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Summary
Adopting AI usage into business functions seems to be the new trend, but can it be used to increase efficiency in market research? This study finds that it can help reduce costs and improve speed by automating some aspects of the process. One such way is to use Large Language Models (LLMs) as stand-ins for human survey respondents. The pool of respondents is shrinking. Moreover, the research finds that LLMs can realistically reflect consumer preferences because they have been trained on extensive online data. This process is also a fraction of the cost and time required with conventional methods.
