Table 1 reveals that the first factor termed as Market analytics (Analyzing market opportunities) consists of 10 variables which are AI and ML uses latest software, it helps to make projections of competing products market share. AI & ML helps in regular analysis and providing market research report data to managers, it helps to prepare long term forecast of industry sales.AI & ML uses to help to predict the company’s market share, it arranges production to promotional point scale literature, quality of information, annual sales forecast and accurate data shown with a factor loading from 0.738 to 0.514 respectively.
The second factor is named as Managing and delivering marketing strategy consisting with following variables, AI & ML helps in controlling marketing budget, it helps in prepare marketing department annual budget, helps to implement approval plans and programs. AI & ML helps to implement in product differentiation, coordinating activities among functional groups and liaise with the advertising agency & social media. Factor loadings are from 0.699 to 0.528.
The third factor is defined as Designing new marketing system. It consists of three variables, AI & ML is flexible to change (0.770), compatible with organization transaction processing system (0.757), demanding customer solutions with quality (0.693).
The fourth factor is termed as Product mix. It consists of the following variables: AI & ML helps to eliminate older products; it helps to analyses the marketing activities with the following loads are (0.726) and (0.702)
The fifth factor is defined as Developing New Market Offerings. It consists of three variables.AI & ML coordinates for effectively launching new products, improves internal communication between the departments and within the department, and it allows individual marketing projects.
The sixth factor is explained as market measurement and forecasting. it consists the following variables determine future income streams (0.617), Develop long term strategic plan (0.614), helps to the organization in market data analysis (0.560), and its asses and employs product portfolio and measure market performance.
The factor seventh is Marketing Information System associated with two variables, AI & ML provides market information to headquarters and it helps to assess the market size.
Techno Functional effectiveness is eighth factor. It consists: AI & ML helps in providing customer service levels (.640), it uses latest hardware (.632) and its processing speed is high (.532).
The ninth factor is known as measuring the Market segment and Brand performance considering the following variables AI & ML forecast company sales by market segment (-.577) and measuring the brand performance criteria (0.433)
Role on marketing during covid-19 pandemic using AI & Machine Learning
||Error of model estimation
|Managing and delivering marketing strategy
|Designing new marketing system
|Developing new market offerings
|Market measurement & forecasting
|Marketing information systems
|Market and brand performance
X1: Machine learning,
X2: Artificial intelligence
X3: Data science
*: Predictor variables for independent factor
R: Linear correlation
R2: Co-efficient of determination
Examination of multiple regression analysis were evolved with predicted dynamics of Machine Learning, Artificial Intelligence and data science, compatibility and flexibility impact on marketing functions during covid-19 pandemic has shown in above table.
The component 1 Market analytics reveals that the component depends on data science than other variables.
Managing and developing marketing services are the predominant area in marketing functions. Marketing your business online can be challenging. Every business needs a different strategy and each strategy requires different marketing techniques. On top of this, each technique requires time and experience as well as skilled organization so it works as a part of the entire marketing strategy. A managed marketing approach to business promotion is a cost-effective solution that includes all the elements required to have a successful marketing strategy. Managing and developing services depends a variable on flexibility.
Designing new marketing system and managing services Savvy services marketers must recognize three new services realities: the newly empowered customer, customer coproduction, and the need to engage employees as well as customers.it depends on the variable viz; flexibility.
The Product Mix also called as Product Assortment, refers to the complete range of products that is offered for sale by the company. The right product mix is predicted during covid-19 pandemic by Artificial intelligence.
Planning and implementing a growth strategy to develop new markets and expand business before current market flattens out will not only help your business survive tough times, it could also give a considerable edge. Developing new market offering factor is predicted by Machine Learning.
Market measurement: The main aim for market measurement is to aid marketing management to understand market or sales potential which is relevant to a specific geographical area, period of time, products and market segments. Artificial intelligence and machine learning will help you to understand the market potential by studying the market share, size and growth by customer segments and products Forecasting: In today’s fluid business environment, managers need the most reliable prognostic information about emergent trends, “what if” scenarios and they need it early enough to provide ample time to prepare and react. Machine learning and Artificial Intelligence provides adaptable solutions that can be customized to either a client’s technology platform or seamlessly integrate with industry specific technology. By leveraging an understanding of business requirements, industry challenges, and macroeconomic factors—and applying advanced statistical and econometric techniques—we are able to establish an appropriate forecasting framework, execute on the collection and analysis of the latest prognostic data, and rapidly reassess go-forward conditions as new inputs become available.
AI and marketing functionalities are evolving at the speed of a blink. And AI technologies revitalizing old ideas to enhance the systems in marketing functionalities to perform optimized operations. AI is the stepping stone for the marketing industry to transform their systems into intelligent ones for scaling marketing functionalities. Automation and optimization are the core functionalities of AI in Marketing.
Today’s network operators are undergoing vast digital transformations to help shape their roadmaps for future innovation. That includes transforming existing communication networks to more virtualised environments and preparing for 5G. Assuring quality of existing and future services becomes both more challenging and more critical to these operators as the competition heats up. Customers demand affordable and excellent quality on-demand, ready for anything they want to do—both at the business and residential level. That makes service quality in today’s world a challenge. Leveraging the latest advancements in Machine Learning and Artificial Intelligence, will become imperative for today’s operators to continuously assure their networks in a dynamic environment. Choosing the right service assurance solution to adapt to these needs is critical. Optimising and managing complex marketing problems with Artificial Intelligence and Machine Learning
Today’s AI driven service assurance solutions are offering predictive analytics tools, and invaluable business and network intelligence to its users. Spotting problems before they occur saves significant time and resources that both improve customer experience and prevent or reduce expensive down time.
Increasing demand for automated services, intelligent responses, smarter solutions and rapid data analysis have paved way for Artificial Intelligence to be a part of every business sector. Customers today get personally involved in the entire buying process. They want the right product at the right time. With multiple options and sellers, customers can easily leave switch sellers. To help in retaining customers, AI allows marketers to create personal experiences by identifying customer needs, segregating them and giving them appropriate options to choose from. This will also allow marketers to attract new customers and generate more leads because by using AI-enabled tools marketers can now push the right content to the right customer at the right time.
Measuring Market segment performance: the process of categorizing large volumes of customers/consumers into different groups. The customers who are grouped together show some similar characteristics like gender, preferences, age, location, ethnicity etc. This grouped data is further used to send targeted marketing campaigns through personalized messaging. Artificial Intelligence further helps in dividing these groups into individual buying personas depending upon past behaviours of the customers. This means by knowing the customer better, marketers can send more relevant messages to the customer, which in turn increases the response rates and overall profits. Personalized messaging gives the buyer a personal touch as he/she thinks that the product is being specifically sold to him/her and feels like buying it.