Artificial Intelligence in Marketing PDF

0:00 [Music] 0:09 [Music] 0:25 welcome to this course on artificial 0:27 intelligence and marketing and we will 0:29 start with module one but before that uh 0:32 a brief introduction about this course 0:34 this uh course is divided into seven 0:36 Parts in part one we will talk about...

0:00 [Music] 0:09 [Music] 0:25 welcome to this course on artificial 0:27 intelligence and marketing and we will 0:29 start with module one but before that uh 0:32 a brief introduction about this course 0:34 this uh course is divided into seven 0:36 Parts in part one we will talk about 0:39 introduction to AI in marketing 0:41 management and the first five modules 0:44 are dedicated to this part in part two 0:47 we will talk about developing marketing 0:48 strategies and plans using AI so module 0:51 6 to 14 will be covered in the second 0:55 part in the third part we will talk 0:56 about AI for marketing research and 0:59 module 15 16 and 17 uh uh we'll be 1:02 talking about AI for marketing research 1:05 in part four we will talk about 1:06 connecting with the customers and module 1:08 18 to 1:10 25 we'll be talking about part four in 1:14 part five we will talk about building a 1:15 strong Brands using artificial 1:17 intelligence and module 26 to 31 are 1:21 covered in part five in part six we we 1:24 will talk about AI for Designing 1:26 delivering and communicating value and 1:29 module 32 to 1:31 55 are dedicated to understand the role 1:34 of AI for Designing delivering and 1:36 communicating value and in part seven 1:39 that is ethics in Ai and we will talk 1:42 about the ethical concerns in using AI 1:45 so module 56 to 60 are covered in this 1:49 part so we will start with first chapter 1:51 and module one that is understanding 1:53 basics of AI in marketing that is part 1:56 one so the module in this module we will 1:59 talk about about the introduction to how 2:01 AI is being used by the industry along 2:04 with the case study what is marketing 2:07 and the various marketing offerings what 2:10 is marketing environment and what are 2:12 its 2:13 components how marketing has evolved 2:15 over the years from version 1 to version 2:17 five so to start with the introduction 2:21 if big data is the new oil analytics is 2:24 the combustion engine data is only of 2:27 benefit to business if it is used 2:29 according ly and capitalized analytics 2:32 and AI increasingly enable the smart use 2:36 of data and the associated Automation 2:38 and optimization of functions and 2:41 processes to gain advantage in 2:44 efficiency and competition in the recent 2:47 years AI has created for an immense leap 2:50 in development in business 2:52 practice while the optimization and 2:55 automation of production and logistic 2:57 processes are focused on in particular 3:00 in the scope of Industry 4 AI 3:03 increasingly also address 3:06 administrative dispositive and planning 3:09 processes in Marketing sales and 3:11 management and on the path toward the 3:14 holistic algorithmic 3:16 Enterprise now let us look at use of AI 3:19 in Indian industry which industry and we 3:22 will start with answering this question 3:24 which industry use AI 3:28 massively 3:30 Healthcare used uh AI 37% in 2015 to 20 3:35 2020 and estimated from 2021 to 2025 is 3:42 40% then comes Transportation with 41% 3:46 each the third is 3:49 manufacturing now you see how much 3:51 increase in the use use of AI over a 3:54 period of of 10 years has been happening 3:57 in manufacturing moving from 14% to 4:00 83% then comes Finance 41% to 4:04 59% and advertising from 47% and it has 4:09 decreased it is supposed to decrease to 4:11 36% so 4:13 manufacturing is the industry that is 4:16 using AI massively now uh let us look at 4:20 this example of AI adoption by a cement 4:22 company so this is the story of a cement 4:25 company how AI changed advertising 4:29 effectiveness 4:30 so that is the use of AI by ramco cement 4:33 Madras cement limited is the flagship 4:35 company of the ramco group in India the 4:38 company is one of the six largest cement 4:40 operators in India manufacturing 4:42 ordinary Portland cement and 4:45 Portland Pana cement the challenges they 4:49 faced was madra cement felt that their 4:51 potential for growth was hampered by 4:53 their inability to visualize and 4:56 leverage the rich data generated from 4:57 ramco enterprise resource plan planning 5:00 system information such as distributed 5:03 performance comparison and location 5:05 mapping of their wagon movement were 5:07 difficult to visualize madas sement also 5:10 find found it difficult to understand 5:12 the real issues affecting operations and 5:15 performance across the region Mr AV dhak 5:19 Krishnan Chief Executive Officer of 5:21 Madras cements commented that 5:23 traditional means of reporting using 5:25 Microsoft Excel sheets were complex and 5:28 timec consuming 5:30 hindering further business decision 5:32 making they needed a data visualization 5:34 solution one that offered richer Dynamic 5:37 interactive Graphics that integrated 5:39 with the ramco Erp system the solution 5:42 Madras choose Google Maps to integrate 5:44 with its ramco Erp system by 5:47 superimposing its data onto