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Neuromarketing

History of Neuromarketing: – Emerged in the 1990s, term coined in 2002. – Gerald Zaltman pioneered early experiments and introduced ZMET. – Use of fMRI […]

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History of Neuromarketing:
– Emerged in the 1990s, term coined in 2002.
– Gerald Zaltman pioneered early experiments and introduced ZMET.
– Use of fMRI in research began in 1999.
– Innerscope Research founded in 2006, later acquired by Nielsen Corporation.

Concept and Methods:
– Neuromarketing combines marketing, psychology, and neuroscience.
– Focuses on implicit motivations and non-conscious decision-making.
– Utilizes EEG, MEG, fMRI, eye tracking, and other neuro-technologies.
– Studies consumer responses to products and theorizes emotional decision-making.

Applications and Benefits:
– Helps understand consumer behavior and decision-making.
– Provides insights into emotional responses to stimuli.
– Predicts population-level data accurately.
– Measures impacts of branding and market strategies.
– Aids understanding of modern advertising channels.

Challenges and Limitations:
– Expensive approach requiring advanced equipment.
– Concerns about conflicts of interest and ethical implications.
– Complements traditional methods, not a replacement.
– High costs and specialized technologies limit widespread adoption.
– Requires knowledge of explicit decisions for implicit insights.

Criticism, Ethics, and Future Directions:
– Many claims lack neuroscience basis, viewed as gimmicky.
– Privacy concerns due to potentially invasive technology.
– Industry associations establish ethical guidelines.
– Future involves advancements in consumer neuroscience.
– Debates on the balance between innovation and ethical considerations.

Neuromarketing (Wikipedia)

Neuromarketing is a commercial marketing communication field that applies neuropsychology to market research, studying consumers' sensorimotor, cognitive, and affective responses to marketing stimuli. The potential benefits to marketers include more efficient and effective marketing campaigns and strategies, fewer product and campaign failures, and ultimately the manipulation of the real needs and wants of people to suit the needs and wants of marketing interests.

Certain companies, particularly those with large-scale ambitions to predict consumer behavior, have invested in their own laboratories, science personnel, or partnerships with academia. Neuromarketing is still an expensive approach; it requires advanced equipment and technology such as magnetic resonance imaging (MRI), motion capture for eye-tracking, and the electroencephalogram. Given the amount of new learnings from neuroscience and marketing research, marketers have begun applying neuromarketing best practices without needing to engage in expensive testing.

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