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Presentation Neuro marketing

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Presentation for the 3rd year course \"Business English\": Specific marketing topic: neuro marketing

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Presentation Neuro marketing

  1. 1. NEURO MARKETING
  2. 2. Inside the mind of the consumer; What’s going on in there? THE future of advertising? The brain’s “buy button”.
  3. 3. Points of interest.
  4. 4. Basic
  5. 5. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion <ul><li>Why some brands have a devoted cult-like following while others have zero loyalty? </li></ul><ul><li>Why and how prospects buy the products or services they do, even if their choices seem irrational or impractical? </li></ul><ul><li>Why even the highest priced or lowest quality products sometimes outsell their competitors? </li></ul>Did you ever wonder?
  6. 6. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion <ul><li>Why some brands have a devoted cult-like following while others have zero loyalty? </li></ul><ul><li>Why and how prospects buy the products or services they do, even if their choices seem irrational or impractical? </li></ul><ul><li>Why even the highest priced or lowest quality products sometimes outsell their competitors? </li></ul>Did you ever wonder?
  7. 7. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion “ 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”. What is?
  8. 8. Practice
  9. 9. How neuromarketing works.
  10. 10. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion Focus Group Laddering Survey Choice modeling Observation How neuromarketing works?
  11. 11. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion fMRI Facial coding Voice Analysis Eye tracking Response Latency Zmet How neuromarketing works?
  12. 12. Round up
  13. 13. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion <ul><li>Why some brands have a devoted cult-like following while others have zero loyalty? </li></ul><ul><li>Why and how prospects buy the products or services they do, even if their choices seem irrational or impractical? </li></ul><ul><li>Why even the highest priced or lowest quality products sometimes outsell their competitors? </li></ul>Coke vs. Pepsi
  14. 14. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion 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. Coke vs. Pepsi
  15. 15. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion 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. Daimler Chrysler
  16. 16. <ul><li>Supporters say: </li></ul><ul><ul><li>- ads will be more effective by helping consumers either buy or become more loyal to a brand </li></ul></ul><ul><ul><li>- It identifies audience interest and enables advertisers to be more specific in providing products that consumers want </li></ul></ul>Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion <ul><li>Opponents say: </li></ul><ul><ul><li>- form of “brainwashing” </li></ul></ul><ul><ul><li>- increased incidence of marketing-related diseases </li></ul></ul><ul><ul><li>- more effective political propaganda </li></ul></ul><ul><ul><li>- more effective promotion of degraded values </li></ul></ul>Supporters and opponents
  17. 17. <ul><li>It still is in one's infancy </li></ul><ul><li>The more senses you trigger and associate with products/services, the more people will appeal to customers' emotions and influence their buying behavior </li></ul><ul><li>Enables advertisers to be more specific in providing products that consumers want </li></ul><ul><ul><li>Form of “brainwashing” </li></ul></ul>Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion Conclusion
  18. 18. Discussion
  19. 19. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion Evolution of advertising or unethical use of medical technology? Question 1
  20. 20. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion Do you think that neuromarketing will ever be used as a mainstream research method? Question 2
  21. 21. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion As brain imaging spreads to nonmedical uses, will commerce overtake ethics? Question 3
  22. 22. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion Are scanning technologies really appropriate for nonmedical uses? Question 4
  23. 23. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion Should advertisers probe human minds as a means of boosting product sales? Question 5
  24. 24. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion In which measure do you think that neuromarketing will be bounded to political laws ? Question 6
  25. 25. Did you ever wonder? What is? Traditional methods Psycho-physiological Cases Supporters & Opponents Conclusion Discussion If we are stuck with our hands and our feet, is the return of neuromarketing worth the investment? Question 7

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