Business english-presentation-neuromarketing-december-2008-1225041504962997-8

NEUROMARKETING

The brain’s “buy button”.

Inside the mind of the consumer;

What’s going on in there?

THE future of advertising?

Points of interest.

Basic

Did you ever wonder?What is?

Traditional methodsPsycho-physiological

CasesSupporters & Opponents

ConclusionDiscussion

• Why some brands have a devoted cult-like following while others have zero loyalty?

• Why and how prospects buy the products or services they do, even if their choices seem irrational or impractical?

• Why even the highest priced or lowest quality products sometimes outsell their competitors?

Did you ever wonder?








Did you ever wonder?





What is?

“Neuromarketing is a field of study using neuroscience technology, such as functional magnetic resonance imaging (fMRI), to see how people's brains respond to advertising and other brand-related messages”.

Practice

How neuromarketing works.





How neuromarketing works?

Focus GroupLaddering

SurveyChoice modeling

Observation





How neuromarketing works?

fMRI Facial coding

Voice AnalysisEye tracking

Response Latency Zmet

Round up








Coke vs. Pepsi

Coke vs. Pepsi





In a study from the group of Read Montague published in 2004;

67 people had their brains scanned while being given the “Pepsi Challenge”, a blind taste test of Coca Cola and Pepsi;

50% choose Pepsi and Pepsi tended to produce a stronger response than Coke in the brain's prefrontal cortex (region thought to process feelings of reward);

When the subjects were told they were drinking Coke, ¾ said that Coke tasted better; their brain activity had also changed.

The “lateral prefrontal cortex”, an area of the brain that scientists say governs high-level cognitive powers, and the hippocampus, an area related to memory, were now being used, indicating that the consumers were thinking about Coke and relating it to memories and other impressions.

Results showed that Pepsi should have half the market share, but in reality consumers are buying Coke for reasons related less to their taste preferences and more to their experience with the Coke brand.

Daimler Chrysler





A DaimlerChrysler study in Ulm showed pictures of 66 different cars:

22 sports cars, 22 sedans and 22 small cars to 12 men, with an average age of 31, as they lay in a scanner.

Far more than the other models, sports cars excited areas of the brain associated with reward and reinforcement.

Among the sports cars that generated the strongest brain responses: the Ferrari 360 Modena, the BMW Z8 and the upcoming Mercedes SLR.

http://www.youtube.com/watch?v=S0ht2mma3YY

Supporters and opponents

Supporters say:

- ads will be more effective by helping consumers either buy or become more loyal to a brand- It identifies audience interest and enables advertisers to be more specific in providing products that consumers want





Opponents say:- form of “brainwashing”- increased incidence of marketing-related diseases- more effective political propaganda- more effective promotion of degraded values

It still is in one's infancy The more senses you trigger and associate with products/services, the more people will appeal to customers' emotions and influence their buying behavior

Enables advertisers to be more specific in providing products that consumers want

Form of “brainwashing”

Conclusion





Discussion





Question 1

Evolution of advertisingor

unethical use of medicaltechnology?

Question 2





Do you think that neuromarketing will ever be used

as a mainstream research method?

Question 3





As brain imaging spreads to nonmedical uses, will

commerce overtake ethics?

Question 4





Are scanning technologies really appropriate for nonmedical uses?

Question 5





Should advertisers probe human minds as a means of boosting product sales?

Question 6





In which measure do you think that neuromarketing will be bounded to political laws?

Question 7





If we are stuck with our hands and our feet, is the return of

neuromarketing worth the investment?

Business english-presentation-neuromarketing-december-2008-1225041504962997-8

Education