Neuromarketing: Unleashing Its Potential And Navigating The Ethical Challenges In Marketing Research

Abstract

Since one of the most significant issues in today's market is what influences consumers to choose one product over another, there is heightened interest in determining how their brain reactions impact their decision-making process. 90 to 95 percent of human brain activity is not visible to conscious thought; neuromarketing appears to be an effective marketing strategy. Through an integrated literature analysis, this study analyzed neuromarketing studies carried out in between 2010 to 2022 that have been applied mainly to study potential of neuromarketing as a marketing research tool, its opportunities, challenges and various ethical issues. The study concludes that the people’s perception towards neuromarketing as intrusive and manipulative has been shaped by the lack of understanding and awareness about it. Neuromarketing has a significant potential to be used as a marketing research tool. Also, it is not intended to replace conventional marketing techniques, but rather to be used in conjunction with them to acquire a greater understanding of consumer behavior in relation to certain issues.