NeuroMarketing, Contemporary Consumer, and Globalisation and Localisation

Contemporary Marketing Issues Portfolio
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Contemporary Marketing Issues Portfolio
Neuromarketing
Marketing is a social and managerial process by which organizations create and exchange their products and value to obtain their needs and wants. Earlier, marketing's primary functions included advertising, distributing, and selling, but today's context has witnessed tremendous growth due to technological advancement (Kumar, 2015). The current emergence and use of technology in marketing have resulted in neuromarketinge: - a new marketing branch that utilizes technology to determine consumers' reactions to products and brand names. Kumar (2015) defined neuromarketing as a commercial marketing discipline that uses neuropsychology and neuroscience to gain insight into customers' preferences, motivations, behaviors, and decisions, which can help inform innovative advertising, pricing, and product development (Fortunato et al., 2014). It acts as an effective customer engagement and persuasion tool.
According to Narayanan & Raj (2020), neuromarketing is a marketing strategy that uses neuroscience techniques to change consumers’ perceptions, preferences, and decisions about a product. Individual suspicions control about 95% of purchase decisions (Kumar, 2015). Around 70% with emotional connection to a brand spend a lot of money on purchases, whereas more than 80% are likely to recommend their preferred brand to family and friends (Narayanan & Raj, 2020). This is the significance of engaging customers emotionally. Neuromarketing attracted several giant companies, including Coca-Cola, General Motors, Nestle, and Procter & Gamble. In 2001, the synthesis of various related neuroscience and marketing techniques began to attract business people and journalists following the establishment of the neuromarketing division by the Atlanta-based marketing firm Bright House (Kumar, 2015). The neuroscience techniques guiding this concept make it possible to identify and understand cerebral mechanisms significant to consumer behavior.
Neuroscience aims to gather knowledge about brain structure and function. Cognitive neuroscience is a specific branch that helps individuals understand the neural mechanisms behind the reasoning, decision-making, memory, and cognitive-related issues. This is essential in increasing the company’s business actions (Kumar, 2015). According to Narayanan & Raj (2020), neuromarketing is a branch of neuroeconomics, an interdisciplinary discipline that combines economics, psychology, and neuroscience to study how the brain functions to make decisions (Khushaba et al., 2013) Neuro marketing aims to solve the consumers’ problem of not knowing what they want and how to express it (Khushaba et al., 2013).
Numerous techniques and methods are used in neuromarketing to detect hidden information. The most popular methods used in assessing human brain activities in neuromarketing include Electroencephalography (EEG), and Functional magnetic resonance imaging (fMRI) (Khushaba et al., 2013). EEG measures and records the brain’s electrical activity. It is the most practic...