Current research evidences AI as an effective and efficient tool that can support a range of marketing activities. For example, marketers can use Generative AI to develop marketing content, and AI-powered ChatBots can answer consumer queries instantaneously. Most recent research documents AI's performance and its ability to carry out marketing research. That said, there are also concerns, including but not limited to AI bias, ethics, and the possibility of AI dominating or even replacing the role of marketers in the industry practice.
Importantly, while marketing research views AI and computer algorithms as tools in the hands of marketers, there is also a question of whether Artificial Intelligence can be more than just a ‘tool’. Can computer algorithms be recipients of marketing communications? Can they be decision-makers? If so, what are the implications of AI bias on decisions they make, and what are the impacts of those decisions on consumers and firms?
Without a doubt, no industry is immune to AI disruption, while many questions need to be answered, the example of AI and its impact on marketing begs the much broader question about the future of marketing.
The 4Ps of marketing are still relevant, but the future of marketing is uncertain. To be able to benefit from technological advances, including AI, it is clear that the modern marketer needs to develop an agile mindset and be able to embrace disruptions many of which are still ahead of us. Further, marketers need to not only manage risks related to the adoption of new and emerging technologies; they also need to understand how existing technologies are changing and how those changes affect the consumer journey. After all, facilitating a smooth consumer experience is a core aim of marketing. Being aware of digital transformation and able to manage change from the perspective of the marketing department will be critical.
The future of marketing is not only about technological disruptions. Nowadays marketers are challenged to redefine the aim of marketing. Instead of thinking about firm performance metrics, marketers need to consider how marketing can support sustainability and NetZero objectives, and instead of thinking about consumer metrics consider consumer wellbeing.
While the future is uncertain, the Future of Marketing programme provides its participants with fundamental knowledge to face whatever the future holds.