Premium Essay

Neuro Marketing

In:

Submitted By divanshus2017
Words 4787
Pages 20
NEURO-MARKETING

Project work

Paper No. – CH 6.3 (b)

UNDER THE SUPERVISION OF
MS. VARTIKA KHANDELWAL

DECLARATION BY STUDENT

This is to certify that the material embodied in this study entitled “NEURO-MARKETING” is based on my own research work and my indebtedness to other work/publications has been acknowledged at the relevant places.
This study has not been submitted elsewhere either wholly or in part for award of any degree.

DIVANSHU SAXENA

DECLARATION BY TEACHER INCHARGE

This is to certify that the project titled “NEURO - MARKETING” done by DIVANSHU SAXENA is a part of his/her academic curriculum for the degree of B.Com (H). It has no commercial implication and is done only for academic purpose.

Ms.Vartika Khandelwal Ms. Aruna Jha
(Mentor) (Teacher in charge)

ACKNOWLEDGEMENT

I express my deep sense of gratitude to my mentor Ms. Vartika Khandelwal for encouraging me to take the literature review on the topic of Neuro-Marketing as a part of my Bachelor of Commerce’s curriculum for semester VI. I am very much thankful to her for valuable guidance, keen interest and encouragement at various stages of my literature review work.
I would further like to thank my Marketing teacher Ms. Monika Bansal whose guidance and suggestion contributed immensely to the evolution of my ideas on the project.
I would also like to thank my friends and family without whom the project would have been a distant reality.

Divanshu Saxena

Table of Contents

Title Page Number
1. Introduction 1.1 Introduction to Neuro-Marketing 7 1.2 Example of Neuro-Marketing 9
2. Review of Literature 2.1 New science of Consumer Behaviour 10 2.2 Evolution of Neuro-Marketing 10 2.3 Understanding Consumer Behaviour 11 2.4 Techniques in Neuro Marketing 12 2.5 Influence of Neuro Marketing

Similar Documents

Premium Essay

Neuro Marketing

...people what marketing is, they will answer the question in various ways. Marketing involves more activities than most people might imagine. Although a single definition of marketing does not exist, there are a few definitions that have been widely approved. And one of them is given by The American Marketing Association (AMA). It defines marketing as "a process for creating, communicating, delivering, and exchanging ideas, goods and services, establishing their prices, promotion and distribution, in order to satisfy the goals of customers, clients, partners, and society at large". This definition emphasises the marketing focus on planning and performing marketing activities in order to satisfy the customers’ needs and wants. Today, marketing must not be interpreted by considering it in its old nature of "making and selling" but, instead, by referring to its new meaning which focuses on the satisfaction of customers' needs and wants. Sales cannot be performed before creating a product. Marketing starts long before a product is created by a company. It encompasses activities carried out by managers in order to assess the wants, define their scope, and find out whether profits are possible or not. Marketing activities continue over the entire lifetime of a product, trying to attract new clients and keep the existing ones by improving the product's quality and appeal, using the insights into sales results and the management of repeated orders. But what is Neuro-Marketing? To understand...

Words: 3438 - Pages: 14

Free Essay

Ebusiness-Process-Personalization Using Neuro-Fuzzy Adaptive Control for Interactive Systems

...International Review of Business Research Papers Vol.2. No.4. December 2006, Pp. 39-50 eBusiness-Process-Personalization using Neuro-Fuzzy Adaptive Control for Interactive Systems Zunaira Munir1 , Nie Gui Hua2 , Adeel Talib3 and Mudassir Ilyas4 ‘Personalization’, which was earlier recognized as the 5th ‘P’ of e-marketing , is now becoming a strategic success factor in the present customer-centric e-business environment. This paper proposes two changes in the current structure of personalization efforts in ebusinesses. Firstly, a move towards business-process personalization instead of only website-content personalization and secondly use of an interactive adaptive scheme instead of the commonly employed algorithmic filtering approaches. These can be achieved by applying a neuro-intelligence model to web based real time interactive systems and by integrating it with converging internal and external e-business processes. This paper presents a framework, showing how it is possible to personalize e-business processes by adapting the interactive system to customer preferences. The proposed model applies Neuro-Fuzzy Adaptive Control for Interactive Systems (NFACIS) model to converging business processes to get the desired results. Field of Research: Marketing, e-business 1. Introduction: As Kasanoff (2001) mentioned, the ability to treat different people differently is the most fundamental form of human intelligence. "You talk differently to your boss than to...

