The Role of Artificial Intelligence on Market Performance: Evidence from Scientific Review
Keywords:
Artificial Intelligence, Marketing, Performance
Abstract
The study's primary purpose was to review studies on the role of artificial intelligence in market performance. Artificial intelligence significantly impacts market performance by providing data analysis, personalization, demand forecasting, pricing optimization, customer support automation, risk assessment, and enhanced decision-making capabilities. By leveraging artificial intelligence (AI) effectively, Businesses can improve their competitiveness, improve customer satisfaction, increase revenue, and achieve sustainable growth in the market. A thorough assessment of the literature was done, and screening standards were applied, all to improve the study. Based on the inclusion and exclusion criteria for the articles, data extraction was done by Preferred Reporting Items for Systematic Reviews and Meta-Analyses. 45 published articles were analyzed, and significant data was extracted. The review’s findings collectively emphasize the crucial role of AI in enhancing market performance by improving sales, customer satisfaction, demand forecasting, pricing optimization, risk mitigation, and decision-making processes. As AI continues to advance, further research and practical implementations will likely uncover additional benefits and insights into its impact on market performance. To help more scholars understand and advance the numerous theories and models related to the topic, this concept overview provides guidance.
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References
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Khoa, B. T. (2021). The Impact of Chatbots on the Relationship between Integrated Marketing Communication and Online Purchasing Behavior in The Frontier Market. Jurnal The Messenger, 13(1), 19-32.
Koehn, D., Lessmann, S., & Schaal, M. (2020). Predicting online shopping behaviour from clickstream data using deep learning. Expert Systems with Applications,. 150, 113342.
Krystyna, J., & Grzegorz, M. (2019). 1 Theoretical background. Central European Business Review, 8(2), 46–55. https://doi.org/10.18267/j.cebr.213
Kumar, V., Rajan, B., Venkatesan, R., & Lecinski, J. (2019). Understanding the role of artificial intelligence in personalized engagement marketing. California Management Review, 61, ., 135–156. https://doi.org/https://doi. org/10.1177/0008125619859317
Kumari, P. (2021). Role of Artificial Intelligence ( AI ) in Marketing. August.
Lee, L., Dabirian, A., McCarthy, I., & Kietzmann, J. (2020). Making sense of text: artificial intelligenceenabled content analysis. European Journal of Marketing, 54(3), 615-644.
Ljepava, N. (2022). AI-Enabled Marketing Solutions in Marketing Decision Making?: AI Application in Different Stages of Marketing Process. 11(3), 1308–1315. https://doi.org/10.18421/TEM113
Marinchak, C. M. (2018). International Journal of E-Entrepreneurship and Innovation. International Journal of E-Entrepreneurship and Innovation, 8(2):, 14–24. https://doi.org/DOI:10.4018/IJEEI.2018070102
Mchergui, A., Moulahi, T., & Zeadally, S. (2021). Survey on artificial intelligence (AI) techniques for vehicular ad-hoc networks (VANETs). Vehicular Communications, 100403.
MR, A. (2021). ARTIFICIAL INTELLIGENCE AND MARKETING. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(4), 1247–1256. https://doi.org/10.17762/turcomat.v12i4.1184
Muljono, R. K. (2018). , Digital Marketing Concept.
Nalini, K., Radhakrishnan, P., Yogi, G., Santhiya, S., & Harivardhini, V. (2021). Impact of Artificial Intelligence ( AI ) on Marketing. 12(02), 3159–3167.
Panch, T., Szolovits, P., & Atun, R. (2021). Artificial intelligence, machine learning, and health systems.JournalofGlobalHealth,8(2),1–8. https://doi.org/https://doi.org/10.7189/jogh.08.020303
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Patience, M. (2023). Artificial Intelligence Marketing Practices?: The Way Forward to Better Customer Experience Management in Africa ( Systematic Literature Review ). 44–62.
