ISSN No.: 2454- 2024 (online) International Journal of Technical Research & Science DOI Number: https://doi.org/10.30780/IJTRS.V05.I06.002 pg. 8 www.ijtrs.com www.ijtrs.org Paper Id: IJTRS-V5-I4-004 Volume V Issue VI, June 2020 @2017, IJTRS All Right Reserved NEURO MARKETING: A TOOL TO UNDERSTAND CONSUMER PSYCHOLOGY Gunjan Mishra, Mithi Shukla E-Mail Id: gunjanmishramishra15@gmail.com Amity Institute of Behavioural & Allied Sciences, Amity University, Chhattisgarh, India Abstract-Neuromarketing is an important development in the field of understanding about how the subconscious mind helps the consumer to take decisions. The field is gaining rapid credibility and adoption among advertising and marketing professionals, controversial to when it first emerged in 2002. Marketers work to attract the customer towards their product. For this, ground breaking research has been taken place to study the human brain. Consumer behaviour has been impacted creatively so that the customer gravitates towards the product. The concept of neuromarketing reflects the psychological perception of the customers‟s relationship with the seller. Neuromarketing is a amalgamation of neuroscience and market research that aims to observe and understand the buyers physiological and psychological response to any stimuli like digital content. A multitude of techniques have been discovered for these researches, including Eye Tracking, EEG, fMRI, Galvanic skin Response, and Face Emotion Analysis. All these techniques are very useful for the companies to understand how a consumer will respond physically as well as psychologically to stimuli like the desired product. This paper analyses the studies of neuromarketing applied to consumer behaviour through literature reviews, finding how the research on this concept are evolved. This study concludes that major advances are being made in the marketing area, and that neuromarketing can really help in the understanding of cognitive processes of consumer and their influence on decision – making. Keywords-Consumer neuroscience, Neuromarketing, market research, Eye Tracking, EEG, fMRI, Galvanic Skin Response and Face Emotion Analysis. 1. INTRODUCTION Organizations aim to develop and launch products and services that can increase their profits and market share. They look for initiatives that generate the expected demand and make them able to engage consumers on the benefits and qualities of the products and services offered. The main objective is to generate an impact on the consumer, so that at the time of decision making it is clear to the consumer that why they must select the organization‟s brand over the other. One of the biggest questions that is yet to be clarified is that what leads the consumer to make a choice for a specific brand or product over the other, based on the perceived costs and benefits (Hsu and Yoon, 20151; Solnais et al. 20132). 2. NEURO MARKETING An alternative to better understand consumer behaviour has gained strength in the marketing field that is neuromarketing. The combination of „neuro‟ and „marketing‟ terms implies the convergence of two fields of study, neuroscience and marketing. Plassmann et al. (2012)3 indicate that neuromarketing can be distinguished from consumer neuroscience by restricting the former to industry applications and the latter to academic research. Consumer neuroscience is thus a more rigorous version of neuromarketing, delivering findings that are embedded in theory (Agrawal and Dutta, 2015)4. One can make a parallel in which neuromarketing is to marketing as neuropsychology is to psychology. While neuropsychology studies the relationship between the brain and the cognitive and physiological functions of the human being, neuromarketing promotes the value of inquiring about consumer behaviour from a physiological perspective (Morin, 2011)5. The use of brain monitoring techniques, which is fundamental to medicine and biology, also contributes significantly to non – medical areas, such as marketing. The use of some of these methods has been focused on analysing and understanding consumer behaviour at the brain level (Oliveira et al. 2014)6, as well as allowed the development of innovative models and techniques in order to understand experiences of the human unconscious (Cruz et al. 2016)7. 3. NEUROMARKETING AND THE STUDY OF THE BRAIN According to studies, the striatum is the area where social factors have greater influence, and are directly linked to the purchasing decision, identifying preferences for products and also making the relation of expectations and recompense of previous purchases (Knutson et al. 2007)8. Also according to Knutson et al. (2007)8 the insula is another area of brain which is of great importance in decision making, especially because it is an area affected by negative stimuli, such as previous experience of frustration or very high risk which helps in being fundamental at the moment of deliberation for making decision. The amygdale appears as an important modulator of memories and the strengthening process, either positive or negative, and therefore is very important in understanding and analysing marketing stimuli and their