Details
| Original language | English |
|---|---|
| Title of host publication | Creating Marketing Magic and Innovative Future Marketing Trends |
| Subtitle of host publication | Proceedings of the 2016 Academy of Marketing Science (AMS) Annual Conference |
| Publisher | Springer Nature |
| Pages | 227 |
| Number of pages | 1 |
| Publication status | Published - 7 Jan 2017 |
Publication series
| Name | Developments in Marketing Science: Proceedings of the Academy of Marketing Science |
|---|---|
| ISSN (Print) | 2363-6165 |
| ISSN (electronic) | 2363-6173 |
Abstract
In marketing in general and brand-related communication in particular, progress in neuroeconomics provided advanced tools to measure the impact of marketing activities and generated new findings and evidence for intuitive “gut knowledge” with reference to the performance of marketing activities. Consequently, high expectations in neuroeconomics generally and in neuroimaging technology particularly raised the hopes of marketers that their (daily business) problems could be solved, e.g., by improving marketing activities (pricing strategies, product packaging design, etc.) or uncovering insights about customer’s true preferences. Moreover, neuroeconomics findings such as the winner-take-all/first-choice-brand effect, meaning that only the favored brand of a customer positively emotionalizes the decision-making process and therefore increases the buying probability, challenge the suitability of established marketing and marketing research concepts such as the evoked set. However, in the contemporary science and business world, the label “neuro” is overused, and an increasing number of companies sell neuro as a business activity (e.g., consulting, market research, etc.). With this tendency in mind, the aim of this paper is to discuss justifiable hopes from blind hype as well as to provide guidance for serious marketing purposes.
Keywords
- Business Activity, Business Practice, High Expectation, Market Research, Price Strategy
ASJC Scopus subject areas
- Business, Management and Accounting(all)
- Marketing
- Business, Management and Accounting(all)
- Strategy and Management
Cite this
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Creating Marketing Magic and Innovative Future Marketing Trends: Proceedings of the 2016 Academy of Marketing Science (AMS) Annual Conference. Springer Nature, 2017. p. 227 (Developments in Marketing Science: Proceedings of the Academy of Marketing Science).
Research output: Chapter in book/report/conference proceeding › Conference contribution › Research › peer review
}
TY - GEN
T1 - Applied Neuroeconomics
T2 - Science Meets Business Practice—Profound Insights or Witchcraft? (Abstract)
AU - Wiedmann, Klaus Peter
AU - Lischka, Gesa
AU - Schiessl, Michael
PY - 2017/1/7
Y1 - 2017/1/7
N2 - In marketing in general and brand-related communication in particular, progress in neuroeconomics provided advanced tools to measure the impact of marketing activities and generated new findings and evidence for intuitive “gut knowledge” with reference to the performance of marketing activities. Consequently, high expectations in neuroeconomics generally and in neuroimaging technology particularly raised the hopes of marketers that their (daily business) problems could be solved, e.g., by improving marketing activities (pricing strategies, product packaging design, etc.) or uncovering insights about customer’s true preferences. Moreover, neuroeconomics findings such as the winner-take-all/first-choice-brand effect, meaning that only the favored brand of a customer positively emotionalizes the decision-making process and therefore increases the buying probability, challenge the suitability of established marketing and marketing research concepts such as the evoked set. However, in the contemporary science and business world, the label “neuro” is overused, and an increasing number of companies sell neuro as a business activity (e.g., consulting, market research, etc.). With this tendency in mind, the aim of this paper is to discuss justifiable hopes from blind hype as well as to provide guidance for serious marketing purposes.
AB - In marketing in general and brand-related communication in particular, progress in neuroeconomics provided advanced tools to measure the impact of marketing activities and generated new findings and evidence for intuitive “gut knowledge” with reference to the performance of marketing activities. Consequently, high expectations in neuroeconomics generally and in neuroimaging technology particularly raised the hopes of marketers that their (daily business) problems could be solved, e.g., by improving marketing activities (pricing strategies, product packaging design, etc.) or uncovering insights about customer’s true preferences. Moreover, neuroeconomics findings such as the winner-take-all/first-choice-brand effect, meaning that only the favored brand of a customer positively emotionalizes the decision-making process and therefore increases the buying probability, challenge the suitability of established marketing and marketing research concepts such as the evoked set. However, in the contemporary science and business world, the label “neuro” is overused, and an increasing number of companies sell neuro as a business activity (e.g., consulting, market research, etc.). With this tendency in mind, the aim of this paper is to discuss justifiable hopes from blind hype as well as to provide guidance for serious marketing purposes.
KW - Business Activity
KW - Business Practice
KW - High Expectation
KW - Market Research
KW - Price Strategy
UR - http://www.scopus.com/inward/record.url?scp=85125184489&partnerID=8YFLogxK
U2 - 10.1007/978-3-319-45596-9_45
DO - 10.1007/978-3-319-45596-9_45
M3 - Conference contribution
AN - SCOPUS:85125184489
T3 - Developments in Marketing Science: Proceedings of the Academy of Marketing Science
SP - 227
BT - Creating Marketing Magic and Innovative Future Marketing Trends
PB - Springer Nature
ER -