Psychology/Neuroscience in Business Case
“Hi, I am a psychology consultant that assists companies to realize their desired gross margins by applying utilizing psychological/neuroscientific phenomena in their systems. I believe in the core benefits attached to consumer neuroscientific aspects. This means that your company will find it efficient to general huge annual turnovers quickly. Unlike my competitors, I take the initiative to visit your business to research what the customers need. Furthermore, this approach ensures that our clients are satisfied with our psychology consulting services within the first three months. So, how does Facebook Company handle the recruitment of new individuals?”
Recommendation
Overall, I recommend consumer neuroscience phenomena because I have strong reason to believe this will boost overall profitability by almost 60%. Nevertheless, consumer neuroscience is effective in improving customer value as well as firm’s decision making.
I strongly believe in the recommended phenomenon since neuroscientific marketing research helps in comprehending and application of marketing by applying marketing theories that are mainly behavioral and are based on information such as profit maximization (Hubert & Kenning, 2008). Over time, fundamental and well-formulated models and notions have been developed in the discipline of neuroscientific marketing and applied by most companies in profit maximization. Nonetheless, my approach will be effective since it influences the purchasing decisions of the consumer, and as a result, more clients will subscribe to services offered by Facebook.
Summary and reiteration
Consumer neuroscience employs techniques such as eye tracking, brain scanners and facial coding to hear rate, perspiration, eye movement and brain activity. Often, persons are not governed by the irrational side of their brains, but the majority of the purchasing power are made irrationally ((Hubert & Kenning, 2008).
Explanation
Consumer Neuroscience is a new, growing field encompassing research at the integration of neuroscience psychology, economics, decision theory, and marketing. The primary objective of this discipline is to illustrate on fundamental questions of consumer behavior by adding traditional experimental and statistical research techniques with those advanced by neuroscientists. In modern times, there is the application of functional magnetic resonance imaging (fMRI) as part of a multi-methodology approach to resolving fundamental behavioral research inquiries. Neuroscience offers consumer researchers a powerful suite of methodological tools. The majority of the specific tactics applied in neuroscience assist to discuss neural activities based ion human behavior. Every method has its advantages and disadvantages attached to it. Exceptional research outcomes result from research studies using numerous techniques to express response to the same question (Yoon et al., 2012).
A fundamental defining principle is that neurophysiological methods calculate responses of the central or peripheral nervous system. Most research conducted in the promising field of consumer neuroscience has shed the light of methods capturing alterations in the central nervous system in the brain. Though physiological measures are standard to consumer research, researchers had measured had quantified skin conductance and eye blinking to comprehend morale and participation in consumer behavior. In most cases, peripheral physiological reactions are easily measured and affected in the equations to make conclusions about either neural operations or correlated behavior. For instance, pupil dilation is linked with the mental effort that is blood pressure, skin conductance. On the other hand, heart rate is interconnected with anxiety, sexual arousal, mental attentiveness, and other motivational states; and emotional situations can be dependably measured by coding facial expressions and recording movements of facial muscles ((Yoon et al., 2012).
In the contemporary world, neuromarketing involves making it better to measure a consumer’s preference. In many scenarios, the verbal phrase “Do you like this product?” may not often be the legitimate answer. This valuable knowledge will facilitate the marketers create products and services designed well and marketing campaigns engrossed more on the brain’s response. Neuromarketing will foretell the marketer what the consumer reacts to, whether it was the color of the wrapping, the sound the carton makes when disturbed, or the concept that they will have a product their co-consumers do not possess.
Explanation for why / how this would help optimize profitability using as specific, and as quantitative examples as possible
An experiment to analyze and understand human behavior about marketing exchange was conducted. The research participants wanted to guide designs and presentation of merchandises to be as compatible as possible with the client’s preferences. The content of the data involved the physiological decision processes as well as a choice work designated to facilitate preferences for a product. The work necessitated participants to select their good crackers defined by shape (square, triangle, round) (Khushaba et al., 2013). Also, other shapes were flavor (wheat, dark rye, plain) and topping (salt, sloppy, no topping). The research study involved using Emotiv EPOC wireless EEG headset containing 14 channels to assemble EEG signals from those on merit (Khushaba et al., 2013). The other tools used in the research test composed of Tobil-studio eye tracker system to connect to the EEG data to the crackes. Also, the subjects that were displayed were 57 and each set described three crackers.
Eighteen participants were enlisted for the study. All members had age ranges between 25 and 65 years (mean age 38 years).The Emotiv EPOC used had a gyroscope measure for two-dimensional control. The electrodes were displayed at the sides AF3, F7, F3, FC5, T7, P7, O1, O2, P8, T8, FC6, F4, F8, AF4 based on an n international 10-230 system that resulted in 7 suite of channels (Khushaba et.al., 2013). On the contrary, two electrodes were positioned near the ears as references. The device was characterized by a frequency of 2048Hz which other times dropped to 128Hz sampling frequency per channel. Moreover, the equipment used a patented USB dongle to send information through the Bluetooth.
Based on research, the patterns of cortical activity were gathered in five central frequency bands Delta (0–4 Hz), Theta (3–7 Hz), Alpha (8–12 Hz), Beta (13–30 Hz), and Gamma (30–40 Hz). In the research, there was a distinctive phase organization between the left and right facial and occipital areas that demonstrated communication during the selected task to 18 participants. The outcomes showcased that there was a big change (P<0.01) in the EEG power spectral activities conducted in the frontal, temporal and occipital areas. The information obtained explained that the several cracker flavors and toppings were essential elements after the purchasing decisions than the shape of the crackers (Khushaba et al., 2013).
References
Hubert, M., & Kenning, P. (2008). A current overview of consumer neuroscience. Journal of Consumer Behaviour, 7(4-5), 272-292.
Khushaba, R. N., Wise, C., Kodagoda, S., Louviere, J., Kahn, B. E., & Townsend, C. (2013). Consumer neuroscience: Assessing the brain response to marketing stimuli using electroencephalogram (EEG) and eye tracking. Expert Systems with Applications, 40(9), 3803-3812.
Yoon, C., Gonzalez, R., Bechara, A., Berns, G. S., Dagher, A. A., Dubé, L., & Smidts, A. (2012). Decision neuroscience and consumer decision making. Marketing Letters, 23(2), 473-485.
