AI-enabled metamorphosis: A conceptual framework for revolutionizing marketing mix modeling strategies

In a rapidly shifting marketing landscape where performance reigns supreme, the 4Ps model feels increasingly antiquated. Generative AI and GPT-based models such as Bard, however, represent an evolutionary leap, poised to revitalize performance marketing. While research abounds on AI's broader business impact, its marketing application remains underexplored. This study provides an overview of the critical role artificial intelligence (AI) plays in several aspects of marketing and emphasizes the importance of AI in fostering innovation, improving productivity, and providing tailored experiences. This study bridges this gap by identifying opportunities for AI integration across the 4Ps. From automating repetitive tasks to personalizing offers and extracting data-driven insights, AI empowers marketers to optimize campaigns, identify untapped demographics, and make data-driven decisions. By reassessing the 4Ps through an AI lens, this paper proposes a conceptual framework for reimagining the marketing mix, unlocking its full potential and paving the way for future research and practical adoption. This is not just about tinkering with outdated models; it is about revolutionizing performance marketing through the transformative power of AI.