Abstract

For improving marketing effectiveness, the producers and entrepreneurs today want to understand how human psychology and emotions influencing on decision making. In this instance, the concept of neuromarketing offers a chance to get accurate, factual data about the buying habits of target markets. This study has been intended to explore the challenges, prospects, limitation and potentiality of practising neuromarketing in the context of Bangladesh as a cutting-edge marketing issue with the purpose of providing corresponding recommendations. The status and future prediction of neuromarketing have been exposed through qualitative and quantitative analysis. The finding of the study has been supported by collecting data from 55 customers and 65 marketers as the respondents. The key findings of this study are quite impressive and prospective regarding the level of awareness, interest, acknowledgement and conviction towards practising neuromarketing in the context in Bangladesh. The contribution of this study can be breakthrough and pave the way for neuromarketing in Bangladesh. The findings of this study will be helpful for the marketing policy makers and govt agencies to introduce this new method of marketing tools in Bangladesh. Finally, some policy guidelines were provided based on findings and analysis. In that way, marketers have to promote initiatives to familiarize the devices of the neuromarketing, have to engage the educated customers to share their experiences while designing the marketing strategies and plans. The important conclusion that the education is one of the most important factors affecting the adoption of the neuromarketing practice. On the other hand, marketers should take initiatives to overcome some misconceptions regarding the harmful for the brain activity devices of the neurology.

Keywords: neuromarketing, marketing, marketing research, consumer perception.

JEL Classification: М31, М37.

Cite as: Gani, M. O., Alam, M. Z., Alom, M. Z., & Faruq, M. O. (2018). Challenges and prospects of neuromarketing: Bangladesh perspective. Marketing and Management of Innovations, 2, 327-338. https://doi.org/10.21272/mmi.2018.2-25

This work is licensed under a Creative Commons Attribution 4.0 International License

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