Neuro Marketing: An Astonishing Addition to the Marketing World

Abstract

Neuro marketing is one of the physiological marketing activities that use neural signals which gain insight into customers’ preferences and decision-making which in turn leads to create product advertising, pricing and development in the area of marketing. Neuro marketing is the combination of neuroscience and the cognitive science of marketing. Common measurements like Brain Scanning, which measures neural activity, and Physiological Tracking, which measures eye movement and other proxies for the marketing activity, are used here. It also uses Brain Imaging to observe which neural circuits lit up or went dark during the process of buying and through which the interest and decision-making of the customer can be predicted. With this prediction, the interested people can understand how the customer’s brain will react to the stimuli in online marketing, which is not simply what they self-report in the qualitative surveys. It is ultimately the truth that impulses to write about MRI’s. Though Neuro marketing requires high investment because of the tools like EEG, fMRI, etc., it helps the business to understand some major things to market their products from the customer’s point of view like “Does this product worth the price?”—when the price comes first and “Do they like this product?”—when the product comes first. This paper concentrates on the role of Neuro marketing as an effective tool for marketers in this new era of market research for the present intelligent, rational and potential consumers.