MARKET PERVASIVENESS DRIVEN BY BELIEF AND ETHICS BASED MARKETING PRACTICES

Abstract

Belief and ethics-based marketing practices lead to market pervasiveness as has been witnessed during this study. The research work tried to understand and acknowledge the increasing pervasiveness of beliefs and ethics based on Shariah principles with reference to the organizational adaptation of such marketing practices. There are certain reasons for market growth associated with Islamic Marketing practices. One of those is that there is a large consumer base which constitutes about one-quarter of the world's total population. More than 50 countries have a major representation of the population following Shariah principles in their business activities, consumption, and investment criteria. An example to strengthen the argument and the proposition is that businesses following belief and ethics-led marketing practices constitute a market of US$2 trillion in 2021 globally, and the addition of investment reported to the levels of US$3.6 trillion under financial assets in 2021, which is expected to reach US$4.9 trillion by 2025 and also the market size estimated between 1.5 and 2 billion consumers (Huda 2009; PRC 2009; Adnan, 2013). It represents a major opportunity for companies to project and analyse the potential of this business for achieving greater market growth and development. The organizations studied as respondents in this research show growth and participated in market opportunity development. We found that there are many organizations which are working on the basis of Shariah and targeting a huge market led by leaders motivated by the same principles. The said marketing practices shape organizational business conduct. Morality and ethics exemplified by the marketers’ are pivotal in regulating and restraining questionable acts and misconducts (Rice, 1999; Ali, 2011). Economic crisis and unfair practices led to the growing popularity of concepts such as socially responsible goods, sustainability and spirituality, thus strengthening the importance of belief and ethics in business practices (Ali, 2010; Emerson and McKinney, 2010). The large population-based on belief and their respective organizations, have a moral and philosophical understanding of serving communities and society while incorporating ethics while contributing to the field. Research on Shariah compliance, halal market, and Islamic finance concerning consumers associated with it have already been underway in middle eastern countries and western countries as well (Sandikci, 2011). However, acknowledging marketers and their vision related to market pervasiveness of belief and ethics-based marketing practices is an underexplored and highly potential area of interest, primarily because it represents a major opportunity for companies to project and analyze the potential of this business for achieving greater market growth and development. In line with this, the current work aims to identify and explore marketing practices based on beliefs and ethics which are followed and potentially to be followed by a large market, assessing their targeting and positioning and analyzing the growth potential.