Читать книгу Impact of Artificial Intelligence on Organizational Transformation - Группа авторов - Страница 26

The marketing concept comprises of 4Ps, namely, Product, Price, Place, and Promotion. This concept is all about making customer the king, i.e., satisfying the needs, wants, and desires of the customers. The customer satisfaction, over the period, graduated to customer delight. The organizations can delight the customers only when the tastes, preferences, and behavioral aspects regarding their purchase can be traced or known. With the advent of technological advancement during recent times (AI), a wealth of information about the consumers, their consumption patterns, and purchase behavior can be traced to a large extent. The database can be created for the information collected about consumers. The pattern analysis using data mining techniques can reveal homogeneity and heterogeneity. This shall reveal the basis for segmenting the markets into a precise group of consumers/customers. The latest technological innovations especially AI have opened an opportunity for the marketers to enhance the effectiveness of marketing campaigns which can be measured as a return on investment (ROI). The application of AI in marketing and sales has the highest potential value, with estimates up to 2.6 trillion dollars [7]. Earlier marketing was a one-way communication or push the product to inform, persuade, and remind with catchy slogans/jingles. With the advent of AI, consumers can buy/sell anything from any part of the planet anytime. The studies show that “consumers today search much less on brand names than they did 10 years ago. If someone wants to buy shoes on Amazon, they are five to six times more likely to search by category name than by brand name and follow the recommendations suggested by the Amazon algorithms” [32]. The industries where the customers are large in numbers and need to interact frequently with customers have a high potential for using AI. Since the interaction between the two generates a huge amount of data [10], customers perceive AI at a very high level [12]. Potential message from an AI application is convincing when it pertains to the usage of the product or service, instead of why that product or service should be used [19].

AI algorithms can perform pre-defined tasks, for example, automated email replies, blocking of debit/credit cards, etc., and also these AI algorithms can analyze the customer data which can be in various forms, viz., text, voice, and facial expression.

Marketing has become a two-way communication which means consumer searches/transacts with the seller. Some of the ways in which AI can be used for marketing are as follows.