Words: 4114 - Pages: 17

Free Essay

Neuro Linguistic Programming

...NLP (Neuro-Linguistic Programming) NLP is defined as a practical model of the processes we experience to experience reality. NEURO refers to how our mind perceive the information through our five senses ( Visual, Auditory, Kinesthetic, Olfactory, Gustatory) LINGUISTIC refers to how we understand and interpret information through verbal and nonverbal communication PROGRAMMING refers to how we re-present the perceived message in our mind and how it manifests into behaviour. This model can then be analyzed to eliminate any problems faced by the individual. We can also model the positive or successful aspects of our behavior or those of another person, and reproduce that model and apply on our negative aspects in order to change or improve them. HISTORY: NLP originated when Richard Bandler, a student at University of California, Santa Cruz, was listening to and selecting portions of taped therapy sessions of the late Gestalt therapist Fritz Perls as a project for Robert Spitzer.[18][19] Bandler believed he recognized particular word and sentence structures which facilitated the acceptance of Perls' therapeutic suggestions. Bandler took this idea to one of his university lecturers, John Grinder, a linguist. Together they studied Perls' via tape and observed a second therapist Virginia Satir to produce what they termed the meta model, a model for gathering information and challenging a client's language and underlying thinking.[20] The meta model was presented in 1975 in two volumes...

Words: 677 - Pages: 3

Free Essay

Neuro-Linguistic Programming and Performance

...Neuro-Linguistic Programming and Performance The definition of social phenomena according to Markey (2007) is “including all behavior which influences or is influenced by organisms sufficiently alive to respond to one another”. Neuro-linguistic programming (NLP) is a set of rules and techniques proposed for modifying behavior in achieving self-improvement, self-management and more effective interpersonal communication (Business Dictionary). The society is made up of people at different social levels. Most of the people at the top of the social ladder self-confess to the use of NLP to enhance their performance in their various endeavors and therefore in their social life. The term NLP is derived from how senses filter and process experience before storing it in the brain for the word neuro, the use of words, symbols and images create mental pictures (linguistic) and how desired behaviors and attitudes become ingrained (programming) (Business Dictionary). NLP is known to be useful in the enabling of people to develop behaviors such as to take effective action in spite of fear, to behave with confidence in any situation, to create positive, pervasive changes, to rapidly acquire skills and strategies and to achieve goals elegantly and easily. In this information age, communication is what industrial technology was in the technological age. The ability to communicate with people at different levels is a determinant factor in the achievement of success. Given the materialistic nature...

Words: 2424 - Pages: 10

Free Essay

Nlp Training Manual

...ing manualTHE NLP PROFESSIONAL PRACTITIONER MANUAL Official Certification Manual Updated with the most recent NLP developments and techniques By Dr Marco Paret & Matt Traverso 2008 Dr Marco Paret & Matt Traverso – Copyleft Licence 1 Table of Contents THE NLP PROFESSIONAL PRACTITIONER MANUAL .............................. 1 Neurological Levels.............................................................................. 4 A Model of Communication and Personality ......................................... 5 Deletion ............................................................................................. 6 Distortion ........................................................................................... 6 Generalisation ..................................................................................... 6 Meta-programs ................................................................................... 6 Values ............................................................................................... 7 Beliefs................................................................................................ 7 Memories ........................................................................................... 7 Decisions............................................................................................ 7 Representational Systems ................................................................... 8 Lead & Primary Systems ..........................