Rekha, A. G., Abdulla, M. S., & Asharaf, S. (2016). Artificial intelligence marketing: An application of a novel lightly trained artificial intelligence marketing: An application of a novel lightly trained support vector data description. Journal of Information and Optimization Sciences, 37, 681–691. https://doi.org/https://doi.org /10.1080/02522667.2016.119118
Sabharwal, D. (2022). Studying the Relationship between Artificial Intelligence and Digital Advertising in Marketing Strategy. 16, 118–126. https://doi.org/10.31620/JCCC.12.22/10
Sakib, S. M. N. (2022). ARTIFICIAL INTELLIGENCE IN MARKETING. August. https://doi.org/10.33774/coe-2022-qtp8f
Serravalle, F., & Pantano, E. (2021). Can Artificial Intelligent Systems Be Creative? A Preliminary Study in the New Product Development Process for New Drinks. Creativity and Marketing: The Fuel for Success.
Shabbir, J., & Anwer, T. (2015). Artificial Intelligence and its Role in Near Future. Journal of Latex Class Files, 14(8), 1–11. https://doi.org/http://arxiv.org/abs/1804.01396
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Shahid, Z. & Li, G. (2019b). Impact of Artificial Intelligence in Marketing: A Perspective of Marketing Professionals of Pakistan,. Global Journal of Management and Business Research: E-Marketing, 19 (2).
Siau, K. (2018). Impact of artificial intelligence, robotics, and automation on higher education. In Twenty-third Americas Conference on Information Systems. (pp. 10-12).
Sirajuddin, M., & Jagannadharao, P. (2020). Application of Artificial Intelligence in Marketing?: A Conceptual Study. 10, 1–10.
STONE, B., and JACOBS, R. (2020). Successful direct marketing methods, (7th editio). ARC Publishing house,.
Thilagavathy, N., & Kumar, E. P. (2021). Artificial Intelligence on digital Marketing- An overview. 8(5), 9895–9908.
Tiwari, S. P. (2022). Knowledge Enhancement and Mobile Technology: Improving Effectiveness and Efficiency. ArXiv Preprint ArXiv:2208.04706.
Verma, S., Sharma, R., Deb, S., & Maitra, D. (2021). International Journal of Information Management Data Insights Artificial intelligence in marketing?: Systematic review and future research direction. International Journal of Information Management Data Insights, 1(1), 100002. https://doi.org/10.1016/j.jjimei.2020.100002
Vla?i?, B., Corbo, L., e Silva, S. C., & Dabi?, M. (2021). The evolving role of artificial intelligence in marketing: A review and research agenda. Journal of Business Research , 128 , 187-203. (2021). 187–203.
Wamba, S. F., Robert, J., Kamdjoug, K., Emmanuel, C., & Wanko, T. (2020). Influence of artificial intelligence ( AI ) on firm performance?: the business value of AI-based transformation projects. https://doi.org/10.1108/BPMJ-10-2019-0411
Weng, W. (2021). Effect of Internet of Things on Business Strategy: The Mediating Role of Marketing Intelligence Capability, EasyChair Preprint,. (2729), 1-20.
Wierenga, B. (2010). Marketing and artificial intelligence: Great opportunities, reluctant partners.
Wirth, N. (2018). Hello marketing, what can artificial intelligence help you with? ,. International Journal of Market Research, 60, 435–438. https://doi.org/https://doi.org/10.1177/1470785318776841
Wirtz, J., Patterson, P. G., Kunz, W. H., Gruber, T., Lu, V. N., Paluch, S., & Martins, A. (2018). Brave new world: service robots in the frontline. Journal of Service Management.
Xie, K., Wu, Y., Xiao, J., & Hu, Q. (2016). Value co-creation between firms and customers: The role of big data-based cooperative assets. Information & Management,. 53(8), 1034–1048.
Yang, Y., & Siau, K. L. (2018). A qualitative research on marketing and sales in the artificial intelligence age. Association for Information Systems AIS Electronic Library. https://doi.org/https://aisel.aisnet.org/mwais2018/41/
Zhang, S. (2022). ARTIFICIAL INTELLIGENCE AND MARKETING INTERSECTION POST-COVID-19?: A CONCEPTUAL FRAMEWORK. December, 0–5. https://doi.org/10.31435/rsglobal
Abrokwah-larbi, K. (2022). The impact of arti ficial intelligence in marketing on the performance of business organizations?: evidence from SMEs in an emerging economy. https://doi.org/10.1108/JEEE-07-2022-0207
Akter, S., Wamba, S. F., Gunasekaran, A., Dubey, R., & Childe, S. J. (2016). How to improve firm performance using big data analytics capability and business strategy alignment?. International Journal of Production Economics, 182, 113-131.
