International Islamic Marketing and its Impact on Conventional Marketing There are varying business ethics adopted by some society. These have been transitioned for generations with a belief on their effectiveness in ensuring a cordial relationship between a buyer and a seller. Ethics among the Islam strictly adheres to the religion’s teachings. They have been found to guide on all areas regarding businesses. This includes conventional marketing. Any business would wish to market their products in order to create awareness of the specialties in their products, which would lead to the potential and able customer making a purchase. International Islamic marketing defines some of the pros and cons in conventional marketing that are observed to lead into satisfaction of both the seller and the buyer at the end of the transaction. The guidelines could be analyzed in regard to product, promotion, price, people and place. Products are visualized differently from the Western perspective. There are elements of production that need to be observed in order to align with the Islamic business ethics. The product should be lawful, to start with. Therefore, restricted commodities, either by law or by the religion, cannot be availed for marketing and sales. The commodity should also be asset backed. Moreover, it should be deliverable since a sale cannot be complete without the delivering. Additionally, there is identification of additional features that would have an impact on the customer’s decision to buy. Lastly, all parties should be freely willing to discharge their obligations in good faith. The production process is guided by the criteria of impact and value of the product on the whole society (Hassan et al 27-46).
As far as production is concerned, the mentioned guidelines would lead to truthfulness in the conventional marketing. Customers would be assured that the product they are purchasing has a guaranteed excellent quality. This results into some trust on the products produced in an Islamic-guided organization. An organization producing a similar product, but in a different environment that does not observe these ethics would not have the product sell as fast. Conventional marketing, which involves creating awareness to customers, would be promoted by these guidelines concerning the production process. This can be evidently observed in Islamic banks where they are more likely to attract customers more than the Western banks where the society understands the implications of the guidelines (Naser and Luiz 187-203). Pricing on a product is primarily done by considering some factors. The cost incurred in production is calculated, and a profit is added to provide returns for the organization. However, some organizations overprice their products especially in cases where there are just a few sellers. Some retailers overcharge commodities yet the price could be stated on a price tag. This is restricted by the Islamic marketing ethics. It prohibits people from benefiting from other people’s labor by exploiting them, yet there is no substantial work done to be compensated by large profits. Price is also determined by supply and demand forces in the market. Some organizations could come up with false propaganda or publicity in order to control the price. This could be publicizing of an increase in supply and decrease in demand as they are purchasing products, and a decrease in supply that contrasts with an increase in demand, when they are selling the product. This will make them buy it at a cheap price and sell it at a very high price. Islam prohibits against manipulation of prices through this way (Azmi). It sets some ceiling on some products that would be likely to experience this. Another restriction is on the buyer being charged a brokerage fee. Therefore, pricing is genuinely done under the Islamic marketing (Hassan et al 27-46). Customers are usually attracted by low prices. Therefore, organizations aspire to lower their prices...
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