Mimicking Technology in Creating and Optimising Marketing Value, Customer Experience, Retention and Loyalty

Abstract

Abstract Marketing has evolved from 1.0 to 5.0, which emphasises the utilisation of technologies that mimic human behaviour to generate, convey, distribute and improve value throughout the customer experience. The primary technologies employed in Marketing 5.0 include Artificial Intelligence (AI), Natural Language Processing (NLP), mixed reality (MR, which encompasses augmented reality [AR] and virtual reality [VR]), Sensors and Robotics, Internet of Things (IoT) and blockchain. In today's technologically learnt marketplace, these technologies support firms to imitate the human interaction with customers. Technology plays a crucial role in enhancing marketing results and aids in various aspects. This chapter delves into the conceptual grasp of integrating technology into the realm of marketing, a concept coined by Philip Kotler as ‘Marketing 5.0’. Additionally, it incorporates an in-depth review of the existing literature on the diverse tools and strategies employed by various organisations to navigate the ever-evolving and fiercely competitive marketplace. Furthermore, this section will be expanded to include real-world cases of both successes and failures, with thorough explanations, pertaining to the human-centric technological approaches embraced by firms. This chapter also includes a proposed model to understand the impact of usage of such technologies by marketers on the prospective customers and consumers. The outcomes of the research carry both theoretical implications for academicians and the managerial implications for marketers to incorporate mimicking technology for customer experience, loyalty and retention.