• apply AI and its tools in a marketing context
• design the structure for an effective implementation of AI in marketing (e.g., data environment)
• understand the value of AI in personalizing the consumer experience and journey
• effectively incorporate AI into marketing strategy (including in product, price, communication, and sales marketing) 
• critically evaluate the benefits and risks of AI in marketing and for consumers 

Aim of the course:

Artificial intelligence (AI) is changing the way how businesses interact with consumers and vice versa. According to a recent Accenture global survey among 1,500 C-suite executives from companies across 16 industries, 84% of executives believe they will not achieve their growth objectives without scaling AI in their organization. Importantly, 76% of the surveyed executives report that they struggle with how to scale it. Moreover, a recent McKinsey analysis of more than 400 actual AI use cases across 19 industries shows that marketing is the functional area in an organization where AI would contribute the greatest value. Given the growing importance of AI in business and especially for marketing activities, it seems fundamental for today’s marketers to develop a deep understanding of how AI can be implemented and scaled in marketing to provide substantial benefits for companies (and consumers) and to stay competitive in the market. This course is designed to provide such understanding and help students to get an overview on how AI can be effectively used and applied in a marketing context.

Content and structure:

The course introduces the students to the history and meaning of AI, how it evolved in marketing, and what impact it has on today's marketing strategy to create value for both organizations and consumers. Students learn the tools AI relies on and what role data play for an effective AI implementation. The course discusses both strategic and operational elements of AI in marketing. For example, it illustrates the strategic importance in the context of marketing organization, marketing automation, and market segmentation. Moreover, by integrating several cases, students learn how and where AI can be implemented and scaled in different marketing areas such as product marketing (e.g., improving fit of product offering and consumer preferences), pricing (e.g., automated pricing decisions), communication (e.g., automated digital campaigns), sales (e.g., sales forecasts), and customer relationships (e.g., chatbots for customer support). The course also covers psychological elements of AI by examining consumers' interaction with AI and the benefits and costs it may have for consumers.