Strengthening the Islamic economy and halal industry towards economic recovery and sustainable development in the pandemic era. It is my honor to welcome all the keynote speakers, invited panelists and participants of the 9th ASEAN Universities International Conference on Islamic Finance (AICIF) 2021. The theme of our 9th AICIF 2021 is “Strengthening Islamic Economy and Halal Industry towards Economic Recovery and Sustainable Development in the Pandemic Era”.
As the host of this conference, FEBI UIN Sunan Kalijaga is very honored to be a stage for Islamic economists from different countries of the world. So far, FEBI UIN Sunan Kalijaga has contributed to produce competitive graduates who are superior and prominent in Islamic economic and business development. The theme of this year's conference is "Strengthening Islamic Economy and Halal Industry towards Economic Recovery and Sustainable Development in the Midst Pandemic Era".
Islamic Finance, together with the halal industry, is expected to play an important role in reviving the economy, both in the macro and micro sectors, post-pandemic. Nevertheless, Islamic Finance, as part of the global financial system, has shown resilience during the pandemic period and contributed significantly to the new normal. Several remedial measures are needed to further strengthen Islamic Finance in the face of any future crisis.
It is a great honor for us to be co-hosts of the conference this year. The theme of the conference "Strengthening the Islamic Economy and Halal Industry Towards Economic Recovery and Sustainable Development Amid the Pandemic" outlines the potential of the Islamic economy and Halal industry to facilitate the recovery of the global economy. Based on this, it would be extremely necessary to support education and research related to the Islamic economy and the Halal industry in order to increase the welfare of the Ummah.
Strengthening the Islamic economy and halal industry towards economic recovery and sustainable development in the pandemic era” as the conference theme is a highly urgent issue today. It is not too late for us to return to the nature of the Sharia system in our life. Tazkia University College of Islamic Economics is a pioneer of the development of Islamic economics and finance in Indonesia.
Tazkia University College of Islamic Economics has contributed to the development of Islamic economics and finance in Indonesia over the past 2 decades. We congratulate FEBI UIN Sunan Kalijaga as the host of this conference and wish the smooth running of this event so that the 9th theme of AICIF "Strengthening Islamic Economy and Halal Industry for Economic Recovery and Sustainable Development Amid Pandemic" can be achieved. together. The theme of the conference is "Strengthening Islamic Economy and Halal Industry for Economic Recovery and Sustainable Development in the Time of Pandemic".
It is also my hope that the conference will be more productive of answers than of questions, and the discourses of the speakers bring greater enlightenment to the participants and all stakeholders.
Parallel Session 1 Room 1 – 8
INTRODUCTION
Market orientation is part of corporate culture that characterizes an organization's orientation to continuously provide superior value to its customers (Migliori et al., 2019). Market orientation effectively and efficiently creates the behaviors necessary to create superior value for customers (Gligor et al., 2021). Marketing performance is conceptualized as a combination of the results of marketing activities that the business owner or manager experiences on achieving sales growth, increasing sales volume, achieving sales goals, customer growth and expanding marketing areas (Hendar et al., 2020 ).
There are three components of market orientation, namely customer orientation, competitor orientation and mutual coordination (Jamilah et al., 2020). Customer orientation is able to increase innovation by encouraging organizations or companies to elaborate to meet customer needs (Narver et al., 2004). Research (Liu et al., 2017) adopts and modifies customer orientation with behavioral and belief indicators that prioritize identifying, monitoring and responding to customer needs.
New ideas and innovations are expected to occur through customer involvement (Migdadi et al., 2017). Many empirical studies (Brownhilder Ngek Neneh, 2017; . Kennedy et al., 2003; Nwankwo, 1995; Udriyah et al., 2019) have reported a positive relationship between customer orientation and innovation. Competitor orientation estimates that the culture or orientation of competitors can improve innovation capability (Liu et al., 2017).
Customer orientation emphasizes the role of sufficient understanding of the target customer, while competitor orientation focuses on understanding and responding to the competitor's strategy (Liu et al., 2017). Competition orientation is measured by behavioral and belief indicators that prioritize, identify, monitor and respond to actions (Spanjol et al., 2012). This shows that in addition to paying attention to the needs and wants of customers, the company must always follow its competitors (Migdadi et al., 2017).
Market orientation and managerial capabilities act as potential mechanisms to build marketing capabilities, which in turn will improve a firm's marketing performance (Riswanto et al., 2020). Innovation is a company's effort to create a new product or service that aims to adapt to the tastes of dynamic consumers (Cangialosi et al., 2020). Innovation capacity is defined as the ability to continuously transform knowledge and ideas into new products, processes and systems for the benefit of the company and its stakeholders (Acosta-Prado et al., 2020).
The stronger the innovation capability a company possesses, the more effective its innovation performance will be (Tamer Cavusgil et al., 2003). The literature also shows a positive relationship between innovation performance and improved company performance (Kiani et al., 2021).
