The management process responsible for identifying, anticipating and satisfying customer requirements profitably
Some defines it as:
“The activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”
Value based marketing is defined as: “The management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage.
Unfortunately, majority of work related to marketing like most other science and arts subjects are done mostly by American and European scholars. Very limited work has been done on the subject of “Islamic marketing”. If studied and researched properly, we can unfold many mysteries, resolve many problems and find numerous solutions to the challenges faced by us and can even present a better, more effective way of doing business to the world
Islamic Marketing could be Marketing phenomena in which your marketing activities are guided within the framework of Islamic Shariah, or Islamic Marketing could also mean the practices carried out by companies, Muslims or otherwise, to Muslim consumers in relation to Islamic principles.
Islamic marketing is becoming an integral part of any business which is not only beneficial for the organization alone but also looks over and protects the interest of other stakeholders involved in the process. A process whose goal is to create, communicate and deliver value to customers.
If we study the books written on Islamic law related to business and the approved etiquette of conducting it, we will realize Islam has presented an idea of marketing fourteen hundred years ago in its own way. You will be amazed to see the extent to which Islam ensures that business must be done in a way in that a business owner will not take undue advantage on the consumer in search of profits. Rights of buyers and sellers and all other parties involved are protected.
There is a huge opportunity for Islamic marketing in our current generation; the growth of Muslim population and the fact that Islam is the fastest growing religion in the globe, although the Muslim consumers were considered mostly poor, the purchasing power of the Umma in general as a consumer group is among the highest in the world.
From an Islamic marketing perspective the product that a company sells must be entirely Halal all inputs, processes and outputs must be Sharia compliant, environmentally friendly and totally harmless, as Islam clearly prohibits causing harm to anything that Allah created.
Non-Halal or Haram products will be very difficult to sell to the Muslim consumer because the Muslim consumer’s consumer behavior is mostly dictated by the common understanding of what is Halal and what is Haram under the Shariah law. Being Sharia compliant is the quickest way to promote the company and its products.
Musliminc is watching with keen interest, the growth of Islamic Marketing worldwide. Should you have any questions, comments please let us know below.