THE ROLE OF NEUROMARKETING STRATEGIES IN THE CREATION OF BRAND EQUITY: A CONCEPTUAL STUDY

Neuromarketing is the domain of Neuroscience. Brain feedback, stimuli, memory impressions are analyzed to design tools for marketing communication channels like advertising and brand building. It is the newest trends in consumer behavior and helps to dive deep into consumer psychology to understand unconscious state of feelings. Neuromarketing is the emerging field of multidisciplinary domain of science, integrating the concepts and applications from marketing, medical sciences and commerce. Due to the innovative emerging technologies like Artificial Intelligence coupled with Functional Magnetic Resonance Imaging (FMRI), marketing analysts are developing a practice of contemplating brain’s responses to create an improved assessment of consumer’s choices. The real time analysis of customer engagement with advertisements, brand messages, observing areas linked to reward, attention, emotional arousal, visual attention of consumers towards advertisement layouts, consumer focus, interests, consumer service interactions provide immense potential for the marketers to understand consumers tastes, preferences and buying behavior. Through neuromarketing, precise marketing strategies may be designed to reconcile, to modify consumer perceptions. The proposed study is designed to understand the concept of neuromarketing techniques in creation of brand equity adopted by popular market players.