Marketing-to-Millennials: Marketing 4.0, customer satisfaction and purchase intention

Abstract

This study explores the evolution of Marketing 4.0 and empirically examines its impact on customer satisfaction and purchase intention. Marketing 4.0, an upgrade to the previous Marketing 3.0 model, aims to include the influence of brand interaction in the digital age. This study provides an empirical test of this newer model by analyzing all four of its components with customer satisfaction and purchase intention. Using structural equation modeling to analyze 508 prospective real estate first-time homebuyers, this study evaluates the role of the components of Marketing 4.0 in maximizing customer satisfaction and influencing purchase intentions. Findings indicate that brand identity and brand image are significant factors in determining customer satisfaction and purchase intention. Furthermore, the impact of customer satisfaction on purchase intention is highly significant. Unexpectedly, and counter-intuitively, there was not a significant relationship between brand integrity or brand interaction on customer satisfaction and purchase intention. Considering the study’s participants (Gen-Z/Millennial first-time homebuyers) and the international context of the study (the northern Indian real estate market), this study provides important insights into burgeoning international industries and their prime future target market. Furthermore, this study indicates that, a Marketing 4.0 approach that focuses on brand identity and brand image may influence customer satisfaction and, subsequently, increase customers’ purchase intentions.