Using Generative AI in Developing Marketing Strategies
Last semester I introduced the use of generative AI in my Marketing Strategy and Planning classes. I found that AI actually improved the students' ability to develop solid marketing strategies and plans using the foundations I have used for strategic marketing planning. The foundation I use in these classes at the University of Houston's Bauer College of Business is the MVOSSTE approach.The MVOSSTE acronym stands for M ission, V ision, O bjective, S ituation Analysis, S trategy, T actics and E xecution. M ission refers to the reason the organization exists. This does not necessarily relate to a specific service or product but more generally what the organization hopes to accomplish. For example, a healthcare organization might have as a mission statement: To provide a means for better health and longer life spans for people of all ages. V ision refers to how the organization will create value for customers, collaborators and the organization (company). For the health...