Assignment on Opportunities of Islamic Branding in Bangladesh

Existing brands are taking a keen interest in the global Muslim consumer segment. It’s the new ‘growth opportunity’ for brands to capitalize on. Rightfully so, given the purchasing power and need for brands in this segment.
So how can an existing brand establish itself to this segment?

The brand owners can develop a strong brand based on the ethics and values important to this consumer. This is where the fundamental difference, in creating a brand for the Muslim community, vis a vis brand development for other consumer segments comes in.

1. For other segments, it’s important for the brand to know the emotional drivers or triggers and factor that in, in its architecture, personality and image projection.
2. For the Muslim consumer segment, not only is understanding the emotional drivers important, but understanding the value system on which those emotional drivers are based on and the impact of it on the brands’ supply chain is critical.

It is believed that good Islamic Branding practice, that is, branding that is friendly or compliant with Shariah principles, naturally embodies many of the values that global businesses are feeling the pressing need to communicate today. Values such as honesty, respect, accountability and understanding are core to the principles of Shariah and resonate deeply with Muslim consumers across the world.

Objective
While preparing this report, I had a great opportunity to have an in depth knowledge in the Islamic branding. The main objective of the study is to gather knowledge about opportunities of Islamic branding in Bangladesh. Besides these the specific objectives are the followings:

i. To know the Scope in food sector of Islamic branding;

ii. To know what type of challenges faced in pursuing Islamic branding;
 
When we use the words ‘Islamic Branding and Marketing’ we are referring not just to brands that originate from Islamic countries, although of course they would come under such a definition, but also to any brands that are seeking to address the needs of Muslim markets. We are referring to any activity related to the branding and marketing of countries, products and services to Islamic audiences, regardless of whether or not they reside in Muslim majority or Muslim minority countries or have Muslim ownership. The rather broad definition we have chosen does not restrict the discussion of Islamic branding and marketing to Muslim owned businesses, but also includes companies that do not have Islamic owners yet are reaching out to Muslim consumers. Thus, non-Muslim brands would also come under this heading if they were looking to build their brands and market share in any Muslim majority or minority market. Indeed, several brands that are meeting the needs of global Muslim audiences currently are from non-Muslim, often Western, companies.

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