Neuromarketing: Applications, Challenges and Promises

Volume 12 - Issue 2

Pravin Raj Solomon*

Received: December 05, 2018;   Published: December 17, 2018

DOI: 10.26717/BJSTR.2018.12.002230

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Abstract

Neuromarketing is a field of marketing research that studies consumers’ sensorimotor, cognitive, and affective response to marketing stimuli. Consultative selling suggests that a customer’s shopping experience is managed by the salesperson’s behaviour and in-store marketing assets, and that the customer gets engaged step by step. The field of neuromarketing provides excellent avenues for reading the consumers mind, interest, preferences and thereby enable the marketers to perform effective targeted marketing. The technology offers a direct peak into the decision-making centres of the brain thereby can positively impact upon the decision-making process towards buying a product.

Neuromarketing employs several techniques and tools for analysis of inside\outside reflexes of the consumer’s brain and it avails the latest cognitive scanning techniques for analysis. Some of the technology infused neuromarketing inside reflex techniques used includes EEG, MEG, fMRI, PET, Galvanic skin response, TMS, electromyography and cardiovascular parameters. Besides there are also several time-tested conventional techniques of outside reflex detection techniques such as body language, emphatic design, facial coding, eye tracking is also employed in neuromarketing. The concept of neuromarketing is bound to make a deep impact in the emerging economies like India with their rapidly increasing consumer population and consumer buying potential.

Introductıon| Importance of Neuromarketing| Methods Followed| Human Brain and its Function| Neuronal Coding and Memory| Techniques of Neuromarketing| Facial Recognition or Electromyography| Cardiovascular Parameters| Galvanic Skin Response| The Transcranial Magnetic Stimulation (TMS)| Understanding the Consumers Brain| Practical Applications of Neuromarketing| Benefits of Neuromarketing| Advantages of Neuromarketing| Limitations of Neuromarketing| Neuromarketing on Consumer Buying Behaviour| Neuromarketing on Advertising| Neuromarketing on Pricing| Neuromarketing on New Product Development| Neuromarketing on Communication| Neuromarketing on Distribution of Products| Neuromarketing on Decision-Making| Neuromarketing on Branding| Neuromarketing on Product Design| Ethical Issue of Neuromarketing| Challenges of Neuromarketing| Future of Neuromarketing in India| Conclusion| References|