Week 10-Shifa Flashcards
From data to action: How marketers can leverage AI Campbell et al. (2020). what are the nine components to strategic marketing?
- Analyzing the current situation
- Understanding markets and customers
- Segmenting, targeting, and positioning
- Planning direction, objectives, and marketing support
- Developing product strategy
- Developing pricing strategy
- Developing channels and logistics strategy
- Developing marketing communications and influence strategy
- Planning metrics and implementation control
what are different technologies that marketers are working with now?
- VR
travel, selling real estate - Voice (Siri, Alexa)
more organic way to communicate - machine learning
detects anomalies, real time analysis of large data
sets, auto taggomg of images, etc - chatbots
apps use natural language processing (NLP)
commonly used for customer service - biometrics
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emtional tech (capturing pluse, sweat, temp etc) - facial recognition
eg. with the viewers permission, software uses the
webcam to identify most postiive reactions
what are the key functions of Facial Recognition Technology (FRT)
- ID verification
- e KYC spoofing prevention (electronic, know your customer)
- authorization
- segmentation and analysis
- health measure
what is AI
the use of computational machinery to emulate capabilties inherent in humans such as doing physical or mechanical tasks, thinking, and feeling
what is AI contribution value to marketing
- enhancing exisiting products and services
- enhancing relationship with customers
- creating new products and services
what are the three types of AI
- mechanical AI
- thinking AI
- feeling AI
what is mechanical AI
- for automating repetitive and routine tasks
- eg remote sensing, classification - - algorithms. returns, FAQs, collection of data
what is thinking AI
- for processing (unstructured) data to reach new conclusions or decisions
- eg recognizing patterns through text mining, speech recognition, facial recognition
- more in effect now
what is feeling AI
- for two way interactions involving humans and or for analyzing human feelings and emotions
- eg sentiment analysis, chatbot mimicking human speech, text to speech tech
- not quite there yet
what is AI’s role in marketing research
- data collection (mechanical AI)
- market anaylsis (thinking AI)
- customer understanding (feeling AI)
what is AI’s role in marketing strategy
- segmentation (M AI)
- targeting (T AI)
- positioning (F AI)
what is AI’s role in marketing action
- standarization (automation) (M AI)
- personalization (T AI)
- relationalization (F AI)
how is product and brand using mechanical AI
track and monitor product use
how is product and brand using thinking AI
brand tracking through text analysis; predictive analysis for trend spotting
how is product and brand using feeling AI
bots with the brand’s personality; ML to recommend offers based on our mood
