Neuromarketing: Science of Shooping!

“90% of the new product launches fail”

“50% of the advertising expenditure is wasted, but we do not know which 50%” 

“Main cause of marketing failure is the inability to understand the consumer behavior”

What did exactly cause sale….?

Ads. Failure- A Big Dent 
Why?

   

It is like being unscientific and today's scientific milieu…Resources are canalized without being assured that they target the desired group in expected way.It leads to Wastage to human energy… not only this..it also leads companies marketers in a wrong directions…take an example..an ad has been prepared…if for assumption it does not give desired customer response…marketers start searching flaws in the ad….though some time it may be because of some other factor.. This nothing but searching something which does not exist.

Traditional research, are biased by self-reporting biases, people’s ability to articulate of the difference between conscious and unconscious thought.

   

Marketing is like Astrology ! It is a quasi science !

Many new developments occured in the field of neurology, sociology, anthropology, psychology, etc. But very little of that has permeated into the world of marketing and advertising. 
  

  

What is Neuro marketing?The Science of Shopping…!! 

Is It The Key To Unlocking Your Customer's Brain? 

   

Neuromarketing uses functional Magnetic Resonance Imaging (fMRI) -- a medical technology -- to scan the brains of test subjects as they look at various products and advertisements. The idea behind neuromarketing is to discover what kinds of elements trigger positive neural responses. The information gleaned from neuromarketing research is intended to provide deeper insight into the human brain for purposes such as more effective advertising and brand loyalty campaigns.

   

How Does it Works?

   

Practitioners claims. 
Develop a test.
Participant shown a particular stimulus.
Brain monitored with MRI. 
Image produced by the machine. 
Indicates brain activity.
Activity is mapped. 
Researcher interprets the brain patterns. 

Benefit?

   

“Information about the Consumer Preferences”

“Channelisation of Resources-Making Cost effective Decisions”

“Reaping benefits of hard core research”

“Links with product development”

“Gives Objective information”

What i think....

  

It equips Marketing Professional in their valuable attempts to build Positive and constructive Relations between Producers and Consumers.

Neuromarketing helps to turn the art of marketing into a Science which makes marketing handy and Constructive Profession….

However…every thing has its own weaknesses and man can not predict his own future course of action and innovations.