Neuro-Marketing Vs Comparative Analysis
Comparative Analysis: Neuro-marketing vs. Traditional marketing
The 21st century is demanding more than just projecting and promoting products. It is no longer enough to separate the consumers and their differences the usual way: according to education and occupation, age and sex, marital status and way of life, but it should also be done according to their interests & activities, world views and preferences, the kind of product they buy and food people eat. Thus, when it comes to sales, the role of the supplier is to understand, predict and satisfy the consumer appetites and needs. Suppliers and vendors are equally important in deciding diversities along with the consumers.
The economy has started to study the consumers in more detail.
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Thus all the decisions are basically from the sub-conscious part of the brain known as reptilian brain. Therefore, we can say that neuro-marketing begins in the brain and perception of the consumer and where the traditional marketing research of consumer behavior ends.
Methods used in Neuro-marketing.
Methods generally accepted in generating neurological visualization can be divided into three categories:
1. BIOLOGICAL METHODS
• FMRI – visualizes the specific neural activities in the brain during the decision making.
• EEG – by recording the data sent by brain in electric signals when a consumer decides to buy a product.
• MEG – it is used to measure magnetic field around the electric signals of brain which are produced when the final decision in in process.
2. ECONOMIC METHODS
• Game Theory –simulated situations for detecting the individual’s behavior, where success depends exclusively on the choice of another individual
3. PSYCHOLOGICAL METHODS
• Different behavioral studies and
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Type of limitation Specification
Technological limitation Out dated and loud machines can result in subjects giving up on taking part in research Subjects can offer wrong answers Testing demands medical supervisions Limited numbers of subjects can be accomodated in research
General limitations Consumer behaviour cannot be studied retroactively in laboratories Brain activities cannot be measured without prior consent of a consumer Limited accuracy in measuring brain activity
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Sources:
Neuromarketing- A New Method of Understanding Consumers, Synergy University, Beograd
Fugate, D. (2007), Neuromarketing: a layman’s look at neuroscience and its potential application to marketing practice, Journal of Consumer Marketing, Vol 24, issue 7
Reynolds, J. (2006), Measurement and Analysis for Marketing, Journal of Targeting, Vol. 14 No.3
Mucha, T.(2005), This is your brain on advertising, Business 2.0,35 pp.7-35., Mucha, T. (2005), Why the caveman loves the pitchman, Business
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