Strategic Marketing - Emerging Technology 2024-2025
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Questions and Answers

What percentage of marketers already use or plan to use GenAI in the next year?

  • 25%
  • 73% (correct)
  • 45%
  • 63%

What is the perceived importance of AI in driving marketing success, as indicated by recent research?

  • 75%
  • 50%
  • 25% (correct)
  • 10%

What percentage of Chief Marketing Officers (CMOs) plan to invest in GenAI in the next year?

  • 80%
  • 70%
  • 63% (correct)
  • 55%

Which of the following best describes the general sentiment towards AI's role in marketing?

<p>It is increasingly perceived as important. (D)</p> Signup and view all the answers

What trend is noted regarding the gradual achievement of value from AI in marketing?

<p>Value can be achieved gradually. (C)</p> Signup and view all the answers

What is a key characteristic of Quantum Marketing?

<p>It is powered by a deluge of emerging technologies. (A)</p> Signup and view all the answers

What distinguishes the upcoming changes in marketing according to the Quantum Marketing concept?

<p>There will be more changes in the next 5 years than in the previous 50 years. (A)</p> Signup and view all the answers

Which technology is NOT mentioned as influencing Strategic Marketing?

<p>Social Media Analytics (C)</p> Signup and view all the answers

According to the content, which of the following represents a disruption in consumer behavior?

<p>A combination of over 2000 new technologies. (D)</p> Signup and view all the answers

Which of the following statements about Marketing 6.0 is correct?

<p>It emphasizes the importance of immersive experiences. (D)</p> Signup and view all the answers

What economic system emerged as a result of the Industrial Revolution?

<p>Capitalism (B)</p> Signup and view all the answers

What concept did Schumpeter introduce to explain the dynamism of the economy?

<p>Creative destruction (C)</p> Signup and view all the answers

What percentage of companies from the Fortune 500 list has disappeared since 2020?

<p>52% (B)</p> Signup and view all the answers

Which of the following represents a driving force of productivity boosts in the modern economy?

<p>Technological and scientific progress (C)</p> Signup and view all the answers

What does the term 'creative destruction' primarily refer to?

<p>The elimination of outdated technologies (A)</p> Signup and view all the answers

What has been a characteristic of the economic landscape over the last few decades?

<p>Quick birth, expansion, and disappearance of companies (B)</p> Signup and view all the answers

In what context is the concept of 'development of new markets' mentioned?

<p>As part of technological and scientific progress (D)</p> Signup and view all the answers

How did the Industrial Revolution change the nature of economic growth?

<p>It resulted in phenomenal acceleration in economic growth (B)</p> Signup and view all the answers

What is the primary use case discussed for personalization in consumer marketing?

<p>Deep Brew (D)</p> Signup and view all the answers

Which technology is expected to become a primary customer service channel for businesses?

<p>Chatbots (A)</p> Signup and view all the answers

Which of the following is NOT listed as an emerging use case in the content provided?

<p>Customer Engagement Analytics (A)</p> Signup and view all the answers

What is the focus of use case #4 in this marketing framework?

<p>Customer research (B)</p> Signup and view all the answers

Which fast-food chain is mentioned in the context of using Emotion AI?

<p>McDonald's (C)</p> Signup and view all the answers

What aspect of consumer marketing is emphasized in the second use case?

<p>Content localization (D)</p> Signup and view all the answers

Which use case focuses on making portfolio decisions?

<p>Use case #3 (A)</p> Signup and view all the answers

What role does AI play in the context of chatbots?

<p>Conversation initiation (B)</p> Signup and view all the answers

What will be a major transformation in consumer relationships according to Quantum Marketing?

<p>Consumers wanting new different relationships (C)</p> Signup and view all the answers

How will trust be characterized in the future competitive landscape?

<p>A gigantic competitive advantage (C)</p> Signup and view all the answers

Which technology is indicated as the ultimate marketing propellant?

<p>Artificial Intelligence (C)</p> Signup and view all the answers

What aspect of marketing will become essential due to crises frequency?

