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Marketing 5.0: Technology for Humanity



Marketing 5.0: Technology for Humanity PDF

Author: Philip Kotler

Publisher: Wiley

Genres:

Publish Date: February 3, 2021

ISBN-10: 1119668514

Pages: 224

File Type: PDF

Language: English

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Book Preface

We wrote our first book in the series, Marketing 3.0:
From Products to Customers to the Human Spirit, in
2009. The book has since been published in 27 language editions around the world. As the subtitle suggests, the
book describes the major shifts from product-driven marketing
(1.0) to customer-oriented marketing (2.0) to human-centric
marketing (3.0).

In Marketing 3.0, customers look for not only functional and
emotional satisfaction but also spiritual fulfillment from the
brands they choose. Thus, companies build differentiation with
their values. Their products and operations aim not only to bring
profits but also to provide solutions to the world’s toughest social
and environmental problems.

It took nearly 70 years for marketing to evolve from its
product orientation to the concept of human centricity. During the decades of evolution, several marketing concepts have
stood the test of time. Despite being “traditional” in nature,
the segmentation-targeting-positioning concept as well as
the product-price-place-promotion (4Ps) model have become
universal staples for modern marketers globally.

We have always considered Marketing 3.0 to be the ultimate
stage of traditional marketing. The entire building blocks of serving customers intellectually (1.0), emotionally (2.0), and spiritually (3.0) were complete. Although published a decade ago, the book’s relevance has become more evident in today’s era dominated by Generation Y and Generation Z populations. Genuinely
caring for the society, the youth essentially forced companies to
adopt social impact in the business model.

Marketing 4.0: The Pivot to Digital

When we wrote the next book in the series, Marketing 4.0: Moving
from Traditional to Digital, in 2016, we pivoted to “digital” as the
subtitle implies. In the book, we differentiated “marketing in the
digital world” from digital marketing. Marketing in the digital
world does not rely solely on digital media and channels. The
digital divide still exists; thus, marketing requires an omnichannel—online as well as offline—approach. The concept is partly
inspired by Industry 4.0—a high-level strategy of the German
government—in which physical-digital systems are used in manufacturing sectors.
Although the use of technologies in Marketing 4.0 is fairly
basic, the book introduced new marketing frameworks to serve
customers in the hybrid—physical and digital—touchpoints
across their customer journeys. It has thus far been published in
24 language editions worldwide and inspired companies to adopt
fundamental forms of digitalization in their marketing activities.
The applications of marketing technology (martech), however, are so much more than just distributing content in social
media or building an omnichannel presence. Artificial intelligence (AI), natural language processing (NLP), sensor technology, and the Internet of Things (IoT) have great potential to
be game-changing for marketing practices.

We excluded these technologies in Marketing 4.0 as they
were not yet mainstream at the time we wrote the book. And we
believe marketers were still in the transitional and adaptation
period to a digital world. But the COVID-19 pandemic has indeed
accelerated the digitalization of businesses. With lockdowns
and physical distancing policies in place, both the markets and It’s Time for Marketing 5.0 5
marketers were forced to adapt to the new touchless and digital
realities.

That is why we think this is the right time for Marketing 5.0:
Technology for Humanity. It is time for companies to unleash the
full power of advanced technologies in their marketing strategies, tactics, and operations. This book is also partly inspired by
Society 5.0—a high-level initiative of Japan—which contains a
roadmap to create a sustainable society supported by smart technologies. We agree that technology should be leveraged for the
good of humanity. Marketing 5.0, therefore, has the elements of
both the human-centricity of Marketing 3.0 and the technologyempowerment of Marketing 4.0.

It’s Time for Marketing 5.0
Marketing 5.0 materializes against the backdrop of three major
challenges: generation gap, prosperity polarization, and the
digital divide. It is the first time in history that five generations living together on Earth have contrasting attitudes, preferences, and behaviors. The Baby Boomers and Generation X
still hold most of the leadership positions in businesses and
the highest relative buying power. But the digital-savvy Generations Y and Z now form the largest workforce as well as
the biggest consumer markets. The disconnect between the
older corporate executives who make most decisions and their
younger managers and customers will prove to be a significant
stumbling block.

Marketers will also face chronic inequality and imbalanced
wealth distribution, which causes the markets to polarize. The
upper class with high-paying jobs is growing and fueling the
luxury markets. At the other end, the bottom of the pyramid is
also expanding and becomes a large mass market for low-priced,
value products. The middle market, however, is contracting and
even vanishing, forcing industry players to move up or down
to survive.6 CHAPTER 1 Welcome to Marketing 5.0
Moreover, marketers must solve the digital divide between
people who believe in the potential that digitalization brings
and those who do not. Digitalization brings fear of the unknown
with the threats of job losses and concerns of privacy violations. On the other hand, it brings the promise of exponential
growth and better living for humanity. Businesses must break
the divide to ensure that technological advancement will move
forward and not be welcomed with resentment. These challenges that marketers face in implementing Marketing 5.0
in the digital world will be the subject of Part 2 of the book
(Chapters 2–4)


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