TRANSFORMATIONS OF MARKETING IN THE PERIOD FOR THE FOURTH INDUSTRIAL REVOLUTION

Abstract

We are now living at the onset of the Digital Economy, the Fourth Industrial Revolution, and the Internet of Things, which involve the full application of science and research into the development, production and change in the profile of the population of our civilization. In the following decade, an entirely new industry will be developed and many existing industries will have to go through extensive innovation. With the advent of robots and the Internet of Things there will be generated tremendous amounts of data, whose marketing use will require different technologies more than ever before. Marketing Mix thus must act upon all the five senses of the consumer. Firms will need to respond to events even before these events come about, and to prepare for the great demographic changes – the moving of people into cities, the migration of populations between civilizations, and the aging of our civilization. And it is exactly these phenomena prognosticate and predict the future of marketing. The fate of companies is now in the hands of the market, and hence in this situation it makes sense to try to define the vision of marketing for the third decade of this century, by unifying the philosophy of, and the strategic marketing goals for this period. Let us not hesitate to start now to act together in this endeavor.