<p>Risk management (C)</p> Signup and view all the answers

What future technology is mentioned as a significant game changer for distribution?

<p>Drones (C)</p> Signup and view all the answers

What is the purpose of analytics in the future marketing landscape?

<p>To generate insights from vast data (B)</p> Signup and view all the answers

In Quantum Marketing, which combination of technologies will enhance customer experience?

<p>AR &amp; VR and IOT (C)</p> Signup and view all the answers

What is the anticipated future role of ethics and values in marketing?

<p>Significantly prominent and essential (D)</p> Signup and view all the answers

What is a primary focus of the module regarding marketing strategy?

<p>Basics of Marketing Strategy explained step-by-step (B)</p> Signup and view all the answers

Which module discusses the importance of customer behavior and needs?

<p>Customer Centricity (B)</p> Signup and view all the answers

What aspect is covered under Emerging Technology in the marketing landscape?

<p>AI, Gen AI &amp; emerging tech-led marketing reinvention (C)</p> Signup and view all the answers

Which of the following themes pertains to ethical considerations in marketing?

<p>Sustainable and Ethical Marketing (A)</p> Signup and view all the answers

What is the goal of customer intelligence in marketing?

<p>To drive strategy using data/AI and human insights (C)</p> Signup and view all the answers

In the context of competition, what is emphasized in the marketing modules?

<p>Competitive advantage to stand out and innovate (C)</p> Signup and view all the answers

What does 'Customer Centricity' primarily focus on?

<p>Customer preferences and innovative experiences (B)</p> Signup and view all the answers

The module on Brand & Purpose emphasizes which of the following?

<p>Trust and purpose-driven marketing (A)</p> Signup and view all the answers

What does agile marketing emphasize?

<p>Responsive and flexible marketing approaches (B)</p> Signup and view all the answers

Which aspect is addressed by the module on Responsible Marketing?

<p>Ethical marketing during crises (D)</p> Signup and view all the answers

How is technology characterized in the context of economic growth?

<p>A key enabler of economic production and transactions (A)</p> Signup and view all the answers

What does the module on Market & Competition highlight?

<p>Significance of competitive strategies for market success (C)</p> Signup and view all the answers

What is one of the outcomes expected from studying Customer Insights?

<p>Enhanced understanding of customer needs using data (D)</p> Signup and view all the answers

Flashcards

Technology's role in economic growth

Technology has played a crucial role in boosting economic production and facilitating transactions throughout history.

Technology as a Growth Engine

Technology's power to drive economic expansion.

Technology Innovation

The process of creating new or improved products, processes, or ideas.

What is Marketing 6.0?

Marketing 6.0 is a future-focused approach driven by immersive experiences, leveraging emerging technologies like AI, VR, and the metaverse to connect with consumers on a deeper level.

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What is Quantum Marketing?

Quantum Marketing is characterized by rapid technological advancements and exponential disruptions in consumer lives. It signifies a shift in marketing strategies due to the overwhelming influence of emerging technologies.

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What does Quantum Marketing mean?

The term 'Quantum Marketing' signifies a profound disruption in consumer lives caused by an influx of emerging technologies. It highlights the rapid pace of change and the need for adaptive marketing strategies.

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Why are old marketing models insufficient for Quantum Marketing?

In this era of Quantum Marketing, traditional marketing models are inadequate to understand the evolving consumer reality. Companies need to adapt to new technologies and their disruptive impact.

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What is the significance of the speed and impact of Quantum Marketing?

The speed, scale, and impact of Quantum Marketing are unprecedented, making it crucial for businesses to adapt quickly. This era will witness more significant shifts in marketing than the past 50 years combined.

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Economic Dynamism

The rapid growth and change in the economy, driven by new technologies and ideas. It involves businesses being created, expanding, shrinking, and disappearing quickly.

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Creative Destruction

A theory that explains how new technologies and innovations disrupt existing industries and create new ones, leading to economic progress. Old ways of doing things are replaced with new, better ones.

