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Book part
Publication date: 13 March 2023

Xiao Liu

The expansion of marketing data is encouraging the growing use of deep learning (DL) in marketing. I summarize the intuition behind deep learning and explain the mechanisms of six…

Abstract

The expansion of marketing data is encouraging the growing use of deep learning (DL) in marketing. I summarize the intuition behind deep learning and explain the mechanisms of six popular algorithms: three discriminative (convolutional neural network (CNN), recurrent neural network (RNN), and Transformer), two generative (variational autoencoder (VAE) and generative adversarial networks (GAN)), and one RL (DQN). I discuss what marketing problems DL is useful for and what fueled its growth in recent years. I emphasize the power and flexibility of DL for modeling unstructured data when formal theories and knowledge are absent. I also describe future research directions.

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Book part
Publication date: 13 March 2023

Abstract

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Artificial Intelligence in Marketing
Type: Book
ISBN: 978-1-80262-875-3

Book part
Publication date: 17 September 2020

Dana Turjeman and Fred M. Feinberg

Nowadays, most of our activities and personal details are recorded by one entity or another. These data are used for many applications that fundamentally enrich our lives, such as…

Abstract

Nowadays, most of our activities and personal details are recorded by one entity or another. These data are used for many applications that fundamentally enrich our lives, such as navigation systems, social networks, search engines, and health monitoring. On the darker side of data collection lie usages that can harm us and threaten our sense of privacy. Marketing, as an academic field and corporate practice, has benefited tremendously from this era of data abundance, but has concurrently heightened the risk of associated harms.

In this chapter, we discuss both the great advantages and potential harms ushered in by this era of data collection, as well as ways to mitigate the harms while maintaining the benefits. Specifically, we propose and discuss classes of potential solutions: methods for collecting less data overall, transparency of code and models, federated learning, and identity management tools, among others. Some of these solutions can be implemented now, others require a longer horizon, but all can begin through the advocacy of marketing research. We also discuss possible ways to improve on the benefits of data collection – by developing methods to assist individuals pursue their long-term goals while advocating for privacy in such pursuits.

Details

Continuing to Broaden the Marketing Concept
Type: Book
ISBN: 978-1-78754-824-4

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Book part
Publication date: 13 March 2023

Xiaohang (Flora) Feng, Shunyuan Zhang and Kannan Srinivasan

The growth of social media and the sharing economy is generating abundant unstructured image and video data. Computer vision techniques can derive rich insights from unstructured…

Abstract

The growth of social media and the sharing economy is generating abundant unstructured image and video data. Computer vision techniques can derive rich insights from unstructured data and can inform recommendations for increasing profits and consumer utility – if only the model outputs are interpretable enough to earn the trust of consumers and buy-in from companies. To build a foundation for understanding the importance of model interpretation in image analytics, the first section of this article reviews the existing work along three dimensions: the data type (image data vs. video data), model structure (feature-level vs. pixel-level), and primary application (to increase company profits vs. to maximize consumer utility). The second section discusses how the “black box” of pixel-level models leads to legal and ethical problems, but interpretability can be improved with eXplainable Artificial Intelligence (XAI) methods. We classify and review XAI methods based on transparency, the scope of interpretability (global vs. local), and model specificity (model-specific vs. model-agnostic); in marketing research, transparent, local, and model-agnostic methods are most common. The third section proposes three promising future research directions related to model interpretability: the economic value of augmented reality in 3D product tracking and visualization, field experiments to compare human judgments with the outputs of machine vision systems, and XAI methods to test strategies for mitigating algorithmic bias.

Abstract

Details

Artificial Intelligence in Marketing
Type: Book
ISBN: 978-1-80262-875-3

Book part
Publication date: 13 March 2023

John R. Hauser, Zelin Li and Chengfeng Mao

We provide an overview of how artificial intelligence is transforming the identification, structuring, and prioritization of customer needs – known as the voice of the customer…

Abstract

We provide an overview of how artificial intelligence is transforming the identification, structuring, and prioritization of customer needs – known as the voice of the customer (VOC). First, we summarize how the VOC helps firms gain insights on using user-generated data. Second, we discuss the types of user-generated data and the challenges associated with analyzing each type of data. Third, we describe common methods, matched to the firms' goals and the structure of the data, that are used to analyze the VOC. Fourth, and most importantly, we map the methods to relevant applications, providing guidance to select the appropriate method to address the desired research questions.

