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PRODUCT ATTRIBUTES AND ISLAMIC VALUE; A MODEL FOR MARKETING COMMUNICATION STRATEGY IN ISLAMIC BANKING
Corresponding Author(s) : Anton Agus Setyawan
Humanities & Social Sciences Reviews,
Vol. 8 No. 2 (2020): March
Abstract
Purpose of the study: This study analyzes the role of product attributes, brand trust, and belief to purchase intention of Islamic financial products. Islamic financial products in this study include banking and insurance products.
Methodology: This study employs a survey of 150 respondents of Islamic financial product consumers. We developed a measurement of consumer’s belief in a brand by introducing consumer’s Islamic Values. This instrument measures non-economic motivation of Islamic financial product which related to their religious beliefs toward consumptions.
Results: Product attributes and Islamic values have positive effects on attitude toward Islamic financial products. On the other hand, product attributes and brand trust has a positive effect on purchase intention of Islamic financial product.
Implication: This study gives guidance for Islamic financial institutions to build their marketing communication strategy by using Islamic value as branding. They should optimized integrated marketing communication based on Islamic value.
Novelty/Originality: Introduction of Islamic value construct to measure consumer spirit to choose and loyal with Islamic financial product even though the benefit from that product lower than the conventional one.
Keywords
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- Ahmad .K, Rustam G.A and Dent M.M (2011), Brand Preference in IslamicBanking, Journal of Islamic Marketing, Vol. 2 No. 1, pp. 74-82. https://doi.org/10.1108/17590831111115259 DOI: https://doi.org/10.1108/17590831111115259
- Ajzen, I. (1991). The theory of planned behavior.Organizational Behavior and Human Decision Process, 50, 179-211. https://doi.org/10.1016/0749-5978(91)90020-T DOI: https://doi.org/10.1016/0749-5978(91)90020-T
- Ajzen,I. and Fishbein, M. (1980). Understanding Attitudes And Predicting Social Behavior Englewood Cliffs, NJ: Prentice-Hall.
- Al AbdulrazakR.M and Gbadamosi A. (2017), Trust, Religiosity, and Relationship Marketing: AConceptual Overviewof Consumer Brand Loyalty, Society and Business Review, Vol. 12 No. 3, 2017, pp. 320-339. https://doi.org/10.1108/SBR-03-2017-0014 DOI: https://doi.org/10.1108/SBR-03-2017-0014
- Bagozzi R. P, Wong, N., Abe, S., &Bergami, M. (2000). Cultural and situational contingencies and the Theory Of Reasoned Action: Application to fast food restaurant consumption, Journal Of Consumer Psychology, 92, 97-106. https://doi.org/10.1207/S15327663JCP0902_4 DOI: https://doi.org/10.1207/S15327663JCP0902_4
- Becerra E.P and Badrinarayanan V. (2013), The Influence of Brand Trust and BrandIdentiï¬cation on Brand Evangelism, Journal of Product & Brand Management, 22/5/6, 371–383. https://doi.org/10.1108/JPBM-09-2013-0394 DOI: https://doi.org/10.1108/JPBM-09-2013-0394
- Cooper, D. P., andSchindler, P. S. (2013).BusinessResearchMethods.12th Edition, Boston: Mcgraw Hill.