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Productivity Boost

The ability to produce more goods or services with the same or fewer resources. It results from technological advancements and innovation.

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Market Creation

The process of creating new markets and industries by introducing innovative products, services, or business models.

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Customer Experience Reshaping

Changes in how companies interact with their customers, often made possible by technology, that improve the customer experience.

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Capitalism

An economic system based on private ownership, free markets, and the pursuit of profit. It features competition between businesses and individuals.

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Fortune 500

A group of companies that are considered to be among the largest and most successful in the world. They often represent the top performers in various industries.

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Entrepreneurs

Entrepreneurs are individuals who identify opportunities and create new ventures to exploit them. They drive innovation and economic growth.

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Loyalty transformation

The shift from traditional loyalty programs to a new era where consumers seek unique and personalized relationships.

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Advertising's evolution

A fundamental change in advertising as consumers become increasingly interconnected and rely on personalized, data-driven experiences.

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Disrupted agency ecosystem

The emergence of new business models and the blurring of traditional boundaries within the marketing agency landscape.

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Data's dominance

Data becoming the dominant force in marketing decision-making and strategy.

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AI's role in marketing

Artificial Intelligence (AI) revolutionizing marketing automation, optimization, and personalization.

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5G impact on marketing

The impact of 5G technology on marketing with faster data transfer speeds and real-time experiences.

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Blockchain for trust

A secure and transparent way to store and share data using blockchain technology, essential for trust and transparency.

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IoT for marketing

Internet of Things (IoT) devices, like smart speakers, provide new channels for marketing and consumer insights.

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AI's Importance in Marketing

AI is becoming increasingly important for marketers, with 73% already using or planning to use it in the next year.

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What is Generative AI?

Generative AI (Gen AI) is a specific type of AI that can create new content, such as text, images, and code. Marketers are increasingly investing in Gen AI.

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CMO's Investment in Gen AI

63% of CMOs plan to invest in Gen AI in the next year due to its potential to drive marketing success.

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Gradual AI Implementation

AI and Gen AI can be gradually implemented into marketing strategies, providing value over time.

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AI and Gen AI Importance

AI and Gen AI are key areas of focus for marketers because they offer powerful tools to improve customer experiences, increase efficiency, and drive growth.

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Personalized Customer Experiences

Tailored experiences leverage AI to understand and personalize interactions with customers on an individual level.

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Starbucks' Deep Brew Use Case

Deep Brew analyzes customer data to personalize coffee orders and recommend new drinks. This allows Starbucks to cater to individual tastes and preferences.

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McDonald's' Emotion AI Use Case

McDonald's utilizes Emotion AI to analyze facial expressions and understand customers' moods. This allows them to tailor interactions and optimize the dining experience.

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Chatbots in Customer Service

AI-powered chatbots can interact with customers 24/7, simulating human conversation. They provide personalized responses, resolve queries, and even recommend products.

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Chatbot Capabilities Beyond Customer Service

Chatbots are more than just customer service tools. They can also personalize marketing messages, gather customer feedback, and assist with online shopping.

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Personalization in Product & Service Innovation

AI helps personalize products and services by analyzing customer data and preferences. This enables businesses to create customized offerings that meet specific needs.

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AI in Digital and Social Media Marketing

Digital and social media marketing strategies can be optimized using AI to personalize content, target specific audiences, and measure campaign effectiveness.

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Marketing Optimization through AI

AI can analyze data to optimize marketing campaigns, identify trends, and predict customer behavior. This allows businesses to refine strategies and improve results.

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Study Notes

Strategic Marketing - Emerging Technology (2024-2025)

  • The presentation covered a 7-module course on Strategic Marketing, focusing on emerging technologies from 2024-2025.
  • The course outline included a journey through marketing history, exploring marketing strategy, customer centricity, research & insights, market & competition, digital & social, emerging technology, brand & purpose, responsible marketing, agile marketing.
  • The module emphasized the critical role of technology in driving economic growth throughout history, highlighting the impact of the Industrial Revolution and continuing technological advancements.
  • A key concept introduced was "creative destruction," describing how new technologies displace older ones and reshape industries.

