Neuromarketing: The Journey to Better Consumer Understanding
DRJ-JEF, 2(5), pp. 01-10.
10 Pages Posted: 31 May 2017
Date Written: May 31, 2017
The idea that consumers are rational decision makers, who carefully consider options when making a decision about a certain phenomenon, will soon phase out! Believe it or not. In a bid to better understand the consumer, a myriad of economists still waste their precious time on “not-so-deep” modifications and elaborations of mainstream economic models, some of which are barely “shallow”. Economists who solely rely on linear models because they are more palatable are simply myopic, naturally or by default. The journey to better consumer understanding is not an easy walk. There is ample evidence to prove that consumer decision making is complex rather than simple as portrayed by orthodox economic models. Businesses need to fully understand the consumer decision making processes for them to thrive in the current competitive business environment which is now a global village. Existing “purely” economic models have proven insufficient in explaining human behavior, precisely because they do not explore the subconscious brain and yet the subconscious brain has been shown to be very instrumental in decision making processes. It is high time, economists, marketers and researchers explore, at least deeper, the human brain itself, to uncover the true forces behind consumer purchasing dynamics. This paper looks at the human brain from a neuromarketing perspective, to shade more light on our quest to better understand the consumer brain. The paper begins by explaining and then refuting the highly celebrated and esteemed rational choice theory, after which the human brain is explored. The paper, among other recommendations, encourages modern day researchers to combine their traditional consumer research methods with neurological research methods if neuromarketing is anything to go by, in light of ever increasing global competition.
Keywords: Consumer Brain, Consumer Behaviour, Consumer Decision Making, Economic Agents, Marketing, Neuroeconomics, Neuromarketing, Rational Choice Theory
JEL Classification: B21, D01, D03, D11, D12, D79, D81, M19, M31, M37, P36, P46
Suggested Citation: Suggested Citation