The Application and Ethical Considerations of Neuroscience in Business and Marketing in India

Summary and Important Points:

Neuroscience Applications:

• Elon Musk's Neuralink exemplifies the cutting-edge commercial use of neuroscience through brain-computer interfaces.

• Neuromarketing leverages neuroscience to solve various business problems, such as improving advertisement effectiveness and decoding consumer behavior.

Neuromarketing Techniques:

• Employed techniques include eye tracking, EEG, and skin conductance measurements to gain insights beyond traditional, bias-prone surveys.

• Notable breakthroughs feature the use of fMRI to distinguish responses to political advertisements in the U.S., showing varied brain activities across political groups.

Accessibility of Neuroscience Tools:

• Advances in technology have made neuroscience tools like wearable devices and eye trackers more accessible and cost-effective for marketing purposes.

Ethical Concerns in Neuroscience:

• The development of technologies like Neuralink raises significant ethical issues regarding potential data misuse and the manipulation of consumer responses.

Additional Information:

Insights into Indian Consumer Behavior:

• Neuromarketing has revealed critical insights into Indian consumers, such as their cultural preferences and the impact of "functional friction" on decision-making.

Challenges and Opportunities:

• Despite its potential for precise consumer insights, neuromarketing's adoption in India is limited by high costs, compared to alternatives like digital marketing tools and AI-based predictive models.

Future Outlook:

• The field of neuromarketing in India is promising, yet it faces challenges related to ethical standards and cost-effectiveness. These challenges necessitate careful consideration of privacy, consent, and the overall impact on consumer welfare.

Reason it's important : How neuroscience reshapes marketing strategies in India

Published in : The Hindu

Date appeared in newspaper : 01 April 2024

Link to the article (might require a paid subscription) : https://www.thehindu.com/todays-paper/2024-04-01/th_international/articleGUMCK3805-6309450.ece