 Exploring Islamic markets and Muslim consumers selected papers from the inaugural Global Islamic Marketing Conference, UAE, 2011 . In fact, despite the prominence of Islam, there has been little literature on Islamic marketing (Temporal, 2011; Alserhan, 2010). Our Inbox and Messaging services connect financial firms and investors with the largest, most established Islamic markets community in the world. UAE, NJ, USA registered business Strategy Insights Inc., D.B.A DinarStandard. Since the Muslim world is extremely diverse in terms of economic development, customs and traditions and political and legal systems, it is vital for companies and marketers to analyze the environment before attempting to address these markets. This book analyzes the current Islamic marketing environment. Islamic Marketing is the study of marketing phenomena in relation to Islamic principles and practices or within the context of Muslim societies (Jafari, 2012). Place Islamic Principles Value Satisfaction Delivery Physical 7. Once the market customization strategy has been determine, you will need to plan a marketing strategy that aligns with your customization efforts. This article attempts to give some insight into this emerging discipline as well as its potential implications. This observation holds true for any market in the world regardless of whether Muslims are in a majority or not. Several Western fast food chains including McDonalds, KFC and Subway are opening more and more outlets that serve Halal products, and … Boycott of Danish products.2. Marketing Mix From Islamic Marketing Perspective 87 Downloads 17 Pages / 4,200 Words Add in library Click this icon and make it bookmark in your library to refer it later. Excerpt from Article : Islamic Marketing Strategy As the population of Muslims is increasing over time, there is also an increased demand of the introduction of Islamic principles in different sectors. Travel related examples include airlines offering Halal food options, special ‘Islamic themed travel packages. DAFZA Dubai – 54194 Evaluate if the Muslim market potential is sizeable and relevant to the markets in which the company is operating or plans to operate. Issue 2 2010. Market positioning: The most important aspect of marketing to Muslim consumers is appealing to their values with sincerity. DinarStandard’s 4-Step Muslim Market Strategy framework guides new and existing companies in implementing an effective Muslim market growth strategy. Islamic teachings and the marketing mix The marketing mix, commonly referred to as the four Ps (product, price, place and promotion), gives a broad framework on which an … No doubt it is an emerging field and it will take a long time to realize its full potential. Issue 2 2011. Islamic marketing ethics combines the principle of value maximization with the principles of equity and justice for the welfare of the society (Abdelkader Chachi and Abdul Latiff, 2008). Examples of that include clothing manufacturers, such as DKNY, that produce a line for Muslim women; another example is Sunsilk shampoo for Muslim women who wear a headscarf. Level 5: Unique Branded Products: This is the highest level of customization. Once certification is achieved, the product is deemed to have crossed the hurdle of being ‘Islamic’ and can be marketed in any way. For tailored recommendations that correspond with your company’s unique needs, contact us to schedule a complimentary Marketing Strategy Consultation. In fact, there is a concerted effort by different circles to grasp the influence of Islam on Muslim consumer behaviour, including Oxford’s Saïd Business School, Ogilvy Noor and the Journal of Islamic Marketing. Although neither the term nor the phenomenon is new, it has recently found traction in markets where consumers follow the world’s fastest growing religion: Islam. A similar set of guiding principles relates to distribution channels, for which Islam prohibits any kind of monopolisation leading to unfair pricing. Terms and Conditions • Privacy Policy. The above 4-step Muslim market strategy framework serves as a general guideline for companies targeting Muslim markets. The … 80 Broad Street, 5th Floor Marketing ethics in Islam has principles that maintain the rules in Islamic law or the rules of Islamic economic law. This term fascinated me for its implicative context, which has been largely underrated in marketing knowledge and practice. The degree to which this instrument is used varies largely, based on regulatory requirements, cultural context and consumer tendency to observe such annotations on packaging at the time of purchase. The challenge of online privacy preservation in Muslim-majority countries during the COVID-19 pandemic Dina El-Bassiouny, Noha El-Bassiouny. Islamic finance strictly complies with Sharia law. Also consider ethnic nuances. Examples include Burger King ads in local publications and TV commercials wishing Muslims happy Ramadan. Islamic marketing ethics combines the principle of value maximisation with the principles of equity and justice for the welfare of the society. Some of the opportunities include a growing demand for Muslim-friendly resorts, convergence with other travel sub-sectors or other Islamic economy sectors, and the rising middle class, especially in South East Asia. It should also address the potential of what Spain has to offer Muslim travelers: Islamic heritage sites, Halal food, family-friendly atmosphere, etc. For example some of the trends in travel include an increasingly growing middle class, increased digital connectively, and rise of socially responsible travel. It requires a whole new product line or business unit to be created to address unique Muslim product needs. “We strive to be a Shari’ah compliant brand”. Product 4. In 2008, Nestle achieved US$5.2 billion revenue in Halal products alone. This area, further popularised by the concept of Islamic banking, is much broader than Islamic marketing itself and has now developed into a parallel stream of banking operations in many parts of world. You will also need to consider how you will accommodate both Muslim and non-Muslim clients. Adherence to the Islamic ethics in the Islamic banking industry can help elevate the standards of both behaviour and living of bankers and customers alike. In developing your strategy, you will need to determine how far you will customize your product or services for the Muslim market. In determining your strategy, consider current trends and opportunities and decide what themes you will focus on. For example a travel company in Spain needs to determine whether there is a sizable number of Muslim travelers visiting the region in which it operates. Level 3: Unique Messaging: In this level of customization, you will target Muslims through targeted media channels, coupled with unique messaging that addresses their values. To begin with, when it comes to the product, Islamic teachings and rulings (fatwas) have been largely limited to pronouncing food items as being halal (allowed) or not, and almost any product marketer wanting to engage Muslim consumers will find it critical to have the product certified as such. GOT IT Islam’s influence on marketing has always been felt in different ways, and is most commonly expressed in Muslim consumer markets in terms of food items being halal or not. Aren't they using religion to further their business? Issue 1 2010. However, the message is not customized to Muslims. (LHR) +92-42-3575-8120-25 • 20-N, Gulberg II Lahore, 54660 Generally speaking, Islam’s influence on pricing strategies is underrated. The label of being a ‘halal’ or ‘Islamic’ product may be used as a communication instrument. Other segmentation variables such as, for example, age, economic class and education play a greater role in consumer behaviour. (KHI) +92-21-3561-3066/7 • Haroon House Dr. Ziauddin Ahmed Road Karachi, 74200 How many 'old style store' vendor are dressed in rather a 'pious' attire! Examples of istisna in the Islamic finance world include: projects and residential properties financed by the Kuwait Finance House under construction as of 2012. the Barzan project, the "biggest financing operation in the energy sector carried out by Qatar Petroleum" uses Istisna and Ijara and as of 2013, had US$500M "earmarked" for it. Get unrivalled access to financial intelligence and investment opportunities in Islamic markets, with our intra-daily market publications and reports. Since Islam places a greater emphasis on duties than on rights, social good or the 12 The Principles of Islamic Marketing benefit of the society as a whole, not profit, should guide Muslim entrepreneurs in their decisions. As Muslims, we live our lives in a very simple yet specific way, which guarantees us good health, spiritual well-being and above all a closeness to our creator Allah (SWT). Companies in each industry sector should also carefully decide what to name the sector (taking in consideration both the industry’s and consumers’ perspectives) and consider standardizing the term across the industry. Examples include hotel brands such as Sofyan Hotels in Indonesia or De Palma Group of hotels in Malaysia that market themselves as sharia compliant.
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