Opportunities And Challenges In Neuromarketing- Two Side Of One Coin

Abstract

Introduction: Neuromarketing is the blend of Neuroscience (which studies how the nervous system develops and helps in the investigation of sensory system like brain), Behavioral Economics (it studies how the people, individual make economic decisions) and social psychology (which studies how the people’s thoughts, feelings, intentions, beliefs and goals are constructed while interacting with the society) (Kumar. A. 2020). Neuromarketing helps the customer in knowing what they actually want and how to express it (Morin, C., 2011). There are many techniques in Neuromarketing to study the mind of customers.

Purpose: The present paper helps the marketer to know what are the opportunities and challenges faced by them in promoting the product while knowing the customer’s buying behavior.

Research Methodology: In first phase the researcher has gone through the different database for the search of the review.  The Introduction part was searched in academic and nonacademic articles, blogs, and the help for the Google blog was taken in search of the articles containing the introductory part on the neuro marketing to understand the concept and the clear practice of neuro science in the field of marketing. In second phase the researchers have gone through the peer revied articles. To find the relevant word the key words Neuromarketing, Challenges, neuroscience, buying were used.  Out of the more than 156 papers find on different platforms like- emerald insight, Journal of consumer research, frontiers in neuroscience, PLOS ONE, Journal of consumer psychology were accessed. The papers under were selected on the basis of content specifically mentioning the Opportunity and challenges in the Neuromarketing, rest of the papers taking on the methodology and ways were rejected.

Findings: Opportunities and challenges found in this research is based on the intensive research is based on which lies in the field of Neuromarketing. It is found that challenges lie in the form of less awareness, high cost, lack of facilities, unwillingness of the consumers, in contrast opportunities lie in getting the nerves of the consumer straight from his unconscious mind

Research Contribution: This article helps the Neuromarketer in exploring the potential of Neuromarketing so that they can contribute to Marketing Theory and implement practically (Lim. W.M., 2018).