Branding the Brain - A Critical Review
INSEAD Working Paper 2011/15/MKT
The application of neuroscience to marketing has gained increasing popularity over the last decade in the academic as well as the corporate world. In this paper we critically reflect whether and if yes how consumer behavior and market research might benefit from neuroscience. In particular, we aim at giving an overview of why researchers and practitioners alike are excited about applying neuroscience to marketing questions, and what the current state of the art in academic and company-driven research in this area is. To do so, we propose a framework of different value signals that are important for consumer decision-making and give an overview what we know about their neural representation. We point out directions for future research, highlight caveats of current academic and corporate efforts in this area and conclude with the future potential of research at the intersection of cognitive neuroscience and marketing.