Digital transformation of traditional marketing business model in new industry era

Abstract

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. © 2021 Elsevier B.V. All rights reserved.