Words: 20671 - Pages: 83

Free Essay

Neuro Linguistic Programming-Connector Between Managers and Subordinates

...NLP: CONNECTOR BETWEEN MANAGER AND SUBORDINATE Palwasha Khan Sana Iqbal Sundus Younis Faculty of Engineering Management Center of Advance Studies in Engineering (CASE) Abstract: Neuro Linguistic Programming is thought to be an advance communication tool which incorporates Human cognition, behavioral contour, and unconscious verbal/nonverbal patterns in order to understand the way information is being perceived, processed and acted upon by the individual and how he interact with his environment including the human factor. It is continuously being probed for its impact over successful human interactions and relationship. Usage of NLP in business world is still unexplored in certain aspects. This research paper is meant to study the impact of appropriate NLP techniques over the relationships that typically exist between managers and subordinates. Using a survey questionnaire, data is being collected from employees of a variety of organizations and found out that though mostly, NLP is unconsciously applied in managerial sector, it does play its role in improving the perceived manager-subordinate relationship, through improving the trustworthiness of the managers and the social bonding that exist between the managers and their subordinates. NLP also impacts to a lesser degree upon the feedback process and participative management style of the manager. Currently managers give more credit to importance of NLP techniques in better relationship building than the subordinates....

Words: 10672 - Pages: 43

Premium Essay

Naming a Pharmaceutical Brand: a Product Manager’s Dilemma

...a good brand recall. After completing the market research, the teaser campaign is started to attract the target segment i.e. gynecologists. Other marketing strategies including scientific detailing and attractive starter packs are also followed. To treat certain rare neurological disorders, the product is also marketed to neurologists and physicians. However, despite all the efforts, the sales of the new drug fail to take off. Root problem: The root cause of the problem is the wrong brand name chosen for the new product Analysis: For any newly launched drug to be successful, it has to have an apt brand name which is easy to remember. It should either be related to patient group it is meant for, or it should have any association with the indication for which it is used, or it’s name should be similar to its composition. Even if the name doesn’t have any relation with all of them, it can still work if it is unique or catchy. However, X-Neuro Plus didn’t have any of the above mentioned features. Hence, it failed to be in the minds of doctors upon whom the actual success of the drug depended. If a drug is used at a very special period of one’s life, then it should not have any negative connotations attached to it. It should sound something delicate and pleasant. X-Neuro Plus was very strongly associated with its core brand- X Neuro, and that had very strong positioning in the field of neurological disorders. This association had a negative influence on the brand extension especially...

Words: 760 - Pages: 4

Premium Essay

Buy.Logy

...“Lord Lever famously said that half of the money spent on advertising is wasted - but he had no way of knowing which half.” Studies how the buying decisions take places deep within consumer subconscious minds, that we’re not aware of what is driving them. Buyology study on a journey of shopping discovery on that will put governments on alert and cause upheaval for a multibillion dollar industry whose secret marketing weapon finally has been uncovered. Study reveals how the consumer brain so significant that it is to psychology what DNAis to molecular biology, provides the explanation sheds light on a wide range of consumer behaviours. It explains why a simple smile from a salesperson can compel consumer to spend more money, why video games like ‘GuitarHero’ are so popular, and why we’re hard wired to shop until consumer drop. “Why people buy” and “How we come to choose one purchase over another .if you’ve ever been fascinated by subliminal advertising, if sex really sells or how rituals influence buyer behavior, this book will answer your questions on all those things and more. What I learned in Buyology: Warning labels on cigarettes just make people want to smoke more. (page 15) Sex doesn’t sell, controversy does. (Page 183) We instinctively copy other people. (Page 53) Sexy models in ads appeal more to same-sex readers and watchers. (page 191) People love products that look like babies. (page 31) Senses influence us more than features. (143) Rituals and superstitions influence...

