| Pub. Date | : Nov, 2020 |
|---|---|
| Product Name | : The IUP Journal of Marketing Management |
| Product Type | : Article |
| Product Code | : IJMM11120 |
| Author Name | : Tapish Panwar and Kalim Khan |
| Availability | : YES |
| Subject/Domain | : Marketing |
| Download Format | : PDF Format |
| No. of Pages | : 29 |
Neuromarketing is a multidisciplinary area encompassing seemingly disparate fields of studies like neuroscience, consumer psychology, consumer economics and marketing. Its application sits on the foundation of consumer neuroscience concepts and it relies upon neuroimaging tools and techniques for its application. Neuromarketing goes beyond the research ability to help marketers put into action the insights generated through neuroimaging tools and techniques. This paper explains the foundation of neuromarketing and its areas of application with a focus on new-age on-demand app-based consumer services. The authors point out that existing research under neuromarketing needs a specific case-in-point approach for app-based services due to their inherent difference from traditional products and services. The authors conclude the paper listing the challenges associated with the application of neuromarketing. The authors have relied on an extensive literature study that spans across the fields of neuroscience, neuromarketing, consumer psychology and buying behavior, and on-demand app-based services. This paper would help marketers fathom the applications of neuromarketing in their respective businesses, leading to efficient consumer profiling, which in turn may lead to better returns on their marketing investments.
The human brain is made up of more than 100 billion neurons that function in tandem with each other to decide and respond to a lot of triggers. These could be the seemingly simplest ones, like which hand to raise when we want to ask a question, to more complicated ones like which toothpaste to buy from a range of available choices, and to most complicated ones like, which show to pick next to binge on Netflix?
Customers go through a range of emotions and decision-making inside their brain which they express (and sometimes do not) through their purchase journey. For example, as we wander about a supermarket, our brain unceasingly processes loads of inputs in terms of visuals, text, audio as well as triggers from external environment and compares all this information with past experiences to arrive at a decision that you would want to purchase or not purchase a particular brand of product (Eberhart, 2018).