Recent Trends in Neuro marketing – An Exploratory Study

Abstract

Purpose: The concept of neuro-marketing is explored as an emerging economic approach that originated from human brain research and traditional marketing facts. The core idea of the paper is to understand the concept of Neuromarketing and its influence on customers’ decision-making process.

Design: The benefits of various neuromarketing tactics on various market input devices are studied in the paper. From available literature and research studies, the influence of neuromarketing’s various techniques and procedures on verifiable marketing success is been highlighted.

Findings: Neuromarketing concept has gain lot of importance in recent years. It has contributed in the various fields of marketing such as framing marketing strategies, selection of brand, consumer behaviour, advertising, ethical concerns and decision-making. The study highlights the importance of neuromarketing principles and concepts for engaging neuroscience in the field of marketing and understanding consumer behaviour which could help in planning new marketing strategies based on neuroscience.

Originality: The impact of sensory aspects on a customer’s perception and conscious or subconscious purchasing choice is highlighted in this study. It also addresses the ethical problems that have been raised concerning neuromarketing. In this study, the benefits, limitations, ethical difficulties, and future potential of neuromarketing are discussed.

Value: A neuromarketing study will help the companies compete for market leadership, increase customer base and convert them into loyal consumers. It will help to determine what the customer wants, what services he likes, and how to draw the consumer's attention. Marketers can understand customer behaviour, including how it reacts to a company's advertising, brand, and product quality. Neuro-marketing can help a marketer to increase their turnover.

Type of Paper: Conceptual Paper.