- Doney, P. M., & Cannon, J. P. (1997).An Examination of the Nature of Trust in Buyer-Seller Relationships.Journal of Marketing, 612, 35-51. https://doi.org/10.1177/002224299706100203 DOI: https://doi.org/10.1177/002224299706100203
- Gefen, D. (2000). E-commerce: the role of familiarity and trust. Omega, 28,725-737. https://doi.org/10.1016/S0305-0483(00)00021-9 DOI: https://doi.org/10.1016/S0305-0483(00)00021-9
- Ghose .S and Lowengart .O (2013), Consumer Choice and Preferencefor Brand Categories, Journal of Marketing Analytics Vol. 1, 1,pp 3–17. https://doi.org/10.1057/jma.2012.1 DOI: https://doi.org/10.1057/jma.2012.1
- Ha H.Y,Akamavi R.K, Kitchen P.J and Janda S. (2014), Exploring Key Antecedents of Purchase Intentions within Different Services, Journal of Services Marketing 28/7, 595-606. https://doi.org/10.1108/JSM-01-2013-0025 DOI: https://doi.org/10.1108/JSM-01-2013-0025
- Hadad, M. (2013).LaporanPerkembanganPerbankanSyariah, Jakarta: Bank Indonesia
- Hassan, A., Chachi, A., &Latiff, S. A. (2008), Islamic marketing ethics and its impact on customer satisfaction in the Islamic banking industry, JKAU: Islamic Econ, 211, 27-46. https://doi.org/10.4197/islec.21-1.2 DOI: https://doi.org/10.4197/islec.21-1.2
- Herr, P. (1995). Whiter fact, artifact and attitude: Reflections on the Theory of Reasoned Action. Journal Of Consumer Psychology, 44, 371-380. https://doi.org/10.1207/s15327663jcp0404_04 DOI: https://doi.org/10.1207/s15327663jcp0404_04
- Kale .S (2006) ,Consumer Spirituality and Marketing, in AP - Asia-Pacific Advances in Consumer Research Volume7, eds. Margaret Craig Lees, Teresa Davis, and Gary Gregory, Sydney, Australia : Association for Consumer Research,Pages: 108-110.
- Kim, D. J., Ferrin, D. L., &Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44, 544–564. https://doi.org/10.1016/j.dss.2007.07.001 DOI: https://doi.org/10.1016/j.dss.2007.07.001
- Knight, G.A.andCalantone, R.J. (1999).A flexible model of consumer country-of-origin perception.International Marketing Review, 172, 127-145. https://doi.org/10.1108/02651330010322615 DOI: https://doi.org/10.1108/02651330010322615
- Lassoued .R and Hobbs J.E (2015), Consumer Conï¬dence in Credence Attributes: The Role of Brand Trust, Food Policy, Vol. 52, pp. 99-107. https://doi.org/10.1016/j.foodpol.2014.12.003 DOI: https://doi.org/10.1016/j.foodpol.2014.12.003
- Lau, G. T. & Lee, S. H. (1999) Consumers’ trust in a brand and the link to brand loyalty. Journal of Focus Market Management, 4, 341-370. https://doi.org/10.1023/A:1009886520142 DOI: https://doi.org/10.1023/A:1009886520142
- Lin, K., Chen, N., &Feng, K. (2011). Understanding e-learning continuance intention: a negative critical incidents perspective. Behaviour& Information Technology, 301, 77-89. https://doi.org/10.1080/01449291003752948 DOI: https://doi.org/10.1080/01449291003752948
- Moin A.M, Javaid .B, Kiran .M, Awan H.M and Farooq .A, (2018) Consumer perceptions of counterfeit clothing and apparel products attributes", Marketing Intelligence & Planning, pp. https://doi.org/10.1108/MIP-11-2017-0272 DOI: https://doi.org/10.1108/MIP-11-2017-0272
- Munoz, S., Sanchez, M., &Nunes, G. (2007). Gender differences in condom use prediction with Theory of Reasoned Action and Planned Behaviour: The role of self-efficacy and control, AIDS Care, 199, 1177-1181. https://doi.org/10.1080/09540120701402772 DOI: https://doi.org/10.1080/09540120701402772
- Naser, K., &Moutinho, L. (1997). Strategic marketing management: The case of Islamic banks. International Journal of Bank Marketing, 156, 87-203. https://doi.org/10.1108/02652329710184424 DOI: https://doi.org/10.1108/02652329710184424
- Newaz F.T, Fam K.S and Sharma R.R (2016), Muslim religiosity and purchase intention of different categories of Islamic financial products, Journal of Financial Services Marketing, Vol. 21 No. 2, pp 141-152. https://doi.org/10.1057/fsm.2016.7 DOI: https://doi.org/10.1057/fsm.2016.7
- Oliver, R. L., and Bearden, W. (1985). Cross over effect in the Theory of Reasoned Action: A moderating influence attempt. Journal of Consumer Research, 12, 324-340. https://doi.org/10.1086/208519 DOI: https://doi.org/10.1086/208519
- Orr, M. G., Thrush, R., &Plaut, D. (2013). The Theory Of Reasoned Action as parallel constraint satisfaction: Towards a dynamic computational model of health Behavior. PLOS ONE, 85. https://doi.org/10.1371/journal.pone.0062490 DOI: https://doi.org/10.1371/journal.pone.0062490
- Riquelme H.E, Abbas E.M.S and Rios R.E (2012), Intention to Purchase FakeProducts in an Islamic Country, Education, Business and Society: Contemporary Middle Eastern Issues, Vol. 5 No. 1, pp. 6-22. https://doi.org/10.1108/17537981211225835 DOI: https://doi.org/10.1108/17537981211225835
- Rodriguez T.E and Fernandez R.B (2017), Analysing Online Purchase Intention in Spain:Fashion E-Commerce, Information System E-Business Management, Vol. 15, pp 599-622. https://doi.org/10.1007/s10257-016-0319-6 DOI: https://doi.org/10.1007/s10257-016-0319-6
- Setyawan, A. A., and Ma’ruf.(2014). Studi Eksploratori Tentang Perilaku Niat Beli Produk Keuangan Syariah Exploratory study on purchase intention of Syariah finance product. ProceedingDoctoral Colloquium and ConferenceEnhancing Indonesia’s Competitive Advantages For The Betterment of Society, 26-27 November.
