The Potential of Neuromarketing: Fact or Fiction

Neuromarketing is a marketing theory that more and more marketers are starting to turn to. But what is it? To first understand Neuromarketing, you need to understand what neuropsychology is. Neuromarketing is linked closely to another study that uses neuropsychology; i.e. neuroeconomics. Neuroeconomics is another science which uses elements of neurology, economics and psychology to examine the role the brain plays in making shopping choices. According to Cohen J. and O’Callahan T. (2010) ‘Neuroeconomics tries to bridge the disciplines of neuroscience, psychology, and economics. Economics and psychology are in some sense, one discipline, ...such as siblings that are separated at birth’. According to Walsh, K. W. (1987), Neuropsychology is a study of the structure and function of the brain. As an experimental field of psychology, it aims to further our understanding of the brain’s relationship between behaviour, emotion and cognition on the one hand, and brain function on the other. So, in effect, it is a study that is grounded on developing our understanding of what makes our brains carry out certain decisions. So how does this relate to marketing? This paper reviews the application of neuromarketing in practice.