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Decision Making and Neuromarketing

Decision Making and Neuromarketing. Presented by: Megan Norby Warren Mui. What is N euromarketing ?. Neuromarketing : uses functional magnetic resonance imaging, a brain-scanning device that tracks blood flow as we perform mental ta sks

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Decision Making and Neuromarketing

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  1. Decision Making and Neuromarketing Presented by: Megan Norby Warren Mui

  2. What is Neuromarketing? • Neuromarketing: uses functional magnetic resonance imaging, a brain-scanning device that tracks blood flow as we perform mental tasks • Marketers measure consumers’ reactions to movie trailers, choices about automobiles, the appeal of a pretty face, and loyalty to specific brands

  3. Why Expensive Wine Tastes Better • Studied subjects’ brain activity while they consumed wine • Subjects were told how expensive each wine was before consuming it • Subjects reported actually experiencing a tastier wine Marketing can change how people value goods!

  4. Importance of Product Positioning Product Positioning: convincing consumers that a product should be considered within a given category Heuristics: mental rules-of-thumb that lead to a speedy decision • Experiential perspective: consumers buy based on totality of product’s appeal Price is an important part of the experience for a premium product/ luxury brand!

  5. Perception Becomes Reality  Red Bull example Self-fulfilling prophecy: we see what we are looking for… …almost as if we are tricking ourselves/ talking ourselves into what the value of a product is

  6. Nike Foamposite Galaxy

  7. Lucky Strike “It’s Toasted”

  8. Questions or Comments?

  9. References • (2008, January 16). Why Expensive Wine Tastes Better. Retrieved February 15, 2012. From Neuromarketing website. http://www.neurosciencemarketing.com/blog/articles/ why-expensive-wine-tastes-better.htm

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