Marketing Innovations in Industry 4.0 and Their Impacts on Current Enterprises

Industry 4.0 and Marketing: Towards an Integrated Future Research Agenda

Industry 4.0, or the Fourth Industrial Revolution, is driven by innovative technologies that have profound effects on both production systems and business models. This revolution is characterized by the addition of disruptive technologies and methods. These aspects of Industry 4.0 have a significant impact on marketing, and have led to an evolution to ensure that marketing activities align with technological advancements and address consumers’ current needs. The purpose of this paper is to formulate and discuss future research avenues for marketing considering the changes brought about by Industry 4.0. The approach taken in the paper is to review the relevant literature and focus on the key themes which are most important for future research on Industry 4.0 and marketing. Therefore, a Systematic Bibliometric Literature Review was conducted based on the SCOPUS indexing online database of scientific articles, the most important peer-reviewed journal database in the academic world. The paper finds that there are a number of research avenues for marketing researchers to conduct investigations in, but the most important areas are five marketing principles in Industry 4.0: cooperation, conversation, co-creation, cognitivity, and connectivity. Future research should focus on the quantitative study of these five principles.

Digital transformation of traditional marketing business model in new industry era

Purpose

Impact of the digitalization on the production and service sector is a highly popular topic in these days and especially, new business models receive increasingly more attention. Under the light of digitalization, the Fourth Industrial Revolution, so-called Industry 4.0, and its impacts on all kinds of process is a promising topic in the academia and also beneficial for the practitioners. Since there are arguments from scholars that Industry 4.0 has an important and shaping effect on marketing, the concept of 7P's in marketing should be incorporated in Industry 4.0 elements. From this point of view, this study focuses on developing the understanding of 7P's based on contemporary perspectives of Industry 4.0.

Design/methodology/approach

In order to do that, different criteria related to integration of Industry 4.0 and marketing practices under each marketing-mix element are presented and one of the multi-criteria decision-making (MCDM) methods, the best–worst method (BWM) is used to prioritize the criteria for future implications.

Findings

Results indicated that product, process and physical evidence are the most affected marketing-mix factors by considering Industry 4.0. managerial implications which were also presented based on the numerical results.

Originality/value

An in-depth analysis of literature review related to Industry 4.0 revealed that changing and developing technologies are examined in detail mostly around a production perspective. In order to fulfill the gap in the knowledge, this study focuses on the examination of impacts of Industry 4.0 on the marketing-mix strategy. To the best of the authors’ knowledge, this is the first study which merges Industry 4.0 with the marketing mix.

Special Issue on New Industry 4.0 Advances in Industrial IoT and Visual Computing for Manufacturing Processes

The new advances of IIOT (Industrial Internet of Things), together with the progress in visual computing technologies, are being addressed by the research community with interesting approaches and results in the Industry 4.0 domain[...]