Marketing Mix of Islamic Banking Industry
Marketing Mix is the Marketing logic by which society is capable of achieving the objectives of your marketing department. Since the founding of the Islamic banking system is very different from conventional banking so, Islamic banks should be in a different way to attract more customers will be.
1. Product
Islamic banks are trying to meet the needs of its customers through innovative products and services compete in the market. The main types of Islamic products offered.
• Murabaha (plus shipping)
• Istinsa (leasing structured mode)
• Mudaraba (benefit)
• Salam
• Musharaka (equity)
• reducing Musharaka
• Ijara Ijara-wa and Iqtina (rent, lease)
It is important that the products of Islamic banking and conventional banking products, only then people would be gained in these products, and many customers do not differentiate obtained for these products.
2. Price
It is similar to the rates of Islamic banks in Pakistan by conventional banks, because if the higher prices for goods and services there, then people would pay less attracted to these products offer important.
3. Promotion
Advocacy should focus more on the Islamic perspective. Vendors need to promote products such as banking has become a “halal” now, or as you are still involved in Riba is Haram, marketing etc. In this way, more people are thought to pass through their decisions about use of conventional banks and Islamic banks.
4. Place
Offer Islamic products can play a crucial role in increasing demand for Islamic products. Advocacy should focus on areas where more people can learn that the cost reimbursed by the funds. With regular 4P Marketing, has developed a P in recent times, and the fifth P marketing mix has become important. The fifth is a container and in the advertising world, some people decide on a product in a few seconds to purchase the subject of much packaging. The packaging is very important because it not only keeps the product in its original quality, but also provides a brand identity. Packaging also helps a lot in brand awareness and positioning. The system, therefore the marketing mix has changed its current form, and also focuses on product appearance.
5. Packaging
Packaging has become so important, especially over the past decade. Today is the fifth package of marketing mix P considered. packaged products to make better and full of ordinary products. Are similar services and banks, the best packaging products and services you most to its customers products. In the banking sector is the packaging and the overall look of the company, industry, advocacy, people, quality of service, etc.
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