Chapter 3 A Review Of Artificial Intelligence Studies In Marketing

4.2. Customer Acquisition

Product; companies can access, process as well as analyse both customer and industrial data quite easily thanks to the latest developments with the big data (Prior & Keränen, 2020). As a consequence of that, data access could give companies the capability to keep up with customers’ changing needs (Chiang, 2018), foresee new trends and also estimate the new product or service acceptance by consumers along with sales volume (Cha, Rhee & Chung, 2017; Shokouhyar, Saeidpour & Otarkhani, 2018; Moro, Rita & Vala, 2016). These predictions could also avail organisations to gain insights on consumer perceptions towards a product, brand or company through data collection via different internet platforms including social media, websites or forums (Shirdastian, Laroche, Marie-Odile Richard, 2019). Furthermore, AI helps companies to discover new markets when management of a company are keen to execute a market expansion strategy. For instance; Park and Pan (2018)