TY - JOUR
T1 - Machine learning in marketing: Recent progress and future research directions
AU - Herhausen, Dennis
AU - Bernritter, Stefan
AU - Ngai, Eric W.T.
AU - Kumar, Ajay
AU - Delen, Dursun
N1 - Publisher Copyright:
© 2023 Elsevier Inc.
PY - 2024/1
Y1 - 2024/1
N2 - Decision-making in marketing has changed dramatically in the past decade. Companies increasingly use algorithms to generate predictions for marketing decisions, such as which consumers to target with which offers. Such algorithmic decision-making promises to make marketing more intelligent, efficient, consumer-friendly, and, ultimately, more effective. Not surprisingly, machine learning is a trending topic for marketing researchers and practitioners. However, machine learning also introduces important challenges to the marketing landscape. We discuss this development by outlining recent progress and future research directions of machine learning in marketing. Specifically, we provide an overview of typical machine learning applications in marketing and present a guiding framework. We position the articles in the Journal of Business Research’s Special Issue on “Machine Learning in Marketing” within this framework and conclude by putting forward a research agenda to further guide future research in this area.
AB - Decision-making in marketing has changed dramatically in the past decade. Companies increasingly use algorithms to generate predictions for marketing decisions, such as which consumers to target with which offers. Such algorithmic decision-making promises to make marketing more intelligent, efficient, consumer-friendly, and, ultimately, more effective. Not surprisingly, machine learning is a trending topic for marketing researchers and practitioners. However, machine learning also introduces important challenges to the marketing landscape. We discuss this development by outlining recent progress and future research directions of machine learning in marketing. Specifically, we provide an overview of typical machine learning applications in marketing and present a guiding framework. We position the articles in the Journal of Business Research’s Special Issue on “Machine Learning in Marketing” within this framework and conclude by putting forward a research agenda to further guide future research in this area.
UR - https://www.sciencedirect.com/science/article/pii/S0148296323006136
UR - http://www.scopus.com/inward/record.url?scp=85173553566&partnerID=8YFLogxK
U2 - 10.1016/j.jbusres.2023.114254
DO - 10.1016/j.jbusres.2023.114254
M3 - Article
SN - 0148-2963
VL - 170
JO - Journal of Business Research
JF - Journal of Business Research
M1 - 114254
ER -