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Neuromarketing Trends and Opportunities for Companies
Abstract
The main purpose of this chapter is to concisely describe the origin of neuromarketing, its applications in the organization, and to explore consumer behavior with the help of different neuromarketing technologies like fMRI, EEG, and MEG. This chapter gives a guideline on how neuromarketing would be used in different areas of organization functions, like, brand management, advertisement, communication, product design, decision making, etc. with the help of data mining, artificial intelligence, social media, machine learning, remote sensing, AR, and VR. The chapter identifies the opportunities of neuromarketing with the latest technological development to understand the customer mindset so that it would be easy to formulate neurostrategy for an organization. This chapter gives a future research direction with strategic management, so that it will be helpful for a professional to create a more accurate strategy in a VUCA (volatility, uncertainty, complexity, ambiguity) environment, predict, and fulfill the “institution void” situation with more accuracy in an emerging developing market.
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