The global market economy is changing from a sellers’ market to a buyers’ market. The emerging field of neuromarketing, which makes use of brain research in a managerial context, has gained increasing popularity in the academic literature as well as the practical world. Neuromarketing is the branch of neuroscience research that aims at studying the consumer behaviour through the brain’s instinctive processes and responses. Such information can further be applied to understand marketing trends, explaining consumer’s preferences, motivations, expectations, predicting human behaviour and evaluating successes or failures of advertising messages. The global market for neuromarketing technology reached $21.0 million in 2015. The market is expected to reach $50.3 million by 2021 from $22.0 million in 2016, increasing at a compound annual growth rate (CAGR) of 18.0% from 2016 to 2021. One very big mega trend in the global economy is that of Big Data or Big Analytics. According to a report published by The Data Warehousing Institute, sentiment analytics and trending imbued with big data analytics can contribute up to 24% improvement in sales and marketing. One very attractive opportunity in big data is linking analytics with neuromarketing. This fact has been duly supported by the Gartner’s hype cycle graph, where the anticipated the scope of neuromarketing tactics and big data is expected to last for next ten years from now. Noteworthy, India, on the other hand, is the seventh largest nation in size, second most populated country and the seventh largest economy in the world. Further, the government of India is promoting make in India ideology under which, five industrial corridor projects have been identified, planned and launched by the Government of India in the Union Budget of 2014-2015, to provide an impetus to industrialization and planned urbanization. In each of these corridors, manufacturing will be a key economic driver and these projects are seen as critical in raising the share of manufacturing in India’s Gross Domestic Product from the current levels of 15% to 16% to 25% by 2022. The Micro, Small and Medium Enterprises (MSMEs) sector assumes a pivotal role in driving the growth engine and to ensure epitomizing vitality. According to Fortune from Times Inc., nine out of ten startups fail because of reasons like failing to understand the market need, not choosing the right team, poor marketing, ignoring consumers and limited liquid assets etc. There is no direct platform available for MSMEs to evaluate their marketing strategies, product design etc. which could prove to be a substitute for extensive and expensive market surveys followed by traditional way of analysing the collected data. The quality of data collected through surveys, interviews and questionnaires entirely depends upon the technical expertise of the investigator whereas nontraditional methods of collecting user response like eye tracking, electroencephalogramy (EEG), speech, and facial action coding can not only provide quality data but can also lead to precise business conclusions and decisions. User sentiment analysis information is already being used by businesses, governments and individuals to make timely and profitable decisions. Neuromarketing makes use of techniques like Neuro-Metrics, Eye-Tracking, Bio-Metrics, Implicit Response Testing and Facial Action Coding to understand/record human reactions. Sentiments analysis if infused with neuromarketing techniques can further provide automated mining of attitudes, opinions, expressions and emotions fromtext, speech, emotion, neuron activity and other database sources for making profitable business decisions. Data provided by neuromarketing studies are pictures and numbers, statistics. Neuro‐imagingtechnology, through its technical specifications, is able to provide accurate data for analysis and a cost effective solution to study market trends, hence providing major support to any economy.
Number of intern positions available in the project: 2
Dr Jaiteg Singh