55. branding and marketing in islamic market

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55. branding and marketing in islamic market

  1. 1. Marketing and branding in Islamic market Table of Content Untapped potential of Islamic market.................................................................................... 2 Islamic marketing and branding ............................................................................................ 2 Opportunities and recommendations in Islamic market...................................................... 3 References.................................................................................................................................. 4
  2. 2. Untapped potential of Islamic market With more than 1.5 billion population that is expected to be more than 2 billion by 2030, global Muslim market has been represented itself as the largest untapped opportunities in the world. However, Arham (2010) Indicated that international corporation has underserved Muslim consumers due to the lack of choices tailoring to their specific demands, particularly in categories of pharmacy, cosmetic, foods, beverage and financial services, which create significant values as opportunities for firms preparing to cater customers with Muslim demands. For example, Alserhan (2010) estimates those global Halaf foods is the potential market with about USD 700 billion a year. Moreover, according to Sandikci (2011), there is the huge opportunity served teen customers in Muslim community, which is expected to account for 60% of world’s teens by 2050. Ref. Suggested that this type of consumer will maintain their demands for appropriate Islamic products in terms of fast foods, personal cares, fashions, cosmetic as well as product related to new media. Thus, Islamic market is considered as untapped potentials. Islamic marketing and branding Islamic branding and marketing are generally referred to not only brands originated in Islamic nations but also those targeted to specific demands of Muslim market rather any activities involved in branding and marketing product and service to Islamic audience resided major/ minor Muslim communities or having Muslim ownerships. Crossing the global Muslim market, there are several similarities and differences in consideration of Islamic marketing and branding. For example is in similarities in common faiths, value and identification; requirement of Halal dietaries and lifestyle; and strong senses of communities and welfares; while differences in diverse location; multi-language and dialect; difference in culture and lifestyles; religious Islamic degree; educational, affluence varied and marketing sophistications. Opportunities and recommendations in Islamic market Regardless the differences in sizes and behavior, Islamic market provides various chances for businesses, which are included:  Foods and beverages: Although firms originated in Islamic nations are focusing in their own brand’s development as well as Muslim countries are assisted their own place and destination branding and marketing, this market presents many chances for global brands in Western countries (Nestle is a typical example).
  3. 3.  Educations: Sandikci (2011) explored that youth Muslim consumers create huge prospects in future through the global expansion by Internet but still holding their own Muslim values.  Tourisms and hospitalities: In Islamic markets, these segmentations offer product and service for either Muslim or non-Muslim with Middle East destimation by Halal airline, hotel and resort (Al Jawhara Group is a typical example).  Pharmacy, cosmetic and personal cares: These categories promise many opportunities those meet Halal standard and accreditation facility (Malaysian products and services are typical success)  Entertainment: Arts, sport and entertainments are served for Muslim consumers varied by contents rather than countries (Islam Channel in UK is a typical example)  Internet and digital product and service: It is indicated as exciting opportunities those are potential for international firms to cater Islamic consumers. Muslim customers recently wish to be served in digital library, arts and photography’s as well as other relevancies (LG with Qiblah indicators, Quran software, Hijiri calendars and Zakat calculators are cited as examples).  Financial product and service: Hoq et al. (2011) presented that Islamic financial markets are likely unaffected by recent global financial recessions and crises. Thus, proliferations of bank offered Islamic financial services of Malaysian, Singaporean or UK firms have become regional Muslim financial hub.  Lifestyles and fashion product: It influences by magazine and beauty product, Muslim fashion market has bloomed internationally which offers products combined fashion’s trend and Islamic principle (Gökariksel and Secor, 2010). This document is provided by: VU Thuy Dung (Ms.) Manager Center for Online Writing Resources Facebook : https://www.facebook.com/vu.thuydung.5076 Email : assignmentsource@gmail.com Blogger : http://assignmentsource.blogspot.com/ Website : http://assignmentsource.com/
  4. 4. References Alserhan, B. A. (2010). On Islamic branding: brands as good deeds. Journal of Islamic Marketing, 1(2), 101-106. Arham, M. (2010). Islamic perspectives on marketing. Journal of Islamic Marketing, 1(2), 149- 164. Gökariksel, B., & Secor, A. (2010). Between fashion and tesettür: marketing and consuming women's Islamic dress. Journal of Middle East Women's Studies, 6(3), 118-148. Hoq, M., Amin, M., & Rumki, N. (2011). The Effect of Trust, Customer Satisfaction and Image on Customers’ Loyalty in Islamic Banking Sector. South Asian Journal of Management, 17(1), 70-93. Sandikci, Ö. (2011). Researching Islamic marketing: past and future perspectives. Journal of Islamic Marketing, 2(3), 246-258.

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