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The Potential of Neuromarketing as a Marketing Tool

Roth, V.A. (2014) The Potential of Neuromarketing as a Marketing Tool.

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Abstract:In recent years, the emerging field of neuromarketing, which makes use of brain research in a managerial context, has gained increasing popularity in the academic literature as well as the practical world. Therefore, the purpose of the present paper is to evaluate upon the influence of neuromarketing tools on traditional marketing inputs in order to complete the understanding of consumer behavior. Yet, no available neuromarketing study provided an detailed overview of neuromarketing‘s influence on traditional marketing inputs while considering technical as well as ethical issues. The article uses the approach of an in-depth literature review in order to do so. The increased use of neuromarketing techniques for the evaluation of customer preferences and decision-making processes is considered to be an advantage for customers and marketers simultaneously. EEG, fMRI and MEG rank among the most appropriate technicalities in the area of neuroscience. However, critics emphasize the restriction of the consumer‘s free will and their reduced ability to make individual decisions in their buying behavior due to neuromarketing‘s implementation. After an evaluation of Outside reflexes, input-/Output models and Inside reflexes to analyze brain activities, the current paper evaluates upon the influence of neuromarketing on different relevant marketing inputs, followed by the consideration of its ethical defensibleness. The results indicate that neuromarketing is associated to have a high influence on consumer buying behavior, advertising, pricing, distribution of products, branding and decision-making as marketing inputs. Therefore, neuromarketing may be considered to be a remarkable extension in the research of human behavior and the brain as the ―black box‖ which can positively contribute to its practical applicableness.
Item Type:Essay (Bachelor)
Clients:
University of Twente, Enschede, The Netherlands
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics
Programme:International Business Administration BSc (50952)
Link to this item:http://purl.utwente.nl/essays/65342
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