Google Maps 5:50 the result was a rich data visualization 5:54 tool that facilitated idea generation 5:56 and improved productivity all across 5:59 India over 1,000 employees access 6:02 reports and transactions on a daily 6:04 basis from the ramco Erp systems and 6:06 integrated Google Maps management at 6:09 Madras 6:10 cimons use Google Map for V visual 6:13 analysis for monitoring benchmarks 6:16 identifying discrepancies and deviations 6:19 Google Map serves as a tool to help them 6:22 develop appropriate strategies for 6:24 business growth the field sales team now 6:28 has the capability to easily view 6:30 information on their mobile devices 6:33 information ranging from competitors 6:35 distributor Network in their area to the 6:38 best and worst performing dealers this 6:41 not only enabled them to make faster 6:43 sales strategies on the go it also 6:45 helped management improve their Market 6:49 penetration strategy and 6:51 competitiveness as they could locate 6:53 their cement warehouses and key 6:55 customers on Google Maps Visa we 6:57 critical operation information and 6:59 empowering them to device effective 7:02 supply chain strategies and enhance 7:04 customer service Google Maps help 7:08 illustrate data at various levels of 7:10 detail for example which regions were 7:13 experiencing a strong growth which 7:15 dealers were performing best or had the 7:18 most potential for growth now let us 7:20 look at the results keeping logistic 7:22 cost low is a critical success factor in 7:26 the cement manufacturing industry Google 7:29 Maps together with their in-house SMS 7:32 notification system and ramco Erp 7:34 Solutions formed a solid communication 7:37 infrastructure this has helped the 7:39 Madras cement reduce penalties losses 7:42 and damages arising during the wagon 7:45 clearance process by up to 70% and 7:49 improved Consignment clearance time by 7:51 up to 7:52 40% Google Maps also made it easier to 7:55 identify and analyze performing markets 7:58 with the poti potential for growth since 8:00 implementing Google Maps the company has 8:02 successfully captured 20 to 30% of 8:05 market share of these markets while the 8:09 same information can be put in the Excel 8:11 sheet or word dhak Krishna shared that 8:14 he can better appreciate the data which 8:16 is visually presented on Google Maps now 8:20 let us look at the artificial 8:21 intelligence so this is AI word 8:25 cloud before that let us look at what is 8:28 marketing so marketing is about about 8:31 identifying and meeting human and social 8:34 needs and as American Marketing 8:36 Association defines it marketing is the 8:39 activity set of Institutions and 8:41 processes for creating communicating 8:44 delivering and exchanging offerings that 8:46 have value for clients customers 8:49 partners and Society at large so now let 8:52 us look at these 8:54 offerings so what are these Market 8:56 offerings the various types of Market 8:59 offerings are one events second is 9:03 experience third 9:06 persons 9:08 properties organizations information 9:11 idea and services so these are the eight 9:16 offerings that we are talking about 1 2 9:19 3 4 5 6 7 eight so these are the eight 9:25 offerings that we are talking about now 9:27 let us look at what are Services as 9:30 economies Advance a growing uh 9:33 proportion of their activities focuses 9:35 on production of services Services 9:37 include the work of Airlines hotels car 9:41 rental firms barers and beauticians 9:43 maintenance and repair people and 9:46 accountants bankers lawyers Engineers 9:48 doctors software programmers and 9:50 management 9:51 Consultants many Market offerings mix 9:53 goods and services such as fast food 9:56 meal events are marketers they also 10:00 promote time based events such as major 10:02 trade shows artistic performance and 10:04 Company anniversaries Global sporting 10:07 events such as the Olympics and the 10:09 World Cup are promoted aggressively to 10:12 both companies and fans what is 10:14 experience by managing several services 10:16 and goods a farm can create stage and 10:19 Market experiences Walt Disney World's 10:22 Magic Kingdom allows customer to visit a 10:25 fairy kingdom a pirate ship or a haunted 10:28 house there is also a market for 10:30 customized experience such as week at a 10:33 baseball camp with retired baseball 10:35 grades a 4- day Rock and Roll Fantasy 10:38 Camp or a climb up Mount 10:41 Everest the persons like artists 10:44 musicians CEOs Physicians high-profile 10:47 lawyers and finances and other 10:50 professionals all get help from 10:53 celebrity marketers some people have 10:55 done a masterful job of marketing 10:57 themselves like David bman 10:59 opra wire and the Rolling Stones 11:02 Management Consultant Tom Peters a 11:04 master of self-branding has advised each 11:07 person to become a brand properties are 11:10 intangible rights of ownership to either 11:12 real property that is a real estate or 11:13 financial property that are the stocks 11:15 and bonds they are brought and sold and 11:18 these exchanges require marketing real 11:21 estate agents work for property owners 11:23 or sellers or they buy and sell 11:26 residential or commercial real estate 