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    Neurobusiness Report

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    aditya9899
    Neurobusiness is an emerging field that applies neuroscience insights to improve business decisions. There are four main disciplines: neuromarketing, neurofinance, neuroleadership, and neuromanagement. Neuromarketing is the most developed, using technologies like EEG and fMRI to analyze unconscious brain responses to products and ads. Several companies have established neuroscience agencies to conduct this research. Early adopters across various industries like P&G, Hyundai, and Microsoft are using neuromarketing to test ads, designs, and engagement. While it provides more accurate consumer insights, neurobusiness also faces challenges like possible unethical uses and small sample sizes limiting reliability.

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    Neurobusiness Report

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    aditya9899
    200 views4 pages
    Neurobusiness is an emerging field that applies neuroscience insights to improve business decisions. There are four main disciplines: neuromarketing, neurofinance, neuroleadership, and neuromanagement. Neuromarketing is the most developed, using technologies like EEG and fMRI to analyze unconscious brain responses to products and ads. Several companies have established neuroscience agencies to conduct this research. Early adopters across various industries like P&G, Hyundai, and Microsoft are using neuromarketing to test ads, designs, and engagement. While it provides more accurate consumer insights, neurobusiness also faces challenges like possible unethical uses and small sample sizes limiting reliability.

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    Neurobusiness is an emerging field that applies neuroscience insights to improve business decisions. There are four main disciplines: neuromarketing, neurofinance, neuroleadership, and neuromanagement. Neuromarketing is the most developed, using technologies like EEG and fMRI to analyze unconscious brain responses to products and ads. Several companies have established neuroscience agencies to conduct this research. Early adopters across various industries like P&G, Hyundai, and Microsoft are using neuromarketing to test ads, designs, and engagement. While it provides more accurate consumer insights, neurobusiness also faces challenges like possible unethical uses and small sample sizes limiting reliability.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    200 views4 pages

    Neurobusiness Report

    Uploaded by

    aditya9899
    Neurobusiness is an emerging field that applies neuroscience insights to improve business decisions. There are four main disciplines: neuromarketing, neurofinance, neuroleadership, and neuromanagement. Neuromarketing is the most developed, using technologies like EEG and fMRI to analyze unconscious brain responses to products and ads. Several companies have established neuroscience agencies to conduct this research. Early adopters across various industries like P&G, Hyundai, and Microsoft are using neuromarketing to test ads, designs, and engagement. While it provides more accurate consumer insights, neurobusiness also faces challenges like possible unethical uses and small sample sizes limiting reliability.

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    of 4

    MBA 615/2/A

    Management Information System


    Report on

    Neurobusiness
    An Emerging Technology
    Submitted on
    October 06, 2015

    By
    Jian Song

    ID: 27587910

    Mohammad Mohiuddin

    ID: 25470560

    DhandapanyKartik Narayanan

    ID: 27859430

    Overview of Neurobusiness
    Neurobusiness is defined as the capability of applying neuroscience insights to improve
    business decisions(Gartner). Gartner associates this trend to digital marketing, with
    companies in the information age keen to find more ways to understand consumers and
    influence their purchasing decisions.
    There are four main disciplines of neurobusiness: neuromarketinge, neurofinance,
    neuroleadership and neuromanagement (Ghadiri, Habermacher, & Peters, 2012), and
    many others are developing.
    Of all the major streams of neurobusiness, Neuromarketing is relatively the most evolved
    and applied stream in business today. Other disciplines of neurobusiness are still in their
    nascent stage and do not have practical relevance as of now (Saad, et al., 2008).
    How it works
    By taking advantage of a range of neuroscience technologies, which in turn uses braincomputer interface technologies such as Electroencephalogram, Functional magnetic
    Resonance Imaging, marketing specialists analyze how the brain responds when an
    individual interacts with certain products, services or advertisements. It helps companies
    to gather information of the unconscious mind of customers, which is not possible
    through interviews, surveys and other traditional methods. Management decisions are
    then based on these information and the patterns deduced from them.
    Reaction of Companies to Neurobusiness
    In order to realize neurobusiness studies and its practical implementation in business,
    some specialized agencies were established: Neuroco and Neurosense (UK),
    BrightHouse, Neurostrategies and NeuroInsights (USA), PHD Media (Canada),
    SalesBrain (France), Neuro Insight (Australia) and a lot more (Touhami, et al., 2011).
    Due to high failure rate of traditional marketing techniques, which heavily relies on the
    information from the conscious mind of consumers, many big companies, are treading
    into this emerging technology and engaging neuroscience agencies to come up with more
    appropriate marketing campaigns based on their experiments. On the other hand, midsized or smaller organizations are not yet using this technology due to the high costs of
    experiments involved, which may not be viable to them.

