Questions and Answers
Which part of the course discusses developing marketing strategies and plans using AI?
How many parts is the course divided into?
Seven
What percentage of AI use was recorded in the healthcare industry in 2015?
The manufacturing industry saw a growth in AI use from 14% to _____ over a 10-year period.
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Which industry is indicated as using AI massively?
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What was the challenge faced by Madras Cement?
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Advertising has increased its use of AI from 47% to 36%.
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What did the CEO of Madras Cement comment about traditional reporting methods?
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What is the focus of Marketing 1.0?
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Which part of the course covers ethical considerations in AI?
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What percentage of the transportation sector is using AI?
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AI has decreased in usage in the advertising sector from 47% to 36%.
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Marketing is defined as the process of creating, communicating, delivering, and exchanging offerings that hold ______.
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Which of the following is NOT included in market offerings?
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What technology did Ramco Cement integrate with their ERP system?
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What is the primary goal of Part Two in the course?
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Match the marketing phases with their key characteristics:
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Study Notes
Course Overview
- Course consists of seven parts focused on artificial intelligence (AI) in marketing.
- Part one covers the introduction to AI in marketing, with modules one to five dedicated to this theme.
- Part two emphasizes developing marketing strategies and plans using AI, spanning modules six to fourteen.
- Part three focuses on AI for marketing research, covering modules fifteen to seventeen.
- Part four discusses connecting with customers, involving modules eighteen to twenty-five.
- Part five is about building strong brands using AI, encompassing modules twenty-six to thirty-one.
- Part six addresses AI for designing, delivering, and communicating value, with modules thirty-two to fifty-five.
- Part seven examines ethical concerns related to AI, covering modules fifty-six to sixty.
Introduction to AI in Marketing
- Module one focuses on understanding the basics of AI in marketing and includes case studies.
- Exploration of what constitutes marketing, its offerings, and the marketing environment.
- Overview of marketing evolution from version 1 to version 5.
The Role of Data and AI
- Describes big data as "the new oil" and analytics as the "combustion engine."
- AI and analytics facilitate smart data usage, enhancing automation and optimization of business functions.
- AI has significantly advanced business practices, particularly in production and logistics (Industry 4.0).
- AI also impacts administrative, planning, and management processes.
AI Adoption in Industries
- Healthcare usage of AI increased from 37% in 2015 to an estimated 40% by 2025.
- Transportation's AI adoption remains consistent at 41%.
- Manufacturing shows a dramatic rise from 14% to 83% in AI usage.
- Finance's adoption increased from 41% to 59%, while advertising is projected to decline from 47% to 36%.
- Manufacturing leads in AI usage compared to other industries.
Case Study: Ramco Cement
- Ramco Cement (Madras Cement Limited) is among India's six largest cement companies.
- Experienced challenges in leveraging data from their enterprise resource planning (ERP) system.
- Difficulty visualizing performance data and regional operational issues hindered growth.
- Traditional reporting methods, such as Microsoft Excel, were time-consuming and complex.
- The company sought a more effective data visualization solution for better decision-making.
Course Overview
- Course comprises seven parts focusing on AI in marketing management.
- Part One covers an introduction to AI in marketing through five modules.
- Part Two focuses on developing marketing strategies using AI across nine modules.
- Part Three addresses AI applications in marketing research with three modules.
- Part Four explores customer connection strategies through eight modules.
- Part Five discusses brand building utilizing AI across six modules.
- Part Six expands on value creation driven by AI with twenty-four modules.
- Part Seven delves into ethical considerations in AI through five modules.
Understanding AI in Marketing
- Big data is termed the "new oil," while analytics acts as the engine for its utilization.
- AI enhances efficiency and competitive edge by automating and optimizing marketing functions.
- AI has markedly advanced business processes in marketing, sales, and management.
AI Adoption in Industries
- Healthcare: Adoption rose from 37% to a projected 40% between 2015-2025.
- Transportation: Currently at 41% adoption.
- Manufacturing: Rapid increase from 14% to 83% adoption.
- Finance: Increased adoption from 41% to 59%.
- Advertising: Declined from 47% to 36% adoption.
Case Study: Ramco Cement
- One of India’s largest cement companies sought better visualization of complex operational data.
- Traditional reporting methods, like Excel, were inefficient and cumbersome.
- Solution involved integrating Google Maps with the ERP system for enhanced data insights.
- Benefits included:
- Increased productivity and improved strategic decision-making.
- Logistic costs reduced by 70% and consignment clearance time decreased by 40%.
- Strengthened market share and implementation of growth strategies.
Definition and Importance of Marketing
- Marketing is the process of creating, communicating, delivering, and exchanging value-laden offerings.
- Market offerings include a diverse range of entities such as:
- Events and Experiences
- Persons and Properties
- Organizations and Information
- Ideas and Services
Marketing Environment
- Consists of Task and Broad environments:
- Task Environment: Comprises the company, suppliers, distributors, and customers.
- Broad Environment: Encompasses demographic, economic, sociocultural, national, technological, and political/legal factors.
Evolution of Marketing
- Evolution driven by marketing technology and evolving consumer needs has led to significant phases:
- Marketing 1.0 (1930s): Centralized on product features, emphasizing unique selling propositions.
- Marketing 2.0: Leveraged web technology for interactive communication, focusing on consumer emotions.
- Marketing 3.0: Emerged from technological advances, prioritizing emotional connections and alignment with consumer values, incorporating mission statements and corporate social responsibility.
Conclusion of Module
- Highlighted AI's role in data enhancement, with Ramco Cement's success through AI integration.
- Summarized definitions of marketing, the surrounding environment, and the evolution from Marketing 1.0 to 3.0, paving the way for future advanced marketing practices.
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Description
This quiz covers the fundamentals of artificial intelligence in marketing, including key modules from the course. Topics range from AI's role in developing marketing strategies to ethical considerations in its application. Ensure you grasp the fundamental concepts and strategic applications of AI in the marketing landscape.