Words: 3401 - Pages: 14

Premium Essay

Elixir

...Success to futuristic approach MR. HARISH BIJOOR: Marketing Approach Sustainability is a movement. Sustainable marketing is all about needs, desires and wants. Marketing is all about practice. It is a communication between you and your customers. Consumer is a morph. There is an impact of recession on the market. Be like the consumer and plan accordingly. Marketers don’t know their customers any more. Brand managers are depending on intermediaries for information, they are focusing on branding and advertising. In such they are building walls between themselves and target segments. Some of the theories suggested by Mr. Harish Bijoor are as follows 1. Get off the script: According to him modern retail store does not occupy less then 5.5% of market it is the Kirana stores that accommodate around 92%. So sustainable marketing is all about focusing in unorganized sector. Let the product speak and not the marketing. Eg: Pizza Hut (Keep the smile going), Jet Flight 2. Trysumers: It means a new consumer. Such consumers try everything before they buy. 3. Demand generation has taken a back seat: “Why buy when you can borrow”. – Proscmer Movement. People nowadays have started considering installments (emi) as an option to try a product and if it suits the consumer needs it will buy. So marketers have to create a demand in order to sustain with the competition. 4. Marketing the sublime and the ridiculous: Marketing hype is distributing real consumer. Brands with fake...

Words: 969 - Pages: 4

Premium Essay

Portfolio Analysis: the Market Position

...Portfolio Analysis: The Market Position Juanita Williams American Intercontinental University August 30, 2015 Dr. Christopher Miller Portfolio Analysis: The Market Position The decision making process among hospitals are very complex, therefore, it has become more prevalent to use a portfolio analysis in there strategic planning process. The portfolio analysis will help any organization address some of the obstacles they face such as the appropriateness and measurement of growth (McCain, 1987). It is an important aspect of evaluating when the organization has the idea to start a new project or not. In he portfolio analysis the services and products are being analyzed in relation to the market growth and the market share (AIU, 2015). It is best to know who your biggest competitors are and also know who holds the biggest share of the market. Once this is known then these should be compared to all other competitors and see what the market growth is. Health care organizations will use the portfolio analysis not only to look in to their services and products provided, but into all of the organization’s department. We will take a look at how the Sisters of Charity Hospital can use a portfolio analysis within their market for growth. The hospital is located in Columbia, South Carolina as well as Cleveland and Canton, Ohio. This organization provides many different services such as service for the elderly, blood conservatories...

Words: 1824 - Pages: 8

Premium Essay

Mgm 301 Exam 2

...Marketing Research→ the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions • Know what Exploratory research—provides ideas about a relatively vague problem It is best done through in-depth interviews, focus groups, • Descriptive research—generally involves trying to find the frequency that something occurs or the extent of a relationship between two factors • Know what Causal research—tries to determine the extent to which the change in one factor changes another one It is done through Experiments. o Step 3: Collect relevant information • Secondary data—facts and figures already recorded prior to the project • Internal data (inside firm)—financial statements, research reports, files, customer letters, sales call reports, and customer lists • External data (outside firm)—U.S. Census reports, trade association studies and magazines, business periodicals, and Internet-based reports • Primary data—facts and figures newly collected for the project • Observational data (watching people)—mechanical methods, personal methods, neuro-marketing methods • Learn the difference between Independent and dependent variables. • The Independent variable is altered to cause changes in the dependent variable. • Ex. Sales is a dependent variable and the stuff that cause changes in sales are independent. • ***What does a researcher change…is the independent Why Segment Markets? • A business firm segments...

Words: 1432 - Pages: 6

Premium Essay

A Review of Marketing Strategies by Pharma Companies

...A REVIEW OF MARKETING STRATEGIES WORK BY DIFFERENT PHARMACEUTICAL COMPANIES Saurabh Kumar Saxena Department of Management, Rakshpal Bahadur Management Institute Bareilly-243001, India Mail: saxena100rabh@rediffmail.com ABSTRACT The current shift in the marketing strategy is work by multinational pharmaceutical Companies .It is now high-end (rather than adaptive) development that is being carried out by leading companies. And, increasingly, other companies are finding themselves competing against, or working with, new innovation-based companies. My study focuses on the processes and outcomes of globally distributed pharmaceutical companies. This article will present the changing marketing strategies when a pharma company shifts from Acute base to Chronic therapy base. This research paper will also give an insight about shift in supply chain process and customer and end-customer perception which is the base of formulation of different marketing strategies. Key Words: Acute, Chronic, Core, Super Core, Closing stock, Inventory, Push, Pull, End-customer, Core customer, SKUs, SAP, ERP, Primary Sales, Secondary Sales. 1.INTRODUCTION: The pharmaceutical industry is the world’s largest industry due to worldwide revenues of approximately US$2.8 trillion. Pharma industry has seen major changes in the recent years that place new demands on payers, providers and manufacturers. Customers now demand the same choice and convenience from pharma industry that they find in other segment...