- Sun W. (2019), Toward a theory of ethical consumer intention formation:re-extending the theory of planned behavior, Academy of Marketing Science Review, https://doi.org/10.1007/s13162-019-00156-6 DOI: https://doi.org/10.1007/s13162-019-00156-6
- Symmank .C (2019), Extrinsic and Intrinsic Food Product Attributes in Consumer and Sensory Research: Literature Review and Quantiï¬cation of the Findings, Management Review Quarterly, 69:39–74. https://doi.org/10.1007/s11301-018-0146-6 DOI: https://doi.org/10.1007/s11301-018-0146-6
- Verhagen T. and Bloemers D. (2018), Exploring the Cognitive and Affective Bases of Online Purchase Intentions: A Hierarchical Test Across ProductTypes, Electronic Commerce Research, Vol 18, pp. 537-561. https://doi.org/10.1007/s10660-017-9270-y DOI: https://doi.org/10.1007/s10660-017-9270-y
- Vitell S.J, King R.A, Howie .K, Toti J.F, Albert .L, Hidalgo E.R, Yacout O. (2016), Spirituality, Moral Identity, and Consumer Ethics:A Multi-cultural Study, Journal of Business Ethics, Vol. 139, Issue 1, pp. 147-160. https://doi.org/10.1007/s10551-015-2626-0 DOI: https://doi.org/10.1007/s10551-015-2626-0
- Yousafzai S.Y, Foxall G.R and Pallister J.G (2010), Explaining Internet Banking Behavior: Theory of Reasoned Action, Theory of Planned Behavior, orTechnology Acceptance Model? Journal of Applied Social Psychology, Vol. 40 No. 5, pp. 1172–1202. https://doi.org/10.1111/j.1559-1816.2010.00615.x DOI: https://doi.org/10.1111/j.1559-1816.2010.00615.x
References
Ahmad .K, Rustam G.A and Dent M.M (2011), Brand Preference in IslamicBanking, Journal of Islamic Marketing, Vol. 2 No. 1, pp. 74-82. https://doi.org/10.1108/17590831111115259 DOI: https://doi.org/10.1108/17590831111115259
Ajzen, I. (1991). The theory of planned behavior.Organizational Behavior and Human Decision Process, 50, 179-211. https://doi.org/10.1016/0749-5978(91)90020-T DOI: https://doi.org/10.1016/0749-5978(91)90020-T
Ajzen,I. and Fishbein, M. (1980). Understanding Attitudes And Predicting Social Behavior Englewood Cliffs, NJ: Prentice-Hall.
Al AbdulrazakR.M and Gbadamosi A. (2017), Trust, Religiosity, and Relationship Marketing: AConceptual Overviewof Consumer Brand Loyalty, Society and Business Review, Vol. 12 No. 3, 2017, pp. 320-339. https://doi.org/10.1108/SBR-03-2017-0014 DOI: https://doi.org/10.1108/SBR-03-2017-0014
Bagozzi R. P, Wong, N., Abe, S., &Bergami, M. (2000). Cultural and situational contingencies and the Theory Of Reasoned Action: Application to fast food restaurant consumption, Journal Of Consumer Psychology, 92, 97-106. https://doi.org/10.1207/S15327663JCP0902_4 DOI: https://doi.org/10.1207/S15327663JCP0902_4
Becerra E.P and Badrinarayanan V. (2013), The Influence of Brand Trust and BrandIdentiï¬cation on Brand Evangelism, Journal of Product & Brand Management, 22/5/6, 371–383. https://doi.org/10.1108/JPBM-09-2013-0394 DOI: https://doi.org/10.1108/JPBM-09-2013-0394
Cooper, D. P., andSchindler, P. S. (2013).BusinessResearchMethods.12th Edition, Boston: Mcgraw Hill.
