Applications, Challenges, Promises and Potential Role of Neuromarketing as an Emerging Tool of Market Research

Abstract

Click Here:Access Full Text

India certainly is a fascinating economy and also as one of the fast growing BRIC nations, the country off late has seen unprecedented growth since mid-90’s until around 2010 or so post which the economy slowed down a bit and now is showing signs of growth again. Neuromarketing is by far one of the emerging disciplines which are also an applied extension of both neuroscience and marketing. Purchase intention of consumers and understanding human mind is one of the important aspects of neuromarketing. It’s also a branch of marketing study that looks at how customers react to various marketing stimuli on a sensorimotor, cognitive, and emotional level. The salesperson’s behaviour, which is indicated by consultative selling and in-store marketing assets, manages the customer’s shopping experience, and the consumer is gradually engaged. The area of neuromarketing provides a great route for reading consumers’ minds, interests, and preferences, allowing marketers to conduct successful and efficient targeted marketing. Aside from that, technology provides a direct window into the brain’s decision-making centres, positively affecting the crucial decision-making process toward purchasing specific goods. Neuromarketing uses a variety of methods and approaches to analyse the inside/outside reflexes of a customer’s brain, as well as the most up-to-date cognitive scanning techniques. MEG, EEG, fMRI, PET, Galvanic skin reactions, electromyography, TMS, and cardiovascular parameters are some of the most often utilised technology-infused neuromarketing inner reflex methods. Body language, emphatic design, face coding, and eye tracking are some of the time-tested traditional outer reaction detection approaches used in neuromarketing. The notion of neuromarketing, on the other hand, is likely to have a greater influence in rising nations like India, given their fast growing customer population and purchasing power. Aside from being complicated, rural consumers have a variety of natural characteristics, and neuromarketing can give deeper insights into their total purchasing intentions.

Keywords: Consumer behaviour, ECG, fMRI, Neuromarketing, Neuroscience, PET, TMS.

View PDF