Exploring Neuromarketing from a Business and Consumer Perspective

Abstract

An unfamiliar primary market research technique, called Neuromarketing, surfaces and is on the rise to being heavily used by corporations that obtain the budget to indulge in this expensive and what some call, “intrusive”, practice. Neuromarketing is the lens to what reactions first occur -inside the brain- when consumers are presented with specific marketing stimuli with the use of EEG and fMRI scanning equipment. Receiving valuable consumer information, using medical technology, is deconstructed through this literature review. In the beginning section, there’s a focus on the reasoning behind big businesses choosing to utilize this kind of strategy when conducting marketing research. Then, examples of several companies that use Neuromarketing will be presented. Lastly, the ethical and economical concerns that Neuromarketers face are laid out by showing that technology is consistently improving. This continuous improvement creates a fearful response in consumers, who feel like they’re being taken advantage of by Neuromarketers.