Neuromarketing: Validating Consumer Decision buying capabilities

“The business man must understand the workings of the minds of his customers, and must know how to influence them effectively, he must know how to apply psychology to advertising.”-Walter Dill Scott (Psychologist at Northwestern University, one of the first researchers of advertising psychology; lived between 1869-1955)

Neuromarketing is an emerging field that bridges the study of consumer behavior with neuroscience. Controversial when it first emerged in 2002, the field is gaining rapid credibility and adoption among advertising and marketing professionals. Each year, over 400 billion dollars is invested in advertising campaigns.

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Yet, conventional methods for testing and predicting the effectiveness of those investments have generally failed because they depend on consumers’ willingness and competency to describe how consumers able to arrive at a given decision. Indeed, neuromarketing is fast becoming mainstream for today's marketers. Today, tracking the popularity of the word “neuromarketing” on Google shows a phenomenal progression from just a few hits from 2004 to till now

Meanwhile, advertising agencies are beginning to clearly understand the importance of predicting the effectiveness of campaigns by using brain-based tools such as eye tracking, EEG, or FMRI. Finally, the recently weakened economy continues to put pressure on executives to predict and measure the return on the massive dollars they invest in advertising campaigns of all forms. Taking all these factors into account demonstrates that the need for innovative advertising research using the latest discoveries on the brain is both strong and timely.

Incorporated Enterprises today are under terrific pressure to uncover factors lashing customers’ attitudes and behavior that can be an inspiration for having a source of competitive advantage. Unfortunately in today’s consent traditional methods of generating customer insights and have remained largely unchanged since their preface decades ago. As a result, there is mounting attention in Futuristic thinking on how consumer thinks and decides, as a result, to understand how brain-based approaches make a difference that may enable managers to directly probe customers’ underlying thoughts, feelings, and intentions. Neuromarketing is a promising field that bridges the study of consumer behavior with neuroscience.

When we think about brands, something happens in our brains — there’s electrical activity; a measurable response. As marketers don’t want to get into your heads, they want to get into your brain, even if they have to rewire it in the process. The technology used in this approach is to monitor the brain response and record as it does so, It provides practical guidance to managers on using these brain pulses. A critical role for policy makers and consumer scholars is to inform this debate by monitoring the latest neuroscientific findings and evaluating their implications for ethical marketing practice and stressing that managers should see traditional and brain-based approaches as complements, rather than substitutes, in discovering insights. It represents possibilities that will need a combination of voluntary compliance and regulatory oversight in order to avoid some of the dilemmas noted here. 

Source- Various Internet information

*Currently working on its Conceptual Research Paper

https://www.ijaetmas.com/v4-issue-1-2/