Words: 3807 - Pages: 16

Premium Essay

The Marketing of Fast Food and the Rise in Health Problems

...The Marketing of Fast Food and the Rise in Health Problems As we know, globalization of fast-food and processed food corporations have become somewhat of a problem for various reasons. While many countries have the same choices Americans have, it is easy to see that over advertising of fast and processed foods causes Americans to be lazy in food preparation, which causes health problems, which is why large food corporations should limit their advertising. This chain of events is all too familiar in modern American culture, but not necessarily exclusive. Through research, it has been found that Americans are more susceptible to marketing and advertising of this type of food than most countries. Many ask, “Why?” While there is no precise answer everyone can agree on, we can point out 3 defining factors as to why Americans are more likely to purchase fast food rather than having a home-cooked meal. Compared to the rest of the world, Americans consume more fast food than even China which has almost as many fast-food restaurants as America does. The fad of fast-food can be explained as something that has gained momentum over the years of economic downfall, apathy towards health, and a collective divide on what we has humans should eat to stay healthy and live longer. Advertising is at an all-time high for not only fast-food corporations, but for processed-food companies such as Kraft or General Mills. The “evil genius” mentality behind their marketing is in that their target markets...

Words: 1541 - Pages: 7

Premium Essay

Neuromarketing: a Brave New World of Consumerism?

...Introduction A t this point in our social history we are experiencing trends in marketing and consumerism that no cultural phenomena in antiquity has prepared us for. Each day between the hours of waking and sleeping we are exposed to 3000 – 5000 marketing messages across every shape and flavour of media mankind has been able to devise in good conscience (Story 2007). Every niche, of every segment, of every market, for every product, has a multitude of competitors vying for space of mind, seeking to differentiate, remind, inform, or persuade themselves into our lives and shopping trollies (Copley 2004). This clutter, consternation, and competition has taken the humble consumer transaction to be something more akin to game theory, and contemporary marketing strategy has become a battle of minds and wills (Lee, Broderick, and Chamberlain 2007). Each new generation of consumer finds themselves delivered deeper into an environment of increasing media and message saturation. But, with every generational cycle a further sophistication in the adaptive discretionary filtering system is created in order for these individuals to preserve some degree of highly guarded ‘psychic space’, and as such ‘marketing professionals are keenly aware of the obstacles posed by both information-processing limitations and viewer opposition’ (Rumbo 2002). ‘The multiplicity of advertising mes¬sages to which each consumer is exposed dictates that advertisers place a lofty premium on the much-coveted...

Words: 4333 - Pages: 18

Premium Essay

Neuromarketing

...Neuromarketing Martin Lindstrom’s Buyology follows the largest neuromarketing study ever conducted. Lindstrom explores the theme of marketers rising control over consumers. He believes neuro-marketing will ultimately increase the knowledge of what drives consumption. Lindstrom defines Buyology as, “the subconscious thoughts, feelings, and desires that drive the purchasing decisions we make each and every day of our lives.” His research is an attempt to discover what captures our interest as consumers. While it was a three-year, $7 million research study, there are still some who question its findings. The article Ad Experts Not So Quick to Buy Into ‘Buyology” by Marissa Miley raise questions about the processes and findings of the study. Lindstrom emphasizes the importance of creating connections that link the consumer to a product or brand. He reaches many conclusions about why we consume what we do. His research has provided many insights on how products and brands affect the mind. Neuromarketing allows us to understand what is going on in a consumers mind when stimulated by products and advertisements. Lindstrom feels it is not a dangerous device that companies will take advantage of. However he also discusses how this technology will uncover the sneaky ways marketers seduce and deceive consumers without us even knowing. It is clear that companies are trying to manipulate us. If they had the power of fully understanding what makes the human mind tick they would...

Words: 1533 - Pages: 7