PROJECT REPORT

(Submitted for the degree of B.Com.Honours in Accounting & Finance under the University
of Calcutta)

TITLE OF THE PROJECT

A study on “Corporate Social Responsibility of Amul.”

SUBMITTED BY

Name of the Candidate: Debjit Das

Registration No: 432-1111-0701-20
Name of the College: Narasinha Dutt College
College Roll No: 201432-21-0111

SUPERVISED BY

Name of the Supervisor: Surajit Maji

Name of the College: Narasinha Dutt College

MONTH & YEAR OF SUBMISSION

June,2023
 SUPERVISOR’S CERTIFICATE

This is to certify that DEBJIT DAS a student of B.Com. Honours in Accounting

& Finance of NARASINHA DUTT COLLEGE under the University of Calcutta has
worked under my supervision and guidance for his Project Work and prepared a Project
Report with the title A STUDY ON “ : CORPORATE SOCIAL RESPONSIBILITY OF
AMUL.”

The Project Report which he is submitting, is his genuine and original work to the best of
my knowledge.

Signature:
Name:
Designation:
Name of the College: Narasinha Dutt College

Place:
Date:
 STUDENT’S DECLARATION

I hereby declare that the Project Work with the title A STUDY ON
“CORPORATE SOCIAL RESPONSIBILITY OF AMUL”
submitted by me for the partial fulfilment of the degree of B.Com. Honours in Accounting
& Finance under the University of Calcutta is my original work and has not been submitted
earlier to any other University for the fulfilment of the requirement for any course of study.

I also declare that no chapter of this manuscript in whole or in part has been incorporated
in this report from any earlier work done by others or by me. However, extracts of any
literature which has been used for this report has been duly acknowledged providing details
of such literature in the references.

Signature:
Name: Debjit Das
Address: Ballavbati, Munshirhat, Howrah, 711410
CU Registration No: 432-1111-0701-20

Place:
Date:
 ACKNOWLEDGEMENT

The satisfaction and euphoria that accompany the successful completion of any task would
be incomplete without mention of the people who made it possible and support had been a
constant source of encouragement which crowned our efforts with success.
I am deeply indebted and I would like to express my sincere thanks to our
beloved Principal Dr. Soma Bandyopadhyay, for providing me an opportunity to do this
project.
My special gratitude to our HOD (Department of Commerce), Asit Kumar
Koner, for his constant encouragement and wholehearted support.
I sincerely thank my supervisor Mr. Surajit Maji , Faculty of Commerce
Department, for his valuable suggestions, moral support and encouragement in completion
of this project successfully. I have been fortunate for having his precious help.
I also express my sincere thanks to all the staff members of Department of
Commerce for their valuable guidance and support.
I would like to express thanks to my parents, friends and Almighty God, who
empowered me to fulfill this project by showing their abundant grace and mercy.

DEBJIT DAS.
CONTENTS
CHAPTER-1

INTRODUCTION
1.1. BACKGROUND :
The term neuromarketing emerged in 2002 when Professor Ale Smidts published his article “Kijken in het
brein” (“Looking into the brain”). However, when the article was translated into English, its title was
adapted to “Looking into neuromarketing”, thus introducing the term ‘Neuromarketing’ for the first time
in the sector. Despite its consolidation in 2002, the field of neuromarketing evolved somewhat slowly
thereafter. It was not until 2004 that academic articles began to emerge, such as the Coca-Cola v/s Pepsi
study, considered a benchmark in the sector even today. In this study, a group of subjects were asked to
drink Coca-Cola and Pepsi while their brains were monitored using functional magnetic resonance imaging
(fMRI). The experiment yielded clear results: a consistent neuronal response was detected in the
ventromedial prefrontal cortex that was correlated with the subjects’ preferences for each of these drinks.
Brand awareness was also shown to influence expressed behavioral preferences and measured brain
responses.

Shortly after, the first two consulting firms that offered research and consulting services using
neuromarketing techniques were born: Bright House and Sales Brain; with this, the adoption of
technologies associated with neurosciences within the business and marketing fields was established.

Great optimism was generated about the possibilities that neuromarketing opened; proof of this are the
words of Pop, Radomir, Loana and Maria who stated that the only way to objectively measure the thoughts
and feelings of consumers was through neurosciences. This optimism also coincided with the cheaper
neuromarketing techniques that made their use and testing more affordable. Neuromarketing was especially
useful compared to traditional marketing research techniques, such as advertising effectiveness, logo
selection, attractiveness of certain products etc.

However, at that time criticism also arose; Some experts pointed out that neuromarketing was unethical,
even exceeding the limits of legality. Others spoke of the high costs associated with the different techniques
that did not compensate for the results obtained and even of the negative influence that it could cause in
society since it set a precedent that could lead to the manipulation and control of the individuals by brands.

Controversy aside, neuromarketing began to gain popularity in the following years, partly because of the
hope that different techniques would be cheaper and faster compared to other research methods and also
because of the fact that neuromarketing provided information that could not be obtained in any other way.
Neuromarketing began to be seen as a field of magic, with its own limitation, but which offered valuable
information to understand the complexities of consumer purchasing decisions.
Thus, between 2010 and 2015, numerous articles were published in which the advantages and
disadvantages of the different techniques associated with neuromarketing were analyzed, which made the
field begin to gain more strength as a reliable research tool.

But neuromarketing not only captured the attention of the academic and research world but also the
business world; thus, the number of companies and consultancies dedicated and specialized in this field
increased. This boom was consolidated with the founding in 2012 of the Neuromarketing Business and
Science Association (NMBSA), whose mission beyond promoting neuromarketing worldwide was to
establish a methodological basis for this field and thus favor its acceptance in the scientific community.

