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Marketing is the process by which companies create value for customers and build strong relationships in...

Marketing is the process by which companies create value for customers and build strong relationships in order to capture the market share. i) Discuss briefly the two most common approaches taken by marketers namely customer-centric and product-centric. ii) Suggest which approach would be more appropriate for an Islamic bank to adopt. Justify your answer.

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Answer #1

Customer centric approach and its features.

1. Customer is at driving seat when it comes to building relationship.

2. Understanding to customers and their needs.

3. Empowerment to employees who handle customers.

4. Continues improvement with customer driven feedback.

5 Best examples are Amazon, AT & T etc

Product centric approach and its features

1. Focus is at the product and it's features

2. Organisation tries to strive hard to produce advanced produce.

3. The product itself develops a new customer segment.

5. Best examples are Tesla, Google, apple etc.

Since Islamic bank is in service sector it is therefore recommended to have a customer centric approach.

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