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IIT-BIM - Dr PSK & Dr KS Final

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Dr PS Kumar & Dr K Sent hil
Athenaeum 2018
Importance of Neuromarketing in Global Business Scenario
Asia can hold 51% of w orld GDP in 2050
if it find w ays to escape Middle Income Trap
W o r l d G D P 2 0 5 0 $ 2 9 2 Tr i l l i o n
As i a
G D P 2 0 5 0 $ 1 7 4 Tr i l l i o n
As i a
G D P 2 0 5 0 $ 6 5 Tr i l l i o n
(If caught in middle income trap)
2
174
1
65
0
50
100
Importance of Neuromarketing in Global Business Scenario
150
200
Income Classification as per World Bank - 2017
H i g h I n c o m e C o u n t r i e s < $ 12476
J a p a n , U S A , G e r m a n y, U K , F r a n c e , S i n g a p o r e ,
I t a l y, I s r a e l , Ta i w a n , S o u t h K o r e a e t c
U p p e r M i d d l e I n c o m e C o u n t r i e s ( $ 4036 - $ 12475)
China, Thailand, Malaysia, Brazil , Russia, Iran
M e x i c o , Tu r k e y, C u b a , S o u t h A f r i c a , L i b y a e t c
L o w e r M i d d l e I n c o m e C o u n t r i e s ( $ 1026 - $ 4035)
India, Indonesia, Philippines, Srilanka, Vietnam
P a k i s t a n , M y a n m a r, M o n g o l i a , B h u t a n e t c
L o w I n c o m e C o u n t r i e s ( $ 1025 or less)
Nepal, Afghanistan, Uganda, Zimbabwe, Congo
E t h i o p i a , Ta n z a n i a , N o r t h K o r e a e t c
World Bank Country ← Country Classification - For the current 2017 fiscal year, low-income economies are defined as those
with a GNI per capita, calculated using the World Bank Atlas method,
Importance of Neuromarketing in Global Business Scenario
Escaping the Middle Income Trap
Cheap wages makes a low -income economy competitive in labor -intensive
manufactur ing (appar el, shoes and toys, for example). Factor ies spr out up,
creating jobs and increasing incomes. Every rapid -grow th economy in Asia
j u m p s t a r t e d i t s f a m e d g a i n s i n h u m a n w e l f a r e i n t h i s w a y.
How e ve r, t ha t gr ow th m ode l e ve nt ua l l y r uns out of s t e a m . As i nc om e s
increase, so do costs, undermining the competitiveness of the old, low -tech
manufactur ing industr ies. Countr ies (like M alaysia) then move “ up the value
chain,” into exports - more technologically advanced electronics products
B u t e v e n t h a t ’ s n o t e n o u g h t o a v o i d t h e “ T r a p . ” To g e t t o t h a t n e x t l e v e l –
that high-income level – an economy needs to do more than just make stuff
by throwing people and money into factories. The economy has to innovate
a n d u s e l a b o r a n d c a p i t a l m o r e p r o d u c t i v e l y.
That requires an entirely different way of doing business. Instead of just
a s s e m b l i n g p r o d u c t s d e s i g n e d b y o t h e r s , w i t h i m p o r t e d t e c h n o l o g y,
companies must invest more heavily in R&D on their own and employ highly
educated and skilled workers to turn those investments into new products
a n d p r o f i t s . I t i s a v e r y, v e r y h a r d s h i f t t o a c h i e v e . T h u s t h e “ t r a p . ”
Importance of Neuromarketing in Global Business Scenario
South Korea is probably the best current example of a developing economy
making the leap into the realm of the most advanced. Companies like
Samsung, LG, Hyundai, Posco, Kia are becoming true leaders in their
fields.
Importance of Neuromarketing in Global Business Scenario
Neuromarketing Methods
1) Recording Electrical Activities in Brain
EEG, MEG, SST, TMS
E l e c t r o e n c e p h a l o g r a p h y, M a g n e t o e n c e p h a l o g r a p h y, S t e a d y S t a t e To p o g r a p h y &
Tr a n s C r a n i a l M a g n e t i c S t i m u l a t i o n
2) Without recording Brain Activities
Facial Coding, Eye Tracking, Skin Conductance, Facial
Electromyography
3) Recording Metabolic Activities in Brain
fMRI – Functional Magnetic Resonance Imaging ,
PET – Positron Emission Tomography
Importance of Neuromarketing in Global Business Scenario
P h ys i o l o g i c a l Te c h n i q u e s
Skin Conductance – Measures changes in the chemical & electronic balance
Heart rate – Measures the changes in heart rate due to stimulus
Breathing rate – Measures the changes in breathing rate due to stimulus
Facial Coding – Measures the changes in facial expression
E ye Tr a c k i n g – M e a s u r e s w h a t w e l o o k a t & w h a t i n t e n s i t y
B r a i n I m a g i n g & M a p p i n g Te c h n i q u e s
E E G – E l e c t r o d e s m e a s u r e s t h e b r a i n w a v e s w h e n s u b j e c t s e e s t h e a d v.
