The Impact of Takaful Marketing

Added on - 28 May 2021

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2.0THE IMPACT OF TAKAFUL MARKETING AND DISTRIBUTION CHANNELON TAKAFUL BUSINESS2.1 Increase awareness among consumers about TakafulThrough marketing and channels distribution programs, Takaful companies get thechance to increase consumer awareness of Takaful as a risk management solution,particularly among Muslims. Distribution channels are thought to be an important strategy forattracting consumers to try Takaful products (Salman & Htay, 2014). Takaful agents alsohave an important role since they are one of the distribution channels that help to raiseawareness (Kamil & Mat Nor, 2014). It’s important to make sure that Takaful agents arewell-trained and understand the benefits of Takaful so that the general public does not loseout on crucial Takaful information. All of a Takaful operator's concepts, mechanisms,materials, and marketing operations must be compliant with Shari’ah principles. This isnecessary in order to keep the image of Islamic financial institutions clean in the eyes of thepublic (Mortuza, 2010). There are also other distribution channels such as media, family andsales persons that play a significant role in Takaful awareness level. According to the studyled by Waseem-Ul-Hameed (2017), the level of Takaful awareness is substantially influencedby Takaful distribution channels.In addition, Takaful service providers must increase the diversity of customerproposals by employing effective marketing tactics. This is necessary in order to retainexisting clients and increase Takaful transmission capacity in the plan sector (The GlobeTakaful Review, 2013). Consumers often gather information about a product and servicebefore making a buying decision. Product knowledge refers to being aware of informationabout a certain product. The most essential source of product knowledge may be gained byassisting in the promotion of how Takaful services may improve one's daily life byencouraging current participants to influence future consumers' preferences for Takafulservices (Mortuza, 2010). Consumers can be educated on the importance and benefits ofTakaful through promotion strategies, ensuring that they have a wide knowledge of theproduct, as well as a strong public reception and demand for Takaful. It should beemphasized that high-profile media education is required, such as the creation of televisionadvertising and the recruiting of popular and well-known celebrities to endorse Takaful
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