Al-Ghamdi, L. M. (2021). Towards adopting AI techniques for monitoring social media activities. Sustainable Engineering and Innovation,. 3(1), 15-22.
Alkhayyat, A. M., & Ahmed, A. M. (2022). The impact of artificial intelligence in digital marketing administration Supervisor?: Stylianos Papaioannou.
Balaji, M. S., & Roy, S. K. (2017). Value co-creation with the Internet of Things technology in the retail industry. Journal of Marketing Management, 33(1-2), 7-31.
Basha, M. (2023). Impact of artificial intelligence on marketing. 2(3), 993–1004.
Brenner, M. (2020). Retrieved from https://marketinginsidergroup.com/.
Bruyn, A. De, Viswanathan, V., & Beh, Y. S. (2020). Artificial Intelligence and Marketing?: Pitfalls and Opportunities. 0, 1–45.
Bughin, J., et al. (2015). Artificial Intelligence: The Next Digital Frontier. McKinsey Global Institute D. Chaffey and F. Ellis-Chadwick, “. Digital Marketing,” Pearson Education, Limited, .
Busman, S. A., & Ananda, N. A. (2022). Artificial Intelligence and Digital Marketing Role in Increasing Consumer Purchase Intention. 5(01), 63–68.
Chintalapati, S. (2022). Artificial intelligence in marketing?: A systematic literature review. https://doi.org/10.1177/14707853211018428
D. Purwana, R. Rahmi, and S. A. (2017). “Pemanfaatan Digital Marketing Bagi Usaha Mikro, Kecil, Dan Menengah (UMKM) Di Kelurahan Malaka Sari, Duren Sawit,” J. Pemberdaya. Masy. Madani,. https://doi.org/doi: 10.21009/jpmm.001.1.01.
Davenport, T. H., &Ronanki, R. (2018). Artificial intelligence for the real world. Harvard Business Review, 96(1), 108-116.
Devang, V., Chintan, S., Gunjan, T., & Krupa, R. (2019). Applications of Artificial Intelligence in Marketing.
Dulloo, R., & Shahu, R. (2021). A Study On Transformation Of Marketing Practices Through Artificial Intelligence. 20(6), 2552–2563. https://doi.org/10.17051/ilkonline.2021.06.237
Epstein, M. J. (2018). Adapting for digital survival. Strategic Finance. https://. Sfmagazine.Com/Post-Entry/ February-2018-Adapting-for-Digital-Survival/.
Eriksson, T., & Bonera, M. (2020). Think with me , or think for me?? On the future role of artificial intelligence in marketing strategy formulation. 32(4), 795–814. https://doi.org/10.1108/TQM-12-2019-0303
Fagella, D. (2019). Machine Learning Marketing – Expert Consensus of 51 Executives and Startups. Https://Emerj.Com/Ai-Market-Research/Machine - Learning-Marketing.
Hadalgekar, S. (2023). A study on the role of Artificial Intelligence in Digital Marketing. 12(4), 13322–13327. https://doi.org/10.48047/ecb/2023.12.si4.1208
Huang, H., Chang, Y., Yeh, C., & Liao, C. (2021). Promote the price promotion. International Journal of Contemporary Hospitality Management, do26(7), 1.
Hussain, Z., Mari, I. H., & Rind, A. A. (2022). Exploring The Barriers of Artificial Intelligence Adoption in Digital Marketing Landscape. 1(4), 824–835.
Jain, P. & Aggarwal, K. (2020). Transforming Marketing with Artificial Intelligence.
Janssen, M., van der Voort, H., & Wahyudi, A. (2017). . Factors influencing big data decision-making quality. Journal of Business Research, 70, 338–345.
