Neuromarketing: Debunking the Myths

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ASSIGNMENT 2: Neuromarketing: Debunking the Myths?

Graduate School of Business

MARKETING MANAGEMENT 555

ASSIGNMENT 2

Neuromarketing: Debunking the Myths?

Actual Count:

3624 (Excluding cover, contents and reference pages)

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ASSIGNMENT 2: Neuromarketing: Debunking the Myths?

TABLE OF CONTENTS
INTRODUCTION...................................................................................................................... 2 Neural Correlates .............................................................................................................. 5 Ethics of Neuromarketing ................................................................................................. 8 Free will & Decision-making ........................................................................................... 9 CONCLUSION ........................................................................................................................ 11 REFERENCES:........................................................................................................................ 12

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ASSIGNMENT 2: Neuromarketing: Debunking the Myths?

INTRODUCTION
Neuromarketing, argues Lee, Broderick, & Chamberlain (2007) is an emerging interdisciplinary field that combines economics, neuroscience and psychology, with Neuromarketing being term just six years ago says Smidts (2002). The goal of neuromarketing suggests Laybourne & Lewis, (2005) and Smidts (2002) is to study how the brain is physiologically affected by marketing strategies and advertising. Brain activity resulting from viewing an advertisement is monitored and measured using neuroimaging techniques such as functional magnetic resonance imaging (fMRI), as shown in Figure 1, and electroencephalography (EEG) is used in order to evaluate the Figure 1 fMRI Image

effectiveness of these strategies (Laybourne & Lewis 2005). McClure et al (2004) says neuromarketing studies usually measure preference between products in terms of brand familiarity or product preference. As a viewer may hold a cognitive bias in traditional marketing studies, measures such as the product preference for a particular advertisement is sometimes difficult to measure argues Schaefer, Berens, Heinze, & Rotte (2006). Walter, Abler, Ciaramidaro, & Erk, (2005) suggest in neuromarketing studies, brand familiarity and product preference have been correlated with neural activity. Further, consumer protection groups and academics view the field of neuromarketing with caution due to the possible ethical implications of designing advertisements to intentionally cause specific neurological effects (Commercial Alert, 2003). Laybourne & Lewis (2005) and Smidts (2002) says functional magnetic resonance imaging (fMRI) and electroencephalography (EEG) are intrinsic neuromarketing are neuroimaging techniques and comprise the

neuroscience aspect of the field. fMRI requires a participant to lay on a bed, with their head located inside the ring of a scanner. Researchers can measure the neural activity throughout the brain in terms of blood flow via oxygen usage by monitoring the participant‟s brain with fMRI. As a contrast for this technique researchers can also use EEG equipment as it is fairly portable and light. Using numerous electrodes that are placed on the participant‟s scalp in a Figure 2 Brain Cap

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ASSIGNMENT 2: Neuromarketing: Debunking the Myths? net-like fashion, as shown in Figure 2, EEGs can measure brain activity by assessing electrical activity at the scalp. Using both behavioural responses as well as neural activations Fugate (2007) says researchers are able to use neuroimaging to monitor and conduct marketing studies of the participant‟s response. Fugate (2007) explains neuromarketing as being the process that involves asking subjects to perform experimental tasks and control tasks whilst being wired to various electronic devices. Researchers are able...
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