Economics Foundation

  • The use of technology has consistently been a key driver of economic growth. Innovations in technology has consistently fueled economic growth, productivity, and the creation of new industries and markets.
  • The Industrial Revolution stands out as a period of profound acceleration in economic advancement, coinciding with the rise of capitalism in various forms.
  • Today, technological progress continues to drive advancements in productivity, consumer experiences, and the evolution of entire industries.

Emerging Technologies Impacting Strategic Marketing

  • Emerging technologies are reshaping industries and customer behaviour as described by the presentation.
  • Data analytics, Artificial Intelligence, Generative AI, Emotion AI, Influence AI, Internet of Things (IoT), smart devices, and wearables are among the identified technologies.
  • These technologies are reshaping industries, impacting B2B and B2C customer interactions, and leading to reinvention in marketing practices.

Al and Gen AI in Marketing

  • The perceived importance of AI in driving marketing success is increasing.
  • The adoption of AI and Generative AI (GenAI) by marketers is rapidly expanding as is the investment in GenAI by marketing leaders.
  • These technologies enhance customer experiences via chatbots, virtual assistants, and AI-powered contact centers as well as boosting employee productivity through conversational search, summarization, code generation, and data analysis-driven insights.
  • Use cases of the technologies in consumer marketing include customized solutions, generating creative copy, enhancing communication, and improving personalization.
  • Emerging Al use cases for marketers include; personalization for tailored experiences, content production, and localization, marketing strategy for portfolio decisions, marketing research on markets and consumer behaviour, product/service innovation, digital & social media marketing via Gen AI searches, and marketing optimization.

Challenges and Foresight for Marketing

  • Challenges related to AI usage include issues of bias, lack of transparency, and accountability in decision-making, regulatory impacts.
  • The use of AI in marketing raises concerns about potential risks and liability.
  • Ethical considerations associated with the use of AI in decision-making are important, and trust is a crucial factor for businesses and customers.
  • Foresight into the future of marketing emphasizes the necessity for responsible AI use, personalized interactions, purpose-driven initiatives, trust-building, and comprehensive crisis management.

More Emerging Technologies

  • Augmented Reality (AR) overlaying computer-generated images on real-world views, enhancing customer experiences and product demonstration, creates more immersive interactions.
  • Virtual Reality (VR) provides simulated environments for storytelling, gaming and interactive experiences, helping consumers understand products and use cases.
  • Artificial Intelligence (AI) is reshaping customer interactions by providing personalized solutions as demonstrated by real-world examples like real-time chatbots, and the metaverse further enhances these interactions.
  • The evolution of communication involves rapid improvements in connectivity with the introduction of 5G, which enables marketers to deliver real-time engagement.
  • Internet of Things (IoT) connects numerous everyday devices, creating a wealth of data for targeted marketing campaigns.
  • Additional emerging technologies include the integration of blockchain technology, wearables, 3D printing, robotics, and connected automobiles, further evolving marketing practices.

Implications for Strategic Marketing

  • The future of marketing involves a shift toward immersive experiences, regulatory compliance, and a greater emphasis on responsible AI.
  • The ability for AI to accelerate change demands a tech-forward, real-time data-driven approach. Adapting marketing strategies will be essential for success.
  • To effectively address opportunities and potential risks for brands, marketers need to stay ahead of changes in technology, regulatory issues, and the evolution of the consumer landscape.

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rWCA69-21GE022 Strategic Marketing PDF 2024-25 Module 7

Description

This quiz explores key concepts from a 7-module course on Strategic Marketing, with a focus on emerging technologies set for 2024-2025. It covers marketing history, strategy, customer centricity, and the role of technology in economic growth. Understand the significance of 'creative destruction' and how innovation reshapes industries.

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