Kartajaya, H., Setiawan, I., & Kotler, P. (2021). Marketing?: Technology for humanity. John Wiley & Sons.
Khajuria, N. (2023). Application of Artificial Intelligence in Marketing?: A Narrative Literature Review. 25(3), 44–51. https://doi.org/10.9790/487X-2503014451
Khoa, B. T. (2021). The Impact of Chatbots on the Relationship between Integrated Marketing Communication and Online Purchasing Behavior in The Frontier Market. Jurnal The Messenger, 13(1), 19-32.
Koehn, D., Lessmann, S., & Schaal, M. (2020). Predicting online shopping behaviour from clickstream data using deep learning. Expert Systems with Applications,. 150, 113342.
Krystyna, J., & Grzegorz, M. (2019). 1 Theoretical background. Central European Business Review, 8(2), 46–55. https://doi.org/10.18267/j.cebr.213
Kumar, V., Rajan, B., Venkatesan, R., & Lecinski, J. (2019). Understanding the role of artificial intelligence in personalized engagement marketing. California Management Review, 61, ., 135–156. https://doi.org/https://doi. org/10.1177/0008125619859317
Kumari, P. (2021). Role of Artificial Intelligence ( AI ) in Marketing. August.
Lee, L., Dabirian, A., McCarthy, I., & Kietzmann, J. (2020). Making sense of text: artificial intelligenceenabled content analysis. European Journal of Marketing, 54(3), 615-644.
Ljepava, N. (2022). AI-Enabled Marketing Solutions in Marketing Decision Making?: AI Application in Different Stages of Marketing Process. 11(3), 1308–1315. https://doi.org/10.18421/TEM113
Marinchak, C. M. (2018). International Journal of E-Entrepreneurship and Innovation. International Journal of E-Entrepreneurship and Innovation, 8(2):, 14–24. https://doi.org/DOI:10.4018/IJEEI.2018070102
Mchergui, A., Moulahi, T., & Zeadally, S. (2021). Survey on artificial intelligence (AI) techniques for vehicular ad-hoc networks (VANETs). Vehicular Communications, 100403.
MR, A. (2021). ARTIFICIAL INTELLIGENCE AND MARKETING. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(4), 1247–1256. https://doi.org/10.17762/turcomat.v12i4.1184
Muljono, R. K. (2018). , Digital Marketing Concept.
Nalini, K., Radhakrishnan, P., Yogi, G., Santhiya, S., & Harivardhini, V. (2021). Impact of Artificial Intelligence ( AI ) on Marketing. 12(02), 3159–3167.
Panch, T., Szolovits, P., & Atun, R. (2021). Artificial intelligence, machine learning, and health systems.JournalofGlobalHealth,8(2),1–8. https://doi.org/https://doi.org/10.7189/jogh.08.020303
Paschen, J., Kietzmann, J., Kietzmann, T. C., Paschen, J., Kietzmann, J., & Kietzmann, T. C. (2019). Arti fi cial intelligence ( AI ) and its implications for market knowledge in B2B marketing. https://doi.org/10.1108/JBIM-10-2018-0295
Patience, M. (2023). Artificial Intelligence Marketing Practices?: The Way Forward to Better Customer Experience Management in Africa ( Systematic Literature Review ). 44–62.
Rekha, A. G., Abdulla, M. S., & Asharaf, S. (2016). Artificial intelligence marketing: An application of a novel lightly trained artificial intelligence marketing: An application of a novel lightly trained support vector data description. Journal of Information and Optimization Sciences, 37, 681–691. https://doi.org/https://doi.org /10.1080/02522667.2016.119118
Sabharwal, D. (2022). Studying the Relationship between Artificial Intelligence and Digital Advertising in Marketing Strategy. 16, 118–126. https://doi.org/10.31620/JCCC.12.22/10
Sakib, S. M. N. (2022). ARTIFICIAL INTELLIGENCE IN MARKETING. August. https://doi.org/10.33774/coe-2022-qtp8f
Serravalle, F., & Pantano, E. (2021). Can Artificial Intelligent Systems Be Creative? A Preliminary Study in the New Product Development Process for New Drinks. Creativity and Marketing: The Fuel for Success.
