MET Conference Presentation of Dr. Prashant Mishra.pptx

It is a ppt showcasing the study of neuroscience

1. Title of the Study "Impact of Neuro-Marketing on Brand Perception and Consumer Buying Behavior for Branded Apparels in Pune" Sub – Title "A Study in the Realm of Consumer Neuroscience" Authored By: Dr. Prashant Mishra Assistant Professor Global Business School & Research Centre Dr. D. Y. Patil Vidyapeeth (Deemed to be university), Pune

2. Contents Introduction Defining Neuroscience Literature Review Reserach Objectives Research Methodology Findings & Suggestions Conclusion

3. Introduction – Key Points Understanding Advertisement Memorability: Neuromarketing investigates the factors that make certain advertisements memorable, exploring sensory-motor reactions, cognitive and emotional aspects influencing customer behavior. Filtering Ad Overload: With individuals encountering over 3,000 daily advertisements, neuromarketing recognizes the brain's rapid filtering process, forming initial product perceptions in just 300 milliseconds. Integration of Neuroscience in Marketing: Neuromarketing replaces traditional research methods by merging consumer behavior and neuroscience, providing valuable insights into the preferences and needs of individuals. Techniques for Consumer Insight: Employing methods such as monitoring heart rate, gauging skin response, eye tracking, assessing reaction time, and analyzing facial expressions, neuromarketing helps companies gain deeper insights into consumer behavior. Impact on Branding and Market Capitalization: Neuromarketing, as described by Douglas Van Praet, serves as a crucial tool for businesses to better understand their target demographic and enhance market capitalization.

4. Defining Neuroscience Neuromarketing involves scientifically observing brainwave activity, eye tracking, and skin response to understand how individuals' brains react to advertising and other messages associated with a brand. Neuromarketing can help businesses:  Understand consumer needs Predict consumer choices Improve advertising campaigns Develop product designs Create pricing strategies

5. Literature Review Marketing research strategies have long endeavored to elucidate and anticipate the impact of advertising initiatives (Morin, 2011). The author investigates the growing acknowledgment among advertising companies regarding the significance of forecasting campaign effectiveness through brain-based methods like eye tracking, EEG, or fMRI. The use of smells for branding has proven to be quite beneficial , since it transforms the environment and causes an individual to identify a brand with that specific scent. Blue Papers (4imprint, 2010) Roseman's (1991) Appraisal Theory of Emotions, as explained by Bagozzi, Gopinath, and Nyer (1999), comprehends individuals' positive and negative emotions based on their subjective experiences . The goal of a study undertaken by (Mazhar, Daud, Mubin, & Bhutto, 2015) was to learn about the factors that contribute to a brand's success . The article examines how product packaging influences consumer purchasing decisions in a section in Karachi. The author (Kumar, 2017) also discusses the significance of color, arguing that a color generates brand identification. Color mapping can help new brands find viable logo colors and ensure brand distinction in a visually congested marketplace. Individuals associate certain colors with specific companies, according to his research. For example, Coca-Cola's red conveys stimulant, vividness, youth, happiness, and vitality, whereas Starbucks' green transmits peace, leisure, youth, staidness, and comfort.

6. Research Objectives Explore and Understand the Dynamics of Brand Loyalty in the Fashion Industry Among the 18-25 Age Group. Qualitatively Investigate the Perceived Impact of Colors, Particularly Black, on Confidence, Dependability, and Grandeur in Fashion Preferences. Assess factors influencing brand loyalty, prioritizing product accessibility and price range, and understanding purchase considerations for loyal or potential customers. Explore Gender-Specific Color Associations in Fashion for Neuromarketing Insights. Assess the Impact of "Charm Pricing" on Shopping Decisions for Individuals Aged 18-35.

7. Research Methodology Research Methodology: Employed both qualitative and quantitative approaches to examine objectives. Qualitative Study: Surveyed 140 individuals, dividing it into two sections: Consumer Behavior and Brand Perception. Insight Examination: Analyzed qualitative insights from respondents, drawing correlations to the quantitative research. Quantitative Component: Focused on staple characteristics and their associations with age, gender, and brand loyalty. Qualitative Insights: Offered in-depth understanding of complex themes. Quantitative Analysis: Enabled statistical analysis and hypothesis testing.

8. Key Research Findings Demographics and Brand Loyalty: Primarily surveyed individuals aged 18-25, with a 63.6% female majority. Brand loyalty: 34.3% loyal, 33.6% not loyal, 32.1% unsure. Color Association and Purchasing Behavior: Black associated with confidence; women prefer it for focus on behavior. Product availability and price range crucial for purchasing; diverse options and budget-friendly choices preferred. Influence Factors on Fashion Preferences: Price, availability, and social influence impact fashion preferences. Emotional connection drives purchases.

9. Contd... Discount Perception and Marketing Success: 50% unaffected by excessive discounts; 10% believe it tarnishes brand image. Manyavar's celebrity endorsements and Nike's women targeting showcase effective neuro-marketing. Ad Retargeting and Attention Blindness: Majority favor ad retargeting; caution against overuse. Attention blindness impacts advertising effectiveness; relevance, appeal, and psychological strategies enhance results. Fad Influence and Brand Recognition: 55.7% prioritize personal preferences over fads. Logo design and color association vital for brand recognition; color psychology influences emotions.

10. Key Conclusion Ethical Considerations in Neuromarketing: Emphasizes the importance of ethical and transparent use of neuromarketing. Raises concerns about the potential misuse of the "buy button" and advocates for legal measures. Industry-Specific Variation: Highlights the need to recognize that the success of neuromarketing may vary across industries and target markets. Stresses the importance of evaluating the associated expenses and resources required for such studies. Value for Understanding Target Audience: Acknowledges the valuable insights provided by the neuromarketing study for better understanding and catering to the target audience. Encourages a cautious and transparent approach in leveraging these findings for business strategies.