Due to the acceleration of globalization and enormous growth of Muslim population, interest in Islamic marketing increased significantly in the past years. The study of this dissertation aims to investigate to what extent Islam as a religion affects marketing and its components. It was hypothesized that Islam affects marketing in Islamic markets significantly, depending on the country and on the specific industry.
The author intends to fill in a research gap in this area by narrowing its focus on the promotional strategy of products and services in Islamic markets.
The conclusion of the study is based on evaluation of primary and secondary research data. The outcome of the study showed that Islam indeed has meaningful impact on the business issues generally, particularly on the marketing. Marketers and companies should bear in mind the existing distinction between certain industries and countries, as Islam does not affect all of them equally.
Table of Contents
1. Introduction
1.1 Academic Background
1.2 Research question, Hypothesis and Objectives
2. Literature review
2.1 Islamic Marketing
The Five Pillars of Islam
2.2. Principles of Islamic finance
Riba
Maysir
Gharar
2.3. Key differences in the marketing mix
Product
Promotion
People
Price
Place
2.4. Islamic branding (IB)
2.5. Marketing strategy for Islamic countries
3. Research methodology
3.1. Research Strategy
3.2. Population, sample and sampling
3.3. Data collection
Secondary research
Primary research
3.4. Validity and reliability
3.5. Limitations
4. Data analysis
4.1. Survey
4.2. Interviews
6. Conclusion
6.1. Recommendation
Objectives and Research Focus
The main objective of this dissertation is to investigate how the Islamic religion impacts marketing practices and to determine how non-Muslim companies can effectively reach the Muslim consumer market by adhering to Islamic principles.
- Analysis of the relationship between Islamic religious principles and modern marketing strategies.
- Examination of the differences in the marketing mix (Product, Promotion, People, Price, Place) within Islamic markets.
- Evaluation of Islamic branding as a key component for market success.
- Development of recommendations for non-Muslim businesses operating in Muslim-majority regions.
- Assessment of the importance of cultural and ethical sensitivity in international marketing.
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2.1 Islamic Marketing
Although Islamic business ethics and Islamic law have existed for more than 1400 years already, the main problem is that they were not widely recognized and accessible for non-Muslim populations (Nawwab et al., 2006). Until recently, most of the companies were competing to achieve success on Chinese or Indian markets, until someone realized Islamic market should be the one to invest in. Anyone dealing with issues related to Islam or its followers needs to know and understand their priorities, obligations and laws. This was proven by the statement of the CEO of Ogilvy and Mather, Miles Young who said that if only non-Muslim markets and its marketers would understand needs and values of the Islamic people, their market shares would grow enormously, and for this reason Islamic branding and marketing too should be “created” as soon as possible. The Muslim market is expanding at a high pace and that is why this is one of the marketers’ priorities. Marketers must ensure that all Islamic marketing activities are in line with Islamic rules, otherwise it will not be accepted among Islamic people.
There are several reasons for the increased interest in Islamic marketing in the past few years. First of all, 23% of the world’s population are Muslims, and the number is constantly growing. In the next two decades the number of Muslims is forecast to increase approximately two times more than non-Muslim populations (Temporal, 2011). Secondly, as a result of such a fast growth of the Muslim population, consumption and demand for Islamic products will obviously increase as well. Last but not the least, development of Islamic marketing and branding started at this time due to the acceleration of globalization (Temporal, 2011).
As Islamic marketing was until very recent times a relatively neglected topic, there are not many definitions yet in the academic literature. There is, however, one that is most commonly used and is probably the best definition: “Islamic Marketing is the study of marketing phenomena in relation to Islamic principles and practices or within the context of Muslim societies.”
Summary of Chapters
1. Introduction: Outlines the significance of Islamic marketing and the growing need for understanding this field to cater to 1.7 billion Muslims worldwide. It defines the research objectives and the central hypothesis regarding the impact of Islam on business.
2. Literature review: Explores the foundations of Islamic marketing, including the Five Pillars of Islam, Islamic financial principles like Riba and Maysir, and the necessary adaptations to the marketing mix.
3. Research methodology: Details the use of a qualitative case study method, incorporating interviews and survey data to examine real-world perceptions of Islamic marketing and branding.
4. Data analysis: Presents the empirical findings from a survey and interviews, highlighting how consumers and professionals view the intersection of religious values and commercial marketing strategies.
6. Conclusion: Summarizes the key findings, confirming that Islamic principles significantly affect marketing practices, and provides strategic recommendations for businesses entering the Islamic market.
Keywords
Islamic Marketing, Islamic Branding, Shariah, Halal, Marketing Mix, Consumer Behavior, Islamic Finance, Riba, Muslim Market, Business Ethics, Cultural Adaptation, Promotion Strategy, Islamic Law, Global Marketing, Religion and Business.
Frequently Asked Questions
What is the core focus of this dissertation?
The dissertation focuses on the impact of Islamic religion on marketing and branding strategies, specifically for businesses that aim to enter or operate within the global Islamic market.
What are the primary themes discussed in the work?
The core themes include the adaptation of the marketing mix to Islamic law (Shariah), the prohibition of harmful products (Haram), the role of Islamic finance principles, and the importance of ethical branding.
What is the main research objective?
The objective is to analyze to what extent Islam affects marketing components in Islamic markets and to provide a recommended strategy for non-Muslim firms wishing to target Muslim consumers.
Which scientific methods were applied?
The author employed a qualitative case study approach, supplemented by quantitative data gathered through an online survey and in-depth interviews with business professionals.
What content is covered in the main body?
The main body covers the theoretical background of Islamic marketing, an analysis of the "7Ps" in an Islamic context, and practical insights from survey results and interviews with industry experts.
Which keywords characterize this research?
Key terms include Islamic Marketing, Shariah, Halal, Islamic Branding, Marketing Mix, and Consumer Behavior.
How does the author view the integration of religion and marketing?
The author strongly disagrees with the notion that religion and marketing should be kept separate, arguing that aligning strategies with the values of the target audience is essential for market success.
What is the specific significance of the IKEA case study in this work?
The IKEA case study serves as a real-world example of the challenges companies face in balancing internal corporate policies with the conservative cultural expectations of the Saudi Arabian market.
- Arbeit zitieren
- Sanja Hajdarpasic (Autor:in), 2014, Marketing across cultures with a focus on Islamic Marketing, München, GRIN Verlag, https://www.grin.com/document/299732
