The Changing Role of Marketing: Industry 5.0 - the Game Changer

Abstract

The preceding revolution, Industry 4.0, surfaced by way of the influx of digital and automation technologies. Industry 5.0 followed the suit and the world is on the threshold of this new evolution. Industry 5.0 attempts to bring together the competency of smart machines and the exceptional ingenious potentials of the human workforce. Industry 5.0 is humanizing the digital and automated systems. It recognizes both automated technology and the human innovative skills on an equal platform. Marketing in its new role revolves on the axis of automation and cyber technology of Industry 5.0. This new makeover of marketing processes generates superior marketing actions, restructures marketing workflows, and assesses the results of marketing promotions. Industry 5.0 tools make available a fundamental marketing catalog for all marketing content and communications, thus assisting marketers to fashion a fragmented, customized, and favorable marketing experiences for prospective buyers. These systems and spaces offer automation attributes across numerous phases of marketing including videos, blogs, emails, social media, lead generation, direct mails, digital advertising, and more.

This chapter aims to introduce the concept of Industry 5.0, where robots and machines are interweaved with the human intellect and labor as teammate instead of opponent. The objective of the chapter is to examine and explore the different facets of marketing in the face of Industry 5.0. The chapter describes the challenges and future trends and practices in marketing field in the wake of Industry 5.0 as the way forward for the companies for sustainability and resilience.

Citation

Jaiwant, S.V. (2023), "The Changing Role of Marketing: Industry 5.0 - the Game Changer", Saini, A. and Garg, V. (Ed.) Transformation for Sustainable Business and Management Practices: Exploring the Spectrum of Industry 5.0, Emerald Publishing Limited, Leeds, pp. 187-202. https://doi.org/10.1108/978-1-80262-277-520231014