Considered to be a combination of psychology, marketing and digital technologies. Based on the psychology theories, a variety of cognitive factors including perception, attention, emotions, and memory are understood which can help marketers to understand how customers process the related information and how they decide to purchase. Using cognitive marketing, businesses can monitor customer behavior and shape customized customer experience to create more competitive advantage ( Plassmann et al., 2015 ).
Published in Chapter:
Smart Marketing: A Multi-Stakeholder Review of Implications for Sustainable Business Practice
Copyright: © 2024
|Pages: 24
DOI: 10.4018/979-8-3693-1339-8.ch010
Abstract
Smart marketing is a term that encompasses various forms of marketing that leverage artificial intelligence (AI) and the internet of things (IoT) to deliver personalized, relevant, and engaging experiences to customers. This research aims to provide a comprehensive literature review on smart marketing, covering its definitions, applications, advantages, disadvantages, and implications on sustainability. The chapter also discusses the benefits and challenges of smart marketing for both marketers and customers, such as improved efficiency, effectiveness, creativity, customer satisfaction, loyalty, and retention, as well as ethical, privacy, security, and social issues. Furthermore, the chapter examines the impact of smart marketing on sustainability, highlighting the potential opportunities and risks for environmental, social, and economic dimensions. The chapter concludes with some suggestions for future research directions and best practices for smart marketing.