The Impact of Industrial Revolution 4.0 and the COVID-19 Pandemic on the Corporate Marketing

Abstract

Theoretical background: The transformation of marketing that has been taking place for the last 150 years involves the gradual change of its concept, strategy and operational activity models to meet the manifested challenges and the future development trends. The main factors that determine the evolutionary change in corporate marketing include the development of production technique and technology, organization and management processes, and the monetization of goods and services. Another factor includes changes in the environment of enterprises, primarily related to the processes of globalization and to the behaviour, tastes and preferences of consumers. Paradoxically, having affected almost the entire globalized world, the COVID-19 pandemic has become the catalyst for the processes of marketing transformation. The impact of these factors on marketing was the basis for distinguishing four stages in its development, i.e. Marketing 1.0, 2.0, 3.0 and 4.0. This classification is parallel to the one related to industrial revolutions described as Industrial Revolution 1.0, 2.0, 3.0, and 4.0. Purpose of the article: The identification of the main factors of the corporate marketing transformation and the assessment of their impact and effects on the changing ideas, tools and forms increasingly based on digitization and artificial intelligence. Research methods: the Author was motivated to undertake the research in question by the lack of systematic and comprehensive studies capturing the impact on marketing of the effects of industrial revolutions and the deriving changes in the corporate environment and the preferences and tastes of consumers, as well as the COVID-19 pandemic. The Author used the previous research findings included in various studies (periodical, thematic and online) and conducted their critical analysis and synthesis, and supplemented those with his own reflections. The result of the above was the formulation of a thesis about a close relationship between the development of the techniques and technology of manufacturing, changes in the macro environment of entities as well as the needs and tastes of consumers , and the COVID-19 pandemic and the evolution of marketing. Main conclusions: Over the last 150 years there have been revolutionary changes in the corporate marketing. The main drivers of change included four industrial revolutions, the transformation of the corporate environment as well as of consumer needs and preferences, and the COVID-19 pandemic. They resulted in the gradual development of marketing from the stage defined as Marketing 1.0 through 2.0, 3.0 to 4.0. This last stage is taking place today and is characterized by a plethora of innovative forms. It has been subject to further transformations together with the progress in the implementation of inventions related to the Industrial Revolution 4.0.