Abstract
Neuroscientific tools have increasingly been used by marketing practitioners and researchers to understand and explain several different questions that have been issued for a specific company or a general understanding. In this respect, the neuroscientific approach has been evaluated as a potential tool for understanding the neural mechanisms directly related to marketing with its contribution to providing novel perspectives. The chapter addresses one of the most relevant subjects, brands, for issuing the strategic role of applied neuroscience in marketing and consumer behavior. The first section of this chapter focuses on a novel definition of brand, and the next section covers the brand image, brand perception, and brand loyalty. The second section summarizes the main findings regarding the neuroscience of brands. In the final section, the findings from a related experiment have been provided for the potential roles of neuromarketing for developing marketing strategies for brands.
TopAccessibility Of The Methods
The growing use of neuroscientific approaches has caused a long-lasting impact on various fields including economics, ethics and marketing. The implementation of these neuroscientific methods has been adapted directly from the literature of neuroscience, thus providing scientific legitimacy and reliability as research context (Hammou et al., 2013; Badoc et al., 2014). The costs of the equipment used to use these methods differ widely, depending on their technological requirements and limitations. For example, in terms of its sampling frequency, channel number and software package for data acquisition and data analysis, an EEG / ERP system can be found at a price of 100 USD up to more than 100.000 USD.
Prices have typically continued to decline over the last decade, as the use of open source (free software) is favored because future convergence of inexpensive apps has become feasible. There are eye-tracking tools, for example, with prices down to $100 and no software package built for high level data analysis. Prices have typically continued to decline over the last decade, as the use of open access (free software) is favored because future convergence of inexpensive apps is feasible. Of starters, there are eye-tracking systems with costs down to $100 and no software kit built of high data analysis standards. Deleting the artifact components from the raw data to include a collection of accurate and appropriate data analyzes is an extremely crucial reality. Otherwise, it may result in deceptive results that may contain unacceptable internal and external noise levels.
Key Terms in this Chapter
Prefrontal Cortex (PFC): The very frontal part of the brain, behind the forehead, that is known to be responsible for high-order processing including decision-making, problem-solving, and reasoning.
Brand Loyalty: The bond between the customer and the related brand that is considered as providing tendency for the customer preferring the same brand’s products.
fNIR Spectroscopy: An optical brain imaging system that relies on the oxygenation level of the blood.
Neuromarketing: Understanding emotional reactions of consumers and designing marketing strategy accordingly.
Neuroeconomics: A new approach to economics that retrieves connection among economics, psychology and neuroscience.
Brain Imaging Methods: A variety of methods that are used for understanding the neural activations among different parts of the brain generally during a given task such as watching a commercial.