Rethinking on Significance of Neuro-scientific Approach to Marketing
Neuro-marketing is one of the great contributions that has been propounded by many studies in the past decade. A lot of academic contribution has been given to the relationship between neuroscience and consumer behavior through good literature mining studies, which is flourishing the concept of neuro-marketing. In the world’s top business schools neuro-marketing is now placed as a particular subject to teach the new dimensions of marketing. Companies and research organizations especially dedicated to neuro-science based experimental researches giving new and deeper insights into this field. The increasing demand and extensive research progress in this field is the result of the requirement of such authenticate measures which can give objectivity in the quantification of preferences and choices of the consumers. Second, there is often an increase in the need to forecast the performance and failure of marketing activities. And ultimately, the shortcomings of conventional marketing approaches are the key explanation for rethinking more objective, unified, and definitive marketing strategies. In this review, the first attempt has been made to discuss the present developmental scenario of neuro-marketing, academic, and experimental contribution. In the second section, the need and significance of neuro-science in consumer behavior have been discussed. Then in the third segment, the test of the potential of neuro-scientific-based prediction has been analyzed. The fourth part of this review discusses the limitations of present traditional marketing strategies and explains to what extent these strategies are incapable to understand the consumer.
keywords: neuro-marketing, neuro-science, consumer behavior, prediction