Neuromarketing : A Future Step in Market Research
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In order to market a product, service, or build a brand name successfully, it is crucial that there be an understanding of the consumer’s desires so they can be marketed towards properly. For this reason, companies greatly depend on the utilization of market research to help acquire consumer knowledge. Over the years, companies have become complacent using market research techniques such as conducting focus groups, telemarketing, communicating through social media, and surveying to obtain such information. Though useful techniques, they all strictly rely on verbal feedback from consumers that may or may not be credible information. Due to this reality, companies are in search of finding the most efficient tools to help them learn from previous marketing errors, and enrich their business. This paper reviews frequently used market research strategies and explains both the usefulness of their capabilities, and challenges of relying on non-scientific, circumstantial research. It offers an alternative approach to market research through the field of neuromarketing. Neuromarketing is a newer, innovative branch of market research that uses the technology of neuroimaging to study the response of an individual’s brain under the presence of marketing stimulus. Because the field of neuromarketing was newly created in 2002, there is not a great deal of literature outlining its capabilities. However, the scientific processes that it uses are appealing to a new tech savvy generation of researchers to aid in the advancement of the field of market research. This paper offers a critical view on the field of market research and reviews what we know about neuromarketing to assess the ability of this new branch of neuromarketing to help advance the field of marketing.