Book part
Publication date: 20 November 2023

Osman Koroglu

The impact of artificial intelligence (AI) and extended reality (XR, including virtual reality [VR], augmented reality [AR], and mixed reality [MR]) on marketing in Industry 5.0…

Abstract

The impact of artificial intelligence (AI) and extended reality (XR, including virtual reality [VR], augmented reality [AR], and mixed reality [MR]) on marketing in Industry 5.0 and Society 5.0 is explored with systematic literature review in this chapter. AIXR is becoming a necessary aspect of marketing, driven by efficiency, productivity, and innovation. Despite AI's capabilities, the human touch in marketing is preferred due to superior adaptive, creative, and innovative abilities. The use of fully automated marketing systems is limited to specific tasks. This research will benefit both practitioners and academics focusing on AIXR in marketing and is limited by the number of included literature.

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Digitalization, Sustainable Development, and Industry 5.0
Type: Book
ISBN: 978-1-83753-191-2

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Book part
Publication date: 13 March 2023

David A. Schweidel, Martin Reisenbichler, Thomas Reutterer and Kunpeng Zhang

Advances in artificial intelligence have ushered in new opportunities for marketers in the domain of content generation. We discuss approaches that have emerged to generate text…

Abstract

Advances in artificial intelligence have ushered in new opportunities for marketers in the domain of content generation. We discuss approaches that have emerged to generate text and image content. Drawing on the customer equity framework, we then discuss the potential applications of automated content generation for customer acquisition, relationship development, and customer retention. We conclude by discussing important considerations that businesses must make prior to adopting automated content generation.

Book part
Publication date: 13 March 2023

Peter S. Lee, Ishita Chakraborty and Shrabastee Banerjee

In this paper, we aim to provide a comprehensive overview of customer feedback literature, highlighting the burgeoning role of artificial intelligence (AI). Customer feedback has…

Abstract

In this paper, we aim to provide a comprehensive overview of customer feedback literature, highlighting the burgeoning role of artificial intelligence (AI). Customer feedback has long been a valuable source of customer insights for businesses and market researchers. While previously survey focused, customer feedback in the digital age has evolved to be rich, interactive, multimodal, and virtually real time. Such explosion in feedback content has also been accompanied by a rapid development of AI and machine learning technologies that enable firms to understand and take advantage of these high-velocity data sources. Yet, some of the challenges with traditional surveys remain, such as self-selection concerns of who chooses to participate and what attributes they give feedback on. In addition, these new feedback channels face other unique challenges like review manipulation and herding effects due to their public and democratic nature. Thus, while the AI toolkit has revolutionized the area of customer feedback, extracting meaningful insights requires complementing it with the appropriate social science toolkit. We begin by touching upon conventional customer feedback research and chart its evolution through the years as the nature of available data and analysis tools develop. We conclude by providing recommendations for future questions that remain to be explored in this field.

Book part
Publication date: 14 March 2024

Mousumi Bose, Lilly Ye and Yiming Zhuang

Today's marketing is dominated by decision-making based on artificial intelligence and machine learning. This study focuses on one semi- and unsupervised machine learning…

Abstract

Today's marketing is dominated by decision-making based on artificial intelligence and machine learning. This study focuses on one semi- and unsupervised machine learning technique, generative adversarial networks (GANs). GANs are a type of deep learning architecture capable of generating new data similar to the training data that were used to train it, and thus, it is designed to learn a generative model that can produce new samples. GANs have been used in multiple marketing areas, especially in creating images and video and providing customized consumer contents. Through providing a holistic picture of GANs, including its advantage, disadvantage, ethical considerations, and its current application, the study attempts to provide business some strategical orientations, including formulating strong marketing positioning, creating consumer lifetime values, and delivering desired marketing tactics in product, promotion, pricing, and distribution channel. Through using GANs, marketers will create unique experiences for consumers, build strategic focus, and gain competitive advantages. This study is an original endeavor in discussing GANs in marketing, offering fresh insights in this research topic.

Details

The Impact of Digitalization on Current Marketing Strategies
Type: Book
ISBN: 978-1-83753-686-3

Keywords

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