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October 28, 2003
Neuromarketing to Your Mind
As neurotechnology advances and brain imaging technology becomes more precise, all aspects of business, including the art of marketing, will be reinvented.
This week's NYTimes Magazine article There's a Sucker Born in Every Medial Prefrontal Cortex highlights how one neuromarketing firm, BrightHouse, is pushing the boundaries of understanding how and why people buy different products. As the article explains, "marketers in the United States spent more than $1 billion last year on focus groups, the results of which guided about $120 billion in advertising. But focus groups are plagued by a basic flaw of human psychology: people often do not know their own minds."
Neuromarketing has a long road to travel though as neuroeconomist Kevin McCabe wisely suggests, "While the first step is to look for reward processing in the brain, it is not the last step since demand itself is an emergent mental construct involving cognition, emotion, and motivation."
Moreover, neuromarketing has some interesting philosophical and ethical implications that will surely emerge as more light is shined on this emerging discipline. But with billions of dollars at stake, the search will surely continue as businesses search for the brain's buy button.
So which do you really want, Coke or Pepsi?
| Category: Neuromarketing
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