SIGNIFICANCE OF NEUROMARKETING ON CONSUMER BUYING BEHAVIOR

Abstract

-In today‟s vibrant business surroundings, it is no longer feasible to keep on practicing the same marketing tools to acquire an edge over the competitors. It is thus necessary to integrate other disciplines along with marketing to take a leap forward to understand consumers better. Neuromarketing is a fairly new discipline that combines behavioural psychology, economics and consumer neuroscience. Neuromarketing is an emerging field that bridges the study of consumer behavior with neuroscience. Neuromarketing has attracted increasing attention, but critical aspects of it remain underexplored, including what exactly it is or includes, and how it is used in practice. Neuromarketing, as currently practiced, is heterogeneous, as companies are offering a variety of technologies. Consumers are complex, diverse in nature and neuromarketing can provide better insights about their purchase intentions. The idea that consumers are rational decision makers, who carefully consider options when making a decision about a certain phenomenon, will soon phase out! Believe it or not. In a bid to better understand the consumer, a myriad of economists still waste their precious time on “not-so-deep” modifications and elaborations of mainstream economic models, some of which are barely “shallow”. Businesses need to fully understand the consumer decision making processes for them to thrive in the current competitive business environment which is now a global village. The main aim of this paper is to highlight the role and importance of neuromarketing research techniques in the evolution of neurosciences and to explain how these techniques are used in market research. One of the most important challenges for companies who offer neuromarketing services is to stick to ethical principles when performing the investigations. This paper also looks at the human brain from a neuromarketing perspective, to shade more light on our quest to better understand the consumer brain. Neuromarketing was born by combining two fields: Consumer behavior and Neuroscience. Thus in beam of such remarkable potentiality of Neuroscience integrated with consumer behaviour, this paper is an attempt to understand the significance of neuromarketing on consumer buying behaviour. This article aims to help in understanding this new mixture of these sciences by explaining tech-niques that are used in this area and showing their application