Markus Giesler, the chair of marketing department at York University’s Schulich School of Business and director of the Big Design Lab said that marketing was often distinguished into two different types. Some firms take a market-driven approach, while some firms are market-driving.
Market-driven advertising seeks to respond to an existing demand in the existing market, whereas market-driving advertising seeks to shape demands and wants and forge an agreement between a product or service and existing structures of legitimation. This in turn would shape the market into something new and different.
SEE ALSO: Google allegedly spent $1 billion on self-driving technology
Currently, most companies aspire to be market-driven rather than market-driving. AI and robotics however is predicted to completely change this relation between the demand in the existing market and advertising. Companies which are actually planning to get ahead should strive to be market-leading or market-driving rather than market driven. This would require them to shape the needs and wants of their consumers.
Giesler added that the one thing the new technologies will definitely be able to do is make all the information and knowledge about a customer more accessible and cheaper. When this information is very easily accessible, being a market-driven company could become less-challenging. It would mean that in future, advertising and PR would be less about communicating how an offering satisfies a consumer and more about creating new markets and consumer identities.
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