Understanding the Logic and Science Behind the Emerging Field of Neuromarketing

Understanding the Logic and Science Behind the Emerging Field of Neuromarketing

DOI: 10.4018/978-1-6684-5897-6.ch005
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The term “consumer behaviour” represents an important concept in the discipline of marketing management. In fact, it's one of the most researched aspects of the discipline, and with the introduction of neuroscience technology, its investigation potential has become even wider than before. Neuromarketing takes a cue from the Nobel prize winner Francis Crick's hypothesis that all thoughts, actions, and feelings associated with human beings are the ultimate result of the neural activities that are performed within the brain. The statement has important implications for the marketers as they finally can have a definitive science that can effectively reduce the conjecturing and uncertainty related to the understanding of consumer behaviour. The discipline of neuromarketing, also sometimes referred to as consumer neuroscience, is the study of the brain to predict the ongoing and potential behaviour of consumers. Initially limited to the avenues of frontier science, various studies on neuromarketing have now established their credentials to create potential value for marketers.
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Investment In Neuromarketing: Worth Or Waste?

Despite the increasing set of credible evidence, marketers are struggling to find out whether an investment in tools and technologies of neuromarketing is worth it, which are the most important tools that can help the marketers to uncover new insights into consumer behaviour, and more importantly, how well it can be performed for yielding desirable results for the organisation (Dimpfel 2015). The neuromarketing term encompasses all tools and technologies that measure the neural signals associated with the psychological characteristics of consumer behaviour. These characteristics include attitude, intentions, motivation, perception, and insights into all these aspects that can help the marketers to come up with better advertisement campaigns, product features, pricing strategies, distribution channels, and other important aspects related to marketing areas. Some of the most common methods associated with neuromarketing include physiological tracking, brain scanning, biometrics, and facial coding among others.

From the perspective of organisational resources, it is important for all the stakeholders to understand that efficient and optimal utilisation of the money is one of the prerequisites for the success of the company. Especially after the Covid-19 pandemic, companies all over the world are becoming increasingly cognizant of the need to spend each and every penny in the most efficient manner. The cost-cutting is becoming very much rampant and along with reorganizing the businesses, the top corporates around the globe are also focusing on making their functional departments are much more efficient than before. The process of taking away any unnecessary cost from the picture applies equally to the marketing domain and especially when it comes to the brand communication and promotion, the budget is under the heavy scrutiny as the branding exercise lacks the credible measures that help to establish its effectiveness among the target audiences.

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