But despite its growing popularity, neuromarketing continued to face harsh criticism; for example, the
efficacy of neuromarketing methods was questioned and it was ruled out that they could replace traditional
research techniques because the conditions of the experiments and the methodologies limited their
generalization.

But despite the caution shown by scientists and the scant empirical research, specialized marketing
companies such as Nielsen or Millward Brown created specialized neuromarketing departments to apply
the latest techniques in their clients’ marketing strategies.

Another interesting article was the one presented by Chen, Nelson and Hsu by combining machine learning
techniques with functional neuroimaging, it was concluded that, unlike being built through reflective
processes, the personality of a brand exists within the minds of consumers; thus, the researchers were able
to predict which brand the individuals in the study were thinking about based solely on the relationship
between brand personality associations and brain activity.

Also in recent years there has been a change in perspective in the conception of neuromarketing; faced with
the autonomy and independence of the subject defended in the early years, currently there is a more
tempered position that considers neuromarketing as a complementary research technique, not a substitute,
for traditional methodologies to understand consumer decision-making. A good example of this
supplementary role of neuromarketing is found in the research proposed by Nave, Nadler, Zava, Dubois,
Camerer and Plassmann in which the analysis of brain activity reaffirmed the results obtained through the
correlation between testosterone levels and the preferences of consumers for luxury brands.

Understanding behavior is the key to the future of marketing and to gain a better grasp of what dictates our
behavior, it stands that fields like neuromarketing will inevitably become needed, regardless of the
criticism.
1.2. LITERATURE REVIEW :

“In our daily lives, we are constantly exposed to many stimuli, some of which influence our behavior
without full awareness. One of these stimuli is color. In particular, our purchasing decisions are guided by
individual color preferences. Color preferences influence various daily tasks. For example, people make
decisions within 90 s of their first interaction with products, and approximately 60-90% of the evaluation
of a product is based solely on its color properties. However, these types of behavior often escape consumer
awareness, so marketing may need the help of neuroscience. Thus, it is necessary to place color preferences
at the center of marketing strategies.” [Alessandro Bortolotti, Loreta Cannito, Stefano Anzani,
Riccardo Palumbo; Color Culture & Science Journal Volume 15(1); March, 2023]

“We understand how the power of neuromarketing works, we need to review how the consumer buying
process takes place, how consumers react while purchasing. Thanks to some Neuroscientific techniques
which give us proper understanding about consumer bias. It uses eyeball tracking and facial tracking
methods to identify their behavior, preferences and also their reaction while chasing any product. In recent
years neuromarketing terms have developed so far all over the world.” [Rahul Kumavat, Dr. Prabhakar
Mahale; International Journal of Contemporary Management 8(1); January, 2023]

“In recent decades, a new branch of marketing called ‘neuromarketing’ has received considerable attention
from both academics and marketers. It involves the combined use of traditional marketing tools,
psychology and neuroscience. Neuromarketing offers an in-depth insight and understanding of human
cognition and consumer behavior. Marketers can learn about both the conscious and unconscious
dimensions of the consumer decision-making process, as well as the explicit and implicit motivation to buy
a product.” [Mamun Ala, Sumesh R Nair, Tareq Rasul; Fashion Marketing in Emerging Economies
Volume II; December, 2022]

“In recent years, the combination of research methods in neuroscience and neuromarketing and their
applications has resulted in a large body of academic and marketing work in an explosion of opportunity
for in-depth studies of the brain. The purpose of this article is to provide academic marketing researchers
and professionals in the private sector with a methodological reading grid so that they can assess the
feasibility, implementation conditions, relevance or even the added value of using consumer neuroscience
through the use of tracking eye on choices and preferences in women's fashion purchase decision making.
Marketing and consumer behavior constitute fields of investigation for which understanding the brain
dynamics underlying attention, motivation and decision making represents an added value. For this reason,
it is essential to understand what it means to use tools to investigate brain activity in an ethical, technical,
methodological and financial way, as well as at the level of data analysis and interpretation.” [Norberto
De Almeida Andrade, Giuliano Carlo Rainatto, Eric David Cohen; Consumer Behavior Review 6(1)
e – 251844; June, 2022]

“Since its emergence, neuromarketing has generated multiple debates about its uses and misuses, the ethics
of this highly sensitive data technique, and the lack of regulation for consumer protection. To explore how
consumers perceive neuromarketing, a content analysis of user-generated content on blogs and social media
was conducted. The main purpose of this research was to identify consumers’ opinions about
neuromarketing, its perceived benefits and risks, and the ethical concerns and implications for those
involved in the use of this method. Taking a social media mining approach, the study uncovers the most
common neuromarketing concerns discussed by consumers, describes the main participants (or actors) of
the neuromarketing narrative and their interrelationships, and evaluates the overall consumer sentiment of
neuromarketing.” [C. Luna – Nevarez; Journal of Consumer Policy 44(4); December, 2021]

1.3.OBJECTIVES OF THE STUDY :

The main objectives of this project are mentioned below :-

❖ To understand the genesis and concept of neuromarketing.

❖ To analyze the relevance of neuromarketing.

❖ To assess the implication of neuro study in the field of marketing.

❖ To identify the various techniques used in neuromarketing.

❖ To determine the limitations and impact of neuromarketing.

1.4. DATA AND METHODOLOGY :

Data is various kinds of information formatted in a particular way. Therefore, data collection is the process
of gathering, measuring and analyzing accurate data from a variety of relevant sources to find answers to