“Neuromarketing is not manipulation, it is mindful merchandising.”
The Marketing Club and Internationalization Cell of SCMS NOIDA organized ‘SYMFORUM’, an event which consisted of a webinar on the topic “Paradigms of Neuromarketing” on 21st October 2020 which was followed by a fireside chat where some of the students raised their questions one by one, pertaining to the topic discussed in the webinar. The event also consisted of a debate/ idea-exchange session in which students explored and discussed various ideas as well as thoughts on the topic discussed by the speaker.
Dr Alexia de la Morena presided over the webinar to speak on the topic of Neuro-marketing and different aspects of Neuro-marketing. She has a Ph.D. in Neuroscience and is a Neuropsychologist. Dr. Morena has been a speaker, lecturer, writer, and author of several books. Dr. Alexia de la Morena began her discussion by introducing neuroscience and neuro-marketing. Dr. Alexia highlighted the importance of the brain. She explained how humans behave differently in different environments. Dr. Alexia also touched upon the psychology being used in marketing. She explained how, in order to make an impactful advertisement, it is necessary to include human emotions. Consumers find ads of personal significance as well as feelings of belonging. She accentuated the importance of understanding desires and motives.
The next aspect she addressed was the recognition of neuro-insight and exploring various aspects that the human mind likes and doesn’t like. After that, the concept of right prices was introduced, where students discovered that the highest brain activity suggested that the price is best for a particular product. Participants became familiar with psychological effects in which Amygdala hijack and the fight or flight responses were mentioned. She also spoke about how people buy things that they desire. Among other theories, one of the most popular theories i.e. loss of aversion was also explained. Finally, the students were shown two videos that demonstrated the use of Neuro-marketing in the world of video games and shopping. The guest ended the lecture with a note that consumers often purchase products by heart and not by mind. The webinar concluded with the speaker addressing some of the selective queries of the students, in the form of questions. After resolving the queries, Dr. Alexia concluded her discussion on the topic of “Paradigms of Neuro-marketing”.
In addition, there was a debate/discussion around the topic, which consisted of 4 rounds, out of which in the first 3 rounds, 3 different questions pertaining to the subject were addressed. The objective of this round was to encourage learning among students through an informative and engaging session that allows students to share their understanding, thoughts and ideas related to the subject. In round one, the question “how does Neuro-marketing empower marketing and its future” was taken up. In the second round, the issue “Is Neuro marketing an unethical or an innovative business practice” was discussed. In the third round, the subject “Should there be some ethical guidelines or a governing body to review the legitimate conduction of Neuro-marketing” was debated and discussed. The fourth and final round i.e., the concluding round and the outcome after the enriching discussion was “Neuro-Marketing is a progressive move towards a better tomorrow. It makes marketing easier and understanding the consumer precise to an unimaginable extent. Regardless of the fact how good it might be, it needs a regulatory body to monitor what’s happening in and around it and laws for safe keeping. It’s too early to rely on it as people are not educated enough, maybe 5-10 years down the line it would be how marketing is done and the current methods would be history.”
To conclude, it was a very enriching and insightful experience for students. Both webinar and discussion sessions aided students in learning and familiarized them with various aspects of Neuro-marketing.