Shabbir, J., & Anwer, T. (2015). Artificial Intelligence and its Role in Near Future. Journal of Latex Class Files, 14(8), 1–11. https://doi.org/http://arxiv.org/abs/1804.01396
Shahid, Z. & Li, G. (2019a) . Impact of Artificial Intelligence in Marketing: A Perspective of Marketing Professionals of Pakistan,. Global Journal of Management and Business Research: E Marketing, 19 (2).
Shahid, Z. & Li, G. (2019b). Impact of Artificial Intelligence in Marketing: A Perspective of Marketing Professionals of Pakistan,. Global Journal of Management and Business Research: E-Marketing, 19 (2).
Siau, K. (2018). Impact of artificial intelligence, robotics, and automation on higher education. In Twenty-third Americas Conference on Information Systems. (pp. 10-12).
Sirajuddin, M., & Jagannadharao, P. (2020). Application of Artificial Intelligence in Marketing?: A Conceptual Study. 10, 1–10.
STONE, B., and JACOBS, R. (2020). Successful direct marketing methods, (7th editio). ARC Publishing house,.
Thilagavathy, N., & Kumar, E. P. (2021). Artificial Intelligence on digital Marketing- An overview. 8(5), 9895–9908.
Tiwari, S. P. (2022). Knowledge Enhancement and Mobile Technology: Improving Effectiveness and Efficiency. ArXiv Preprint ArXiv:2208.04706.
Verma, S., Sharma, R., Deb, S., & Maitra, D. (2021). International Journal of Information Management Data Insights Artificial intelligence in marketing?: Systematic review and future research direction. International Journal of Information Management Data Insights, 1(1), 100002. https://doi.org/10.1016/j.jjimei.2020.100002
Vla?i?, B., Corbo, L., e Silva, S. C., & Dabi?, M. (2021). The evolving role of artificial intelligence in marketing: A review and research agenda. Journal of Business Research , 128 , 187-203. (2021). 187–203.
Wamba, S. F., Robert, J., Kamdjoug, K., Emmanuel, C., & Wanko, T. (2020). Influence of artificial intelligence ( AI ) on firm performance?: the business value of AI-based transformation projects. https://doi.org/10.1108/BPMJ-10-2019-0411
Weng, W. (2021). Effect of Internet of Things on Business Strategy: The Mediating Role of Marketing Intelligence Capability, EasyChair Preprint,. (2729), 1-20.
Wierenga, B. (2010). Marketing and artificial intelligence: Great opportunities, reluctant partners.
Wirth, N. (2018). Hello marketing, what can artificial intelligence help you with? ,. International Journal of Market Research, 60, 435–438. https://doi.org/https://doi.org/10.1177/1470785318776841
Wirtz, J., Patterson, P. G., Kunz, W. H., Gruber, T., Lu, V. N., Paluch, S., & Martins, A. (2018). Brave new world: service robots in the frontline. Journal of Service Management.
Xie, K., Wu, Y., Xiao, J., & Hu, Q. (2016). Value co-creation between firms and customers: The role of big data-based cooperative assets. Information & Management,. 53(8), 1034–1048.
Yang, Y., & Siau, K. L. (2018). A qualitative research on marketing and sales in the artificial intelligence age. Association for Information Systems AIS Electronic Library. https://doi.org/https://aisel.aisnet.org/mwais2018/41/
Zhang, S. (2022). ARTIFICIAL INTELLIGENCE AND MARKETING INTERSECTION POST-COVID-19?: A CONCEPTUAL FRAMEWORK. December, 0–5. https://doi.org/10.31435/rsglobal
Published
2024-04-07
How to Cite
Desta, E., & Amantie, C. (2024). The Role of Artificial Intelligence on Market Performance: Evidence from Scientific Review. Journal of Economics and Behavioral Studies, 16(1(J), 82-93. https://doi.org/10.22610/jebs.v16i1(J).3511
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Copyright (c) 2024 Endalkachew Desta, Chalchissa Amantie
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