Doney, P. M., & Cannon, J. P. (1997).An Examination of the Nature of Trust in Buyer-Seller Relationships.Journal of Marketing, 612, 35-51. https://doi.org/10.1177/002224299706100203 DOI: https://doi.org/10.1177/002224299706100203
Gefen, D. (2000). E-commerce: the role of familiarity and trust. Omega, 28,725-737. https://doi.org/10.1016/S0305-0483(00)00021-9 DOI: https://doi.org/10.1016/S0305-0483(00)00021-9
Ghose .S and Lowengart .O (2013), Consumer Choice and Preferencefor Brand Categories, Journal of Marketing Analytics Vol. 1, 1,pp 3–17. https://doi.org/10.1057/jma.2012.1 DOI: https://doi.org/10.1057/jma.2012.1
Ha H.Y,Akamavi R.K, Kitchen P.J and Janda S. (2014), Exploring Key Antecedents of Purchase Intentions within Different Services, Journal of Services Marketing 28/7, 595-606. https://doi.org/10.1108/JSM-01-2013-0025 DOI: https://doi.org/10.1108/JSM-01-2013-0025
Hadad, M. (2013).LaporanPerkembanganPerbankanSyariah, Jakarta: Bank Indonesia
Hassan, A., Chachi, A., &Latiff, S. A. (2008), Islamic marketing ethics and its impact on customer satisfaction in the Islamic banking industry, JKAU: Islamic Econ, 211, 27-46. https://doi.org/10.4197/islec.21-1.2 DOI: https://doi.org/10.4197/islec.21-1.2
Herr, P. (1995). Whiter fact, artifact and attitude: Reflections on the Theory of Reasoned Action. Journal Of Consumer Psychology, 44, 371-380. https://doi.org/10.1207/s15327663jcp0404_04 DOI: https://doi.org/10.1207/s15327663jcp0404_04
Kale .S (2006) ,Consumer Spirituality and Marketing, in AP - Asia-Pacific Advances in Consumer Research Volume7, eds. Margaret Craig Lees, Teresa Davis, and Gary Gregory, Sydney, Australia : Association for Consumer Research,Pages: 108-110.
Kim, D. J., Ferrin, D. L., &Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44, 544–564. https://doi.org/10.1016/j.dss.2007.07.001 DOI: https://doi.org/10.1016/j.dss.2007.07.001
Knight, G.A.andCalantone, R.J. (1999).A flexible model of consumer country-of-origin perception.International Marketing Review, 172, 127-145. https://doi.org/10.1108/02651330010322615 DOI: https://doi.org/10.1108/02651330010322615
Lassoued .R and Hobbs J.E (2015), Consumer Conï¬dence in Credence Attributes: The Role of Brand Trust, Food Policy, Vol. 52, pp. 99-107. https://doi.org/10.1016/j.foodpol.2014.12.003 DOI: https://doi.org/10.1016/j.foodpol.2014.12.003
Lau, G. T. & Lee, S. H. (1999) Consumers’ trust in a brand and the link to brand loyalty. Journal of Focus Market Management, 4, 341-370. https://doi.org/10.1023/A:1009886520142 DOI: https://doi.org/10.1023/A:1009886520142
Lin, K., Chen, N., &Feng, K. (2011). Understanding e-learning continuance intention: a negative critical incidents perspective. Behaviour& Information Technology, 301, 77-89. https://doi.org/10.1080/01449291003752948 DOI: https://doi.org/10.1080/01449291003752948
Moin A.M, Javaid .B, Kiran .M, Awan H.M and Farooq .A, (2018) Consumer perceptions of counterfeit clothing and apparel products attributes", Marketing Intelligence & Planning, pp. https://doi.org/10.1108/MIP-11-2017-0272 DOI: https://doi.org/10.1108/MIP-11-2017-0272
Munoz, S., Sanchez, M., &Nunes, G. (2007). Gender differences in condom use prediction with Theory of Reasoned Action and Planned Behaviour: The role of self-efficacy and control, AIDS Care, 199, 1177-1181. https://doi.org/10.1080/09540120701402772 DOI: https://doi.org/10.1080/09540120701402772