    Examples of Early Adopters


    Many IT, Automobile, Food & Beverage and FMCG companies are adopting to these
    technologies for various products. Few of the early adopters of Neurobusiness and the
    area of their application are given in the below table.
    Application of Neuromarketing Techniques by Companies
    Company
    Application
    Procter & Gamble
    Motorola
    Hyundai
    Frito Lay (PepsiCo)
    Microsoft

    Google

    Weather Channel

    In launching of Febreze, room freshener


    Product-designing
    In changing exterior appearance of the car
    To test commercials, products and packages as well as to
    learn how to appeal better to women
    To know engagement of Xbox users while playing the
    game, including their feelings of surprise, satisfaction and
    frustration
    To measure effectiveness of YouTube overlays versus
    pre-rolls and found that overlays were much more
    effective with subjects
    To measure viewer reactions in three different
    promotional pitches for a popular series

    Industry
    FMCG
    Mobile
    Automobile
    Food
    IT/ITES

    IT/ITES
    Television

    Source:(Babu &Vidyasagar, 2012)

    Advantages & Disadvantages of Neurobusiness


    The most significant advantage is that it can get the unconscious information, which is
    more true compared with the conscious one and help in putting up more effective ad
    campaigns. It can lead to a win-win situation for buyer as well as the consumer. It
    basically succeeds where the traditional marketing strategies fails.
    One of the major threats of advancement of this is its possible unethical usage. Marketing
    firms can smartly promote dangerous products by manipulating human mind. Another
    disadvantage is the small sample sizes of the experiments which may not be completely
    reliable. It is also susceptible to Hawthorne Effect and Observer-expectancy effect.
    Conclusion
    The emergence of Neurobusiness has surely given more powers to the producers make
    better corporate decisions and design their strategies based on the higher quality
    information. With correct amount of investments in research and increased openness of
    companies to adopt new technologies, it may slowly phase out the traditional marketing
    techniques pertaining to higher reliability. In short, Neurobusiness is a truly emerging
    technology.

    Reference
    Babu, S. S., &Vidyasagar, T. P. (2012). Neuromarketing: Is Campbell in Soup?
    Gartner. (n.d.). Neurobusiness. Retrieved from http://www.gartner.com/itglossary/neurobusiness
    Ghadiri, A., Habermacher, A., & Peters, T. (2012). Neuroleadership-A Journey Through
    the Brain for Business Leaders. Springer.
    McClure, S. M., Li, J., Tomlin, D., Cypert, K. S., Montague, L. M., & Montague, P. R.
    (2004, October 14). Neural Correlates of Behavioral Preference. Neuron, pp. 379
    387.
    Ruskin, G. (2004, July 12). Commercial Alert Asks Senate Commerce Committee to
    Investigate Neuromarketing. Retrieved from Commercial Alert:
    http://www.commercialalert.org/issues/culture/neuromarketing/commercial-alertasks-senate-commerce-committee-to-investigate-neuromarketing
    Saad, G., Stanton, A. A., Lee, N., Senior, C., Butler, M. J., & Garcia, J. R. (2008).
    Evolutionary NeuroBusiness. NeuroPsychoEconomics Conference.
    Touhami, Z. O., Benlafkih, L., Jiddane, M., Cherrah, Y., Malki, H. O., &Benomar, A.
    (2011, March 4). Neuromarketing: Where marketing and neuroscience meet.
    African Journal of Business Management, pp. 1528-1532.

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