Running head: BENEFITS OF AI IN MARKETING 1 Benefits of AI in Marketing Student’s Name Institutional Affiliation
BENEFITS OF AI IN MARKETING 2 Abstract The research paper is divided into three parts that is the introduction, benefits of AI in Marketing and conclusion. The introduction part introduces the topic by explaining the definition of AI which is the use of machines to evaluate an environment and make decisions’ on behalf of human beings. The second part of the paper touches on the benefits of AI in marketing. Some of the crucial advantages of AI in marketing include the personalization of information and the dynamic pricing of products. The other benefit of AI is chatting bots that reduce the amount of time spent in replying messages. Also, there is the element of competition analysis that is crucial in determining the type of market to venture and the one not to market goods in. Furthermore, AI enables a business to perform predictive analysis on the kind of goods that a consumer is most likely to purchase. Besides, AI enables a business to automate marketing processes.
BENEFITS OF AI IN MARKETING 3 Introduction The business sector is one of the most vital parts of the economy. Businesses create employment; utilize talents, products, sales, and services. Notably, the world is a dynamic planet that keeps changing now and then with several factors in play. One of the most vibrant parts of technology that has revolutionized the way business is done is Artificial Intelligence commonly abbreviated as AI. The use of technology in the manufacture and sales of products has highly improved the efficiency of the business sector in various spectrums. Besides, technology has enabled business people to trade globally. Notably, AI has improved marketing strategies of organizations thereby increasing profits and clients (Chau & Xu, 2016). Artificial Intelligence is defined as the use of machines to assess the environment and make decisions on behalf of human beings which contribute to its success. In the modern world, machines are used to assess the business environment such as competition, customer preference and search history with a view of getting products that fit well to the requirement of clients. The field of artificial intelligence has been defined by four aspects which have been attributed to the marketing success of a business. One of the basics of AI is the fact that machines think humanly meaning they can assess a market structure (Chau & Xu, 2016). Secondly, AI machines think rationally in that they assess an environment based on facts and figures and provide a systematic approach to be followed to ensure that a business achieves its success. Thirdly, the AI model acts humanly meaning that a business has the potential of making informed decisions like human beings. Fourthly, AI machines act rationally by using the figures are given, products and prices.