Assignment Sample on Elements of Marketing
Introduction
Define and describe each of the 5 elements of Marketing 5.0
Marketing 5.0 is the submission of human-mimicking technologies to create, communicate, distribute and improve value across the buyer journey. Marketing 5.0 combines elements of two previous approaches that being including marketing 3.0 with a human alignment and marketing 4.0 with a technology alignment (Kotler, et al., 2022). Marketing 5.0 explains that it is not about substituting the human with computer intellect rather it finds a way in which machines and people might suit and distribute the most value athwart the buyer journey. The five elements of Marketing 5.0 comprise data-driven marketing that explains how data are being used to make choices and the organisation gathers data to aid in making choices (Wilson, 2019). Data-driven marketing starts with explaining goals such as what is to be accomplished, what matters to deal with and what investigation to execute to attain the objectives. Predictive marketing explains how to forecast the consequences of the marketing approach by means of predictive analytics (Kotras, 2020). Predictive marketing also helps in storing archives, past marketing activities and past commercial performance. Contextual marketing states personalised service distribution grounded on a qualitative sympathetic of the setting such as why they are in the stage and why they are taking a buying choice (Lahtinen, et al., 2020). Personalisation helps the business in providing the right note, product promotion and building knowledge for each client. The fourth element of marketing 5.0 is augmented reality which explains how to improve people-to-people connection by authorising front-line worker with digital technology. Augmented reality is used in the hospitality industry, hotels and healthcare (Chen, et al., 2019). The fifth element of marketing 5.0 is agile marketing which uses real-time analytics to rapidly comprehend the market and authorise publicity actions. Agile marketing is also used as the foundation for a entirely new product with the calculation of changed essentials.
References
Kotler, P., Kartajaya, H., Setiawan, I. & Vandercammen, M., 2022. Marketing 5.0. London: De Boeck Supérieur.
Kotras, B., 2020. Big Data & Society. Mass personalization: Predictive marketing algorithms and the reshaping of consumer knowledge, 7(2), p. 2053951720951581.
Lahtinen, V., Dietrich, T. & Rundle-Thiele, S., 2020. Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing, 10(3), pp. 357-375.
Wilson, L., 2019. Data-Driven Marketing Content: A Practical Guide. London: Emerald Group Publishing.
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