NEUROMARKETING: A MODERN APPROACH TO CONSUMER PSYCHOLOGY

Neuromarketing is a new domain for analyzing consumer psychology by employing marketing data from a neuroscience perspective. To expand on what was previously known about how consumers make purchasing decisions, together with traditional marketing, neuromarketing has provided an alternate view of how to examine the decision-making process and the emotions consumers display when making decisions as a result of the marketing stimuli.In traditional marketing practices, the use of self-reported data has not accurately represented the relationship between the conscious actions of a consumer as it pertains to their unconscious behaviour; however, neuromarketing examines how the brain responds to marketing stimuli (advertising, branding, product design), and its influence on a consumers decision-making process. The objectives of this study were to examine how neuromarketing is utilized to gain an understanding of consumer psychology, as well as how neuromarketing can be used to analyze the emotional and cognitive responses of a consumer that ultimately affect their purchasing behaviour. To achieve these objectives, an analytical and descriptive methodology was utilized through reviewing literature and utilizing case studies to demonstrate the capabilities of neuromarketing tools (e.g., eye-tracking, EEG, facial coding) to enhance marketing effectiveness.