MEG – Magnetometers in Helmet measures the magnetic field created by
n e u r o n s w h e n s u b j e c t s e e s t h e a d v.
S S T – S t e a d y S t a t e To p o g r a p h y – m e a s u r e t h e a c t i v i t y i n s p e c i f i c r e g i o n a l
s p e c t r a o f t h e b r a i n r e s p o n s e a n d o r, s e n s o r s m e a s u r e s c h a n g e s i n s u b j e c t ’s
p h ys i o l o g i c a l s t a t e . R e c o r d s t h e b r a i n a c t i v i t y 1 2 t i m e s / s e c w h i l e a d v. i s s h o w n
T M S - Tr a n s C r a n i a l M a g n e t i c S t i m u l a t i o n – S p e c i f i c b r a i n a r e a c a n b e
activated/deactivated – to measure direct casual inferences – when the brain
areas of interest are shut off – neutral/stimulated mode.
fMRI – functional Magnetic resonance Imaging – same scanner as used for MRI
Importance of Neuromarketing in Global Business Scenario
G e t t i n g i n s i d e yo u r h e a d – u s i n g E E G t o d i s c o v e r i n f o r m a t i o n
a b o u t yo u r T R U E w a n t s a n d d e s i r e s
Importance of Neuromarketing in Global Business Scenario
G e t t i n g i n s i d e yo u r h e a d – u s i n g f M R I t o d i s c o v e r i n f o r m a t i o n
a b o u t yo u r T R U E w a n t s a n d d e s i r e s
Importance of Neuromarketing in Global Business Scenario
G e t t i n g i n s i d e yo u r h e a d – u s i n g f M R I t o d i s c o v e r i n f o r m a t i o n
a b o u t yo u r T R U E w a n t s a n d d e s i r e s
Importance of Neuromarketing in Global Business Scenario
Examples of Neuromarketing
E ye Tr a c k i n g – N M p r o v e d t h a t b a b y/ yo u n g b o y/ g i r l m o r e a t t r a c t i v e . I f t h e
models are not looking to the viewers during advertisement then the prospects
are more focused on ad contents – Flipkart ads
Effective Packaging – Matt packing is more liked by prospects & think premium
Colour Selection – Clariant – Plastic master batch supplier
M e a s u r i n g Ad v e r t i s e m e n t E f f i c i e n c y – f M R I t o t e s t t h e i r a d s b e f o r e g o i n g p u b l i c
E v a l u a t i n g & M e a s u r i n g S a t i s f a c t i o n – E m o t i o n R e s p o n s e An a l ys i s u s i n g E E G
L o s s Av e r s i o n – B u y b e f o r e i t ’s g o n e – L i m i t e d p e r i o d o f f e r s
Finding Hidden Responses – Cheetos – Focus group study outcome people did
not like a particular ad. But NM gave the feedback the prospects like it since it
was more humorous. Cheetos went with NM result. It was proved right.
P r o t o t yp e Te s t i n g – H yu n d a i – C a r I n t e r i o r p r o t o t yp e s w a s s h o w n t o p r o s p e c t s
N M h e l p s t o i d e n t i f y w h i c h p r o t o t yp e w a s p r e f e r r e d b y p r o s p e c t s .
W e b s i t e L a yo u t – L a yo u t s , C o l o u r, T h e m e s , f o n t s & s i z e s .
S p e e d & C o n v e n i e n c e – P a yp a l d i s c o v e r e d t h r o u g h N M t h a t p r o m i s e o f
c o n v e n i e n c e a c t i v a t e d t h e b r a i n m o r e t h a n s e c u r i t y.
Importance of Neuromarketing in Global Business Scenario
T hanks f or your At t ent ion
Happy to Answer your Questions
Importance of Neuromarketing in Global Business Scenario