Document Type : Original Article
Author
Financial Management, Kish International Campus, University of Tehran, Kish, Iran
Abstract
When there is no alternative for banking services, the customer, to make comparison, tend to use what they have available such as image or brand of the bank to decide for investment. Value equity is one of the most known and critical concepts of marketing, which is now one of the ongoing debates among the researchers and scholars. The strategic role of the value in making managerial decisions and achieving competitive advantages explains its gravity. Brand equity enables the companies to charge higher prices for their products without losing their market share. On the other hand, development of Islamic banking in non-Muslim countries entails determining the critical issues regarding brand development in the domestic environment of the target company. Success at national level paves the way toward development of Islamic banking in the world. The present study is designed in three stages including identifying the weight of the indices of brand equity. The indices were ranked under 4 key aspects of perceived quality, loyalty, information, and brand association. At the second stage, the status of each one of the aspects, from the costumer’s viewpoint, was determined; in this way, the key indices with unacceptable status were determined. A new aspect “Islamic business morals” was added to the study based on consultations with the experts. The new aspect encompasses 6 indices, which were added to the research model. The new aspect represents the role of Islam in the model. At the last stage, QFD model and deep computation method were used to propose improvement strategies for the indices. The strategies are supposed to results in competitive advantages in long-run for Islamic banking using brand development at international level. Totally, ten improvement strategies were recognized and among them “participation in public charity works” was of the highest priority.
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