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
how is customer service using M AI
text based chatbots handling routine cases simultaneously
how is customer service using T AI
NLP chatbots adopt to customers voice (eg accents)
how is customer service using F AI
NLP chatbots analyze and respond yo customer emotion
how is pricing using M AI
Apple Pay, PayPal, square
how is pricing using T AI
price optimization
how is pricing using F AI
price negotations
how is retail and frontline using M AI
self checkout/in; robotic kiosks
how is retail and frontline using T AI
NLP personal shopping app
how is retail and frontline using F AI
customer greeting robot
how is distribution, logistics, and delivery using M AI
amazon prime air; self service
how is distribution, logistics, and delivery using T AI
predictive analytics for anticipatory shipping
how is distribution, logistics, and delivery using F AI
facial recognition to identify customers
how is communications using M AI
automated media scheduling, posting, bidding, updating
how is communications using T AI
AI writers; personalizaed campaigns based on analytical customer profiling
how is communications using F AI
idnetifying and working with SM influencers; emotion sensing from past message or conversational context
what are the AI pros
- efficient
- can provide a quick overview of a topic
- has the potential to eliminate human error
- reduce cost
- can improve human decision making
- understands high dimensional data
- offers efficient data collection and analysis
- improves human workflow
-accessible
what are the AI cons
- uncontrollable
- can create bs
- currently lacking emotion
- unable to self-repair
- could reduce the number and types of jobs for humans
-requires humans to be creative and think out of the box - needs to be ‘checked’
