The fifth generation of marketing is Marketing 5.0 (M 5.0). In this chapter, the opportunities and challenges of M 5.0 are defined. The main factors of M 5.0 are humans, culture, and technology. M 5.0 and business have a close connection to each other. M 5.0 is important based on creating content planning, brand awareness, and predictive marketing and has some applications in the business. The evolution of M 5.0 is defined as a long journey in marketing history. For highlighting the fifth generation of marketing, other elements of the same generation of M 5.0 such as marketing personalization and the creation of a magnificent feeling for customers are stated too. As a classic insight, exploring the challenges and opportunities is important. Finding opportunities and challenges is an attractive topic to help top management. After reviewing the literature and data analysis, finally, four opportunities and four challenges were selected with the Delphi method.
Top1. Introduction
The main purpose of this section is to identify the most important opportunities and challenges of Marketing 5.0 (M 5.0). Finding significant M 5.0 opportunities and challenges is essential because researchers are interested in continuing the development way of marketing. If scholars want to carry on the way, they need to be aware of the situation. So, they should find opportunities and challenges in marketing. Marketing 5.0, the fifth generation of marketing, was introduced in January 2021 by Philip Kotler, the father of marketing science, with a book under the same title. He believes that there is a wide difference between machines and humans. Marketing 5.0 focuses on the integration of culture, technology, and humans. In the new era, marketing must focus on human communication and human values to successfully respond to customer needs and expectations. In Fig. 1 the basic elements of M 5.0 have been shown. Human, technology, and culture are the three major ones that can have a mutual effect on each other through the following cycle.
Figure 1. The main factors of M 5.0
M 5.0 is a postmodern new marketing approach (Sarıoğlu, 2023). The approach of M 5.0 adds sensors, and smart objects to integrate connection with the world of physical and digital (Aytekin et al., 2020). There are some technologies like AI, Chabot’s, and virtual reality in M 5.0 (Ferriz, 2022). The only goal of these technologies is to improve customer experience. M 5.0 is explained by integrating smart technology into marketing strategies such as AI, IoT, and big data analytics (Bakator et al., 2023). The era now in charge of M 5.0 is turning into an oriented topic. M 5.0 is a technological world and global social communication that can reach customers regardless of time and place (Valentino, 2022).
M 5.0 is based on data and can predict. M 5.0 is contextual, augmented, and agile too (Kotler et al., 2021). Also, it is crucial to specify the proper marketing strategy that pays attention to M 5.0 technologies and the behavior of consumers (Hermina et al., 2022). Identifying the framework and strategies of M 5.0 to increase the number of customers (Kotler et al., 2021) and service quality. the effect of M 5.0 on marketing performance (Alanazi, 2022) is undeniable. M 5.0 can affect the whole world of businesses. Truly it is necessary to provide the business needs for M 5.0 in the economy especially the digital one (Kajale & Joshi, 2021). So, there is a mutual sense of need between business and M 5.0. Generally, the next technology is not the topic that M 5.0 is focused on. On the reverse certain principles of current marketing are the topic that M 5.0 is concentrated on (Kumar et al., 2022). As a future view, the M 5.0 strategy enables a new vision of applying the technology from the social media Instagram (Sari et al., 2023). According to the research, M 5.0 and business connect In Fig. 2 Constructing the M 5.0 paradigm (Montero et al., 2023) needs the use of new types of technologies. It can help to change the business paradigm too. On the other hand, the competition among enterprises can create an amazing atmosphere between them. Enterprise competitiveness is one of the most universal issues in marketing (Lupak et al., 2021). Surely, in enterprises based on projects, this topic is more understandable (Ni et al., 2020).