Shardul Marathe

The Role of Artificial Intelligence in Modern Marketing: A Review of Current Technologies, Applications, and Challenges

Started Feb. 14, 2024

Abstract or project description

This research paper examines the transformative role of artificial intelligence (AI) in marketing, emphasizing its capabilities in prediction, analysis, and generative AI. It reviews current AI technologies and their marketing applications through a comprehensive literature review and case studies from various industries. Research papers from Google Scholar were analyzed to illustrate AI’s effectiveness in marketing. AI enhances SEO by identifying optimal keywords, evaluating competitor strategies, and dynamically adjusting prices based on consumer behavior and market trends. Active targeting uses AI to predict consumer interests and personalize marketing efforts, as demonstrated by Kellogg’s and ASOS, leading to increased sales and customer engagement. Generative AI is revolutionizing marketing by creating engaging content, from slogans to videos. AI-generated advertisements are as effective or more creative than human-made ones. Companies like Heinz and Coca-Cola have successfully utilized AI for branding, while MTV's use of AI-powered video content has enhanced viewer engagement. AI-generated emails and chatbots also significantly improve customer interaction and retention. In the broader context, the research highlights challenges such as biases in AI systems, data privacy concerns, and integration issues. It also addresses the need for a shift in workforce skills towards AI management. The findings underscore AI's potential to revolutionize marketing strategies, making them more efficient and effective while emphasizing the necessity for transparency and ethical considerations to ensure sustainable growth.