Neuroeconomics

Neuroeconomics

DOI: 10.4018/978-1-5225-4834-8.ch008
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Abstract

Neuromarketing is a relatively new discipline that studies of how the brain processes economically relevant decision-making, directed not at medical professionals, but rather at marketers. Following this, Neuroeconomy emerged as an independent field as a result to the increased interest in investigating how the decision-making process actually takes place. The goal of this chapter is to study the influence of Neuroeconomy in Neuroscience, allowing researchers to study the processes on a large scale, discovering the brain reactions that determine complex cognitive processes. Using the Neuroeconomic framework combined with the knowledge of the neuroscientists, some models have been drawn, which correlate neuroscience concepts (decision making, memory or emotion) with marketing ones (positioning, reaction to brand advertisements or brand loyalty).
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Consumer Decision-Making Framework

From several studies on consumer decision making, in 2012, Hilke Plassmann et al. (Plassmann, Ramsøy, & Milosavljevic, 2012) represented the main results as a framework – the consumer decision-making framework.

The framework divides the stages that are required for brand preference formation over time into four basic components: (1) representation and attention, (2) predicted value, (3) experienced value, and (4) remembered value and learning. The article (Plassmann, Ramsøy, & Milosavljevic, 2012) presents the following explanation of the basic components.

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