Neuromarketing-deciphering the consumer buying decisions

Abstract

Neuromarketing is the latest research approach in the field of marketing. It uses neuroscience techniques to understand the brain responses towards marketing stimuli such as advertising and branding and making improvements based on these feedback for a better response. The present paper studies the concept of neuromarketing as a tool to understand the consumers buying behavior so as to make better marketing decisions. Understanding the consumer behavior is important as it influences the decision related to product design, advertising and branding. The objective is to study the latest scenario of neuromarketing along with current techniques used such as Functional Resonance Imaging (fMRI), Electroencephalography (EEG), Eye Tracking, Positron Emission Tomography (PET), Magneto Encephalography (MEG)) and Galvanic Skin Response (GSR). Moreover, the growth and expansion of Neuro marketing market worldwide is also analyzed.