Decision Making and Neuromarketing Presented by: Megan Norby Warren Mui.

Decision Making and

Neuromarketing

Presented by: Megan NorbyWarren Mui

What is Neuromarketing?

Neuromarketing: uses functional magnetic

resonance imaging, a brain-scanning device that

tracks blood flow as we perform mental tasks

Marketers measure consumers’ reactions to movie

trailers, choices about automobiles, the appeal of a

pretty face, and loyalty to specific brands

Why Expensive Wine Tastes Better

• Studied subjects’ brain

activity while they consumed

wine

Marketing can change how people value goods!

• Subjects were told how

expensive each wine was

before consuming it

• Subjects reported actually

experiencing a tastier wine

Importance of Product Positioning

Price is an important part of the experience

for a premium product/ luxury brand!

Experiential perspective: consumers buy based

on totality of product’s appeal

Heuristics: mental rules-of-thumb that lead to a speedy decision

Product Positioning: convincing consumers that

a product should be considered within a given

category

Perception Becomes Reality

Red Bull example

Self-fulfilling prophecy: we see

what we are looking for…

…almost as if we are tricking ourselves/ talking

ourselves into what the value of a product is

Nike Foamposite Galaxy

Lucky Strike “It’s Toasted”

Questions or Comments?

References

(2008, January 16). Why Expensive Wine Tastes Better. Retrieved February 15, 2012. From Neuromarketing website. http://www.neurosciencemarketing.com/blog/articles/ why-expensive-wine-tastes-better.htm