11:28 invest companies and Banks Market 11:31 Securities to both institution and 11:33 individual investors 11:35 organizations organizations work to 11:38 build a strong favorable and unique 11:40 image in the mind of the target public 11:43 in United Kingdoms Tesco every little 11:47 helps marketing program reflect the food 11:49 marketers attention to detail in 11:51 everything it does within the store and 11:53 in the community and the environment the 11:56 campaign has vaulted Tesco to the top of 11:57 the UK supermarket chain industry 12:00 universities museums performing art 12:02 organizations corporations and nonprofit 12:04 all use marketing to boost their Public 12:07 Image and compete for audience and fund 12:10 information the production packaging and 12:12 distribution of information are major 12:15 industries information is essentially 12:17 what books schools and universities 12:19 produce market and distribute at a price 12:22 to parents the students and communities 12:25 ideas every Market offerings include a 12:27 basic idea products and services are 12:30 platforms for delivering some idea or 12:33 benefit social marketers are busy 12:35 promoting such ideas as friends don't 12:37 let friends drive drunk and a mind is a 12:41 terrible thing to waste the next is the 12:43 marketing environment and it consists of 12:46 the task environment and the broad 12:48 environment the task environment 12:51 includes the actors engaged in producing 12:53 Distributing and promoting the offerings 12:55 these are the company suppliers 12:57 distributor dealers and Target 12:59 customers in the supplier group are 13:02 material suppliers and service suppliers 13:04 such as marketing research agencies 13:06 advertising agencies telecommunication 13:09 companies Etc Distributors and dealers 13:11 include agents Brokers manufacturers 13:14 representatives and others who 13:16 facilitate finding and selling to 13:19 customers so that is the task 13:22 environment next comes the broad 13:25 environment so marketing management has 13:26 two and broken down into to task and 13:30 Broad we have talked about task in the 13:32 last slide now we are talking about the 13:34 broad environment it consists of six 13:37 components demographic environment 13:39 economic environment social cultural 13:41 environment National environment 13:43 technological environment and political 13:45 legal environment marketers must pay 13:48 close attention to the trends and 13:50 development in these and adjust their 13:52 marketing strategies as needed new 13:55 opportunities are constantly emerging 13:57 that awaits the right marketing Savi and 13:59 engineuity now we will look at the 14:01 evolution of marketing although there 14:03 are different thoughts on when marketing 14:06 came to exist as a discipline the 14:08 majority of a specialist agree that it 14:09 began during the time of Industrial 14:11 Revolution somewhere around the rate 14:14 18th and early 19th century since then 14:17 it has been continuously evolving from 14:20 marketing 1 to 2 to 3 to 4 to five so 14:23 there are two main factors that can be 14:25 considered as the drivers of marketing 14:27 Evolution so marketing technology and 14:30 customer needs so one is marketing 14:33 technology and the second is consumer 14:36 needs the intersection of these two 14:38 factors is the major reason why 14:40 marketing as a business philosophy has 14:43 been evolving according to Philip Cotler 14:46 marketing has evolved in several stages 14:48 where each stage has different 14:51 philosophy objective dominant focus and 14:54 practices so now let us look at the 14:57 various uh how marketing has evolved and 14:59 what are the various stages so in 15:01 marketing one it was a concept that 15:03 first emerged in the 15:06 1930s this is the first stage of 15:08 marketing consists of several models 15:10 production product selling and marketing 15:13 the main objective of this stage was to 15:15 sell products it is the most basic 15:18 fundamental phase of marketing where the 15:20 main focus relies on the product and its 15:23 features the Industrial Revolution 15:25 proved the perfect Catalyst for the 15:27 expansion of marketing one it provided a 15:30 situation where there was a boom in the 15:32 needs of the consumers and thus there 15:34 was a drastic increase in both the 15:36 demand for the product and the 15:37 competition among the businesses the 15:39 marketing relied on emphasizing and 15:42 focusing on the unique selling 15:44 proposition to distinguish one product 15:46 from its 15:48 competitors they focused on the 15:50 functional aspect of the product to sell 15:51 the products to customers as their core 15:54 Focus was to address the immediate needs 15:56 of the customers without considering the 15:58 the aesthetic value its distribution was 16:01 by traditional channels such as 16:03 television and radio it would be cited 16:05 that its M message was UN directional 16:08 because it did not provideed feedback to 16:10 the client and the elements of 16:12 measurement are very few and variable 16:15 the next came marketing to prompt 16:17 advancement in technology liberalization 16:20 globalization privatization