Neuro Marketing

In: Business and Management

Submitted By generate7
Words 3438
Pages 14
1.1 Introduction

If we ask a number of people what marketing is, they will answer the question in various ways. Marketing involves more activities than most people might imagine. Although a single definition of marketing does not exist, there are a few definitions that have been widely approved. And one of them is given by The American Marketing Association (AMA). It defines marketing as "a process for creating, communicating, delivering, and exchanging ideas, goods and services, establishing their prices, promotion and distribution, in order to satisfy the goals of customers, clients, partners, and society at large". This definition emphasises the marketing focus on planning and performing marketing activities in order to satisfy the customers’ needs and wants.
Today, marketing must not be interpreted by considering it in its old nature of "making and selling" but, instead, by referring to its new meaning which focuses on the satisfaction of customers' needs and wants. Sales cannot be performed before creating a product. Marketing starts long before a product is created by a company. It encompasses activities carried out by managers in order to assess the wants, define their scope, and find out whether profits are possible or not. Marketing activities continue over the entire lifetime of a product, trying to attract new clients and keep the existing ones by improving the product's quality and appeal, using the insights into sales results and the management of repeated orders.

But what is Neuro-Marketing?
To understand this, we shall look at the following research, which in a way formed the framework for Neuro-Marketing concepts and Techniques.
Montague carried out an interesting research based on the fact that the Pepsi and Coca-Cola drinks have an almost identical chemical composition. They examined the influence of perception on the preferences of…...

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