Naser, K., &Moutinho, L. (1997). Strategic marketing management: The case of Islamic banks. International Journal of Bank Marketing, 156, 87-203. https://doi.org/10.1108/02652329710184424 DOI: https://doi.org/10.1108/02652329710184424
Newaz F.T, Fam K.S and Sharma R.R (2016), Muslim religiosity and purchase intention of different categories of Islamic financial products, Journal of Financial Services Marketing, Vol. 21 No. 2, pp 141-152. https://doi.org/10.1057/fsm.2016.7 DOI: https://doi.org/10.1057/fsm.2016.7
Oliver, R. L., and Bearden, W. (1985). Cross over effect in the Theory of Reasoned Action: A moderating influence attempt. Journal of Consumer Research, 12, 324-340. https://doi.org/10.1086/208519 DOI: https://doi.org/10.1086/208519
Orr, M. G., Thrush, R., &Plaut, D. (2013). The Theory Of Reasoned Action as parallel constraint satisfaction: Towards a dynamic computational model of health Behavior. PLOS ONE, 85. https://doi.org/10.1371/journal.pone.0062490 DOI: https://doi.org/10.1371/journal.pone.0062490
Riquelme H.E, Abbas E.M.S and Rios R.E (2012), Intention to Purchase FakeProducts in an Islamic Country, Education, Business and Society: Contemporary Middle Eastern Issues, Vol. 5 No. 1, pp. 6-22. https://doi.org/10.1108/17537981211225835 DOI: https://doi.org/10.1108/17537981211225835
Rodriguez T.E and Fernandez R.B (2017), Analysing Online Purchase Intention in Spain:Fashion E-Commerce, Information System E-Business Management, Vol. 15, pp 599-622. https://doi.org/10.1007/s10257-016-0319-6 DOI: https://doi.org/10.1007/s10257-016-0319-6
Setyawan, A. A., and Ma’ruf.(2014). Studi Eksploratori Tentang Perilaku Niat Beli Produk Keuangan Syariah Exploratory study on purchase intention of Syariah finance product. ProceedingDoctoral Colloquium and ConferenceEnhancing Indonesia’s Competitive Advantages For The Betterment of Society, 26-27 November.
Sun W. (2019), Toward a theory of ethical consumer intention formation:re-extending the theory of planned behavior, Academy of Marketing Science Review, https://doi.org/10.1007/s13162-019-00156-6 DOI: https://doi.org/10.1007/s13162-019-00156-6
Symmank .C (2019), Extrinsic and Intrinsic Food Product Attributes in Consumer and Sensory Research: Literature Review and Quantiï¬cation of the Findings, Management Review Quarterly, 69:39–74. https://doi.org/10.1007/s11301-018-0146-6 DOI: https://doi.org/10.1007/s11301-018-0146-6
Verhagen T. and Bloemers D. (2018), Exploring the Cognitive and Affective Bases of Online Purchase Intentions: A Hierarchical Test Across ProductTypes, Electronic Commerce Research, Vol 18, pp. 537-561. https://doi.org/10.1007/s10660-017-9270-y DOI: https://doi.org/10.1007/s10660-017-9270-y
Vitell S.J, King R.A, Howie .K, Toti J.F, Albert .L, Hidalgo E.R, Yacout O. (2016), Spirituality, Moral Identity, and Consumer Ethics:A Multi-cultural Study, Journal of Business Ethics, Vol. 139, Issue 1, pp. 147-160. https://doi.org/10.1007/s10551-015-2626-0 DOI: https://doi.org/10.1007/s10551-015-2626-0
Yousafzai S.Y, Foxall G.R and Pallister J.G (2010), Explaining Internet Banking Behavior: Theory of Reasoned Action, Theory of Planned Behavior, orTechnology Acceptance Model? Journal of Applied Social Psychology, Vol. 40 No. 5, pp. 1172–1202. https://doi.org/10.1111/j.1559-1816.2010.00615.x DOI: https://doi.org/10.1111/j.1559-1816.2010.00615.x