led to a 16:22 modification in the social business life 16:25 the economic condition and the demand 16:27 for the goods in the market enhance the 16:29 bias power the combination of web 2 16:31 technology and the marketing practice 16:33 resulted in the commencement of 16:34 marketing 16:36 2. it is marketing 2 is defined as the 16:39 utilization of web 2 and the 16:41 collaborative resources it offers to 16:43 open interactive communication channels 16:45 between the consumers and the businesses 16:47 it introduced a new model of information 16:50 system which linked the customer to the 16:52 businesses in a much more effective 16:55 manner it starts with the customer and 16:57 introduces tools like like WordPress 17:00 Facebook YouTube Wikipedia Etc all the 17:03 information collected through the 17:04 different instruments of web2 the 17:07 businesses collect and systematically 17:09 organize the data the following steps 17:11 are to be followed while collecting data 17:14 the first is information gathering 17:18 second is database third is 17:21 pre-processing fourth is processing 17:24 fifth is classification and useful 17:27 information extraction after information 17:29 goes through all these stages it reaches 17:32 the marketing manager where it is 17:36 utilized for developing strategies based 17:38 on consumer demographics and the current 17:40 needs in the market it also helps to 17:43 identify and satisfy the needs of the 17:46 consumers highlighting their feelings 17:49 the stage is focused on the four seeds 17:51 of 17:52 communication that is Clarity coherence 17:55 control and credibility so this this is 18:00 the figure so customers web two tools 18:03 marketing to information system 18:05 information gathering datab base 18:06 processing pre-processing processing 18:09 classification useful knowledge 18:11 attraction and then it goes to the 18:13 marketing manager who takes a decision 18:15 at the end of the stage the focus was 18:18 slowly shifting to the emotional 18:20 benefits of a product treating the 18:22 consumers as a human who has mind and 18:24 emotion that can impact sales marketing 18:27 three 18:28 is known as value driven marketing 18:31 application the rapid appearance of 18:33 marketing 3 originated from the 18:35 development of New Wave Technologies and 18:38 the employment of computers and the 18:40 internet the amalgamation of this change 18:42 in technology and the shifts of the 18:45 focus from consumers to the emotional 18:46 needs and wants of the 18:48 customers helped increase and Advance 18:51 marketing to unprecedented Heights it 18:54 focuses on the types of technology that 18:56 interacts with individuals and groups 18:59 for marketing one the Catalyst was the 19:01 Industrial Revolution and in this case 19:02 the Catalyst was the rapid globalization 19:04 process the concept of coexistence of 19:06 human and technology and the emergence 19:08 of a creative 19:10 Society the idea of globalization is 19:13 directly linked to technology as 19:15 globalization involves the CH exchange 19:18 of goods and services technology and 19:21 flow of investment people and 19:23 information it introduces A New 19:26 Perspective that aims to change the 19:28 lives of the 19:29 customers this change is made possible 19:32 by formulating a mission statement that 19:35 contains a moving stories at the 19:37 executional stage and influences 19:40 consumers so marketing three comprises 19:43 of two main steps the first is the 19:45 planning 19:46 phase now let us look at the consumers 19:49 in the planning phase so recognition of 19:51 mission priority over Financial results 19:54 change in gous perceptions attitude and 19:56 behaviors the second is the business 19:58 defining corporate values creating 20:01 platforms where employees can make a 20:03 change the second phase is the 20:06 implementation phase again we we will 20:08 look at this implementation phase from 20:10 the two perspective one is that of the 20:11 consumer and another is that of the 20:13 business so consumers using the 20:16 discussion as a new type of advertising 20:18 communicating brand personality based on 20:20 values and for business demonstrating 20:23 values through daily Behavior within the 20:25 company focusing on aligning value with 20:28 behaviors so marketing three has these 20:31 two phases planning and implementation 20:35 again at both these stages we are 20:37 looking at the two 20:43 perspective so to conclude in this 20:46 module we briefly discussed about how AI 20:48 is helping in utilizing data and giving 20:51 meaning to it then we have discussed a 20:53 case study on how ramco cement is 20:55 adopting AI we have understood what is 20:57 marketing Mar marketing environment and 20:59 discuss its components finally we have 21:02 discussed about the transition that has 21:04 happened in marketing from version 1 to 21:06 3 and version four and five will be 21:10 covered in the next module these are the 21:12 books from which the material for this 21:13 module was taken thank 21:16 [Music] 21:27 you 21:29 [Music] 21:45 a English (auto-generated) AllFrom the seriesFrom IIT Roorkee July 2018AIStrategiesPresentationsFor youRecently uploadedWatched