Neuromarketing and Marketing Management: Contributions of Neuroscience for the traditional Marketing Mix

Abstract

The emergence of neuroeconomics, where methods and procedures developed for brain research are used for economic purposes, has been a topic for researchers and economists for more than a decade. One discipline of neuroeconomics is the so-called ‘Neuromarketing’ in which neuroscientific data is used to address marketing relevant topics. In the past it was difficult to gather objective consumer information from traditional research methods. Through neuromarketing, objective data collection is getting simpler. Although advantage of neuroscience for consumer research seem to be obvious the implications for marketing management have not been investigated in depth yet. In order to answer the question in how far neuromarketing is beneficial for marketing management of businesses a critical literature review is performed. The research paper investigates possible contributions of techniques used in neurology for marketing management. To come to relevant conclusions it is analysed how far neuroscientific findings support the marketing mix decisions of marketing managers. The results show how neuroscience contributes to traditional marketing mix decisions and implicates advantages of neuroscience for brand management.

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