Short answer

Designers and marketers in the financial sector must consider both the functional aspects of their offerings and the emotional and cultural values of their customers when crafting marketing strategies.

Field: Innovation & Markets
Source: Al-Masharif Jurnal Ilmu Ekonomi dan Keislaman (2020)
Method: Quantitative research
Evidence: Strong effect

A comprehensive marketing mix, encompassing product, place, price, promotion, process, people, and physical evidence, positively influences customer decisions to save, with religiosity acting as a moderating factor. This innovation & markets research insight is drawn from a 2020 study published in Al-Masharif Jurnal Ilmu Ekonomi dan Keislaman. Using Quantitative research, researchers explored how this design variable affects real-world outcomes. The key design takeaway: Designers and marketers in the financial sector must consider both the functional aspects of their offerings and the emotional and cultural values of their customers when crafting marketing strategies.

Study

Innovation & MarketsHigh ImpactStrong effect

Marketing Mix Elements Significantly Drive Customer Savings Decisions, Moderated by Religiosity

Al-Masharif Jurnal Ilmu Ekonomi dan Keislaman · 2020

Key Findings

01The marketing mix (product, place, price, promotion, process, people, and physical evidence) has a significant positive effect on customer decisions to save.
02Religiosity moderates the effect of the marketing mix on customer decisions to save.
03There is a significant positive simultaneous effect between the marketing mix and customer decisions to save.

Application

Design takeaway

How to apply

When designing marketing campaigns for financial products, consider how different elements of the marketing mix (e.g., product features, promotional messaging, branch aesthetics) might appeal to or be perceived differently by individuals with varying levels of religious adherence.

Project actions

01When researching a product or service, consider how its marketing is presented and if it aligns with the values of its target users.
02Think about how cultural or personal beliefs might influence user choices beyond just the product's features.

Method & Evidence

AimTo analyze the impact of the marketing mix (product, place, price, promotion, process, people, and physical evidence) on customer decisions to save, and to investigate the moderating role of religiosity in this relationship.

MethodQuantitative research

ProcedureThe study likely involved surveys or questionnaires distributed to customers of BRI Syariah KC Semarang to gather data on their perceptions of the marketing mix, their saving decisions, and their level of religiosity. Statistical analysis, such as regression analysis, was used to determine the relationships between variables.

ContextFinancial services, specifically Islamic banking.

Variables

IVMarketing mix (product, place, price, promotion, process, people, physical evidence)

DVCustomer decisions to save

CVReligiosity (as a moderator)

Strengths & Limitations

Strengths

+Examines a comprehensive marketing mix.
+Includes a moderating variable (religiosity) that adds depth to the analysis.

Limitations

The findings might be specific to the cultural context of Indonesia and Islamic banking, so applying them directly to other markets might require further investigation.

Reliability & validity

Reliability would depend on the consistency of survey responses, while validity would be assessed by how well the study measures what it intends to measure (marketing mix impact and religiosity moderation).

Think critically

How might the 'religiosity' variable be defined and measured in a way that is universally applicable across different cultural contexts?

Design Principles

"Customer decision-making is influenced by a combination of tangible marketing efforts and intangible personal values."

Understanding the interplay between marketing strategies and customer values is crucial for financial institutions. This research highlights that a well-executed marketing mix can be a powerful driver of customer acquisition and retention, especially when tailored to the specific cultural and religious contexts of the target market.

What This Means for Your Design

This study shows that how a bank advertises and offers its savings accounts (the marketing mix) makes a big difference in whether people choose to save there. It also found that a person's religious beliefs can make these marketing efforts even more or less effective.

How to use in your project

1.Use this to justify why you are focusing on specific marketing or communication aspects of your design project, especially if your target audience has strong cultural or religious affiliations.

Add to My Project

Quick Cite

Paragraph starter

The marketing mix, encompassing product, place, price, promotion, process, people, and physical evidence, has been shown to significantly influence customer decisions, with personal values such as religiosity acting as a moderating factor. This suggests that effective design strategies must consider not only the functional aspects of a product or service but also how it is communicated and perceived within the user's cultural and belief systems.

Source

Al-Masharif Jurnal Ilmu Ekonomi dan Keislaman

Pengaruh Marketing Mix Terhadap Keputusan Nasabah Menabung dengan Religiusitas sebagai Variabel Moderasi

journal · 2020

View source

Questions About This Research

What does the research say about marketing mix elements significantly drive customer savings decisions, moderated by religiosity?: Designers and marketers in the financial sector must consider both the functional aspects of their offerings and the emotional and cultural values of their customers when crafting marketing strategies. Evidence: Al-Masharif Jurnal Ilmu Ekonomi dan Keislaman (2020).
Why does "Marketing Mix Elements Significantly Drive Customer Savings Decisions, Moderated by Religiosity" matter for design?: Understanding the interplay between marketing strategies and customer values is crucial for financial institutions. This research highlights that a well-executed marketing mix can be a powerful driver of customer acquisition and retention, especially when tailored to the specific cultural and religious contexts of the target market.
How can designers apply this research?: Designers and marketers in the financial sector must consider both the functional aspects of their offerings and the emotional and cultural values of their customers when crafting marketing strategies.
What were the main findings?: The marketing mix (product, place, price, promotion, process, people, and physical evidence) has a significant positive effect on customer decisions to save.. Religiosity moderates the effect of the marketing mix on customer decisions to save.. There is a significant positive simultaneous effect between the marketing mix and customer decisions to save.
What research method was used?: Quantitative research.
How strong is the evidence?: Evidence strength is rated Strong effect, based on a 2020 journal from Al-Masharif Jurnal Ilmu Ekonomi dan Keislaman.
What should I do differently in my next project?: When designing marketing campaigns for financial products, consider how different elements of the marketing mix (e.g., product features, promotional messaging, branch aesthetics) might appeal to or be perceived differently by individuals with varying levels of religious adherence.
What are the limitations?: The study is specific to one bank (BRI Syariah KC Semarang) and may not be generalizable to all financial institutions or markets. The definition and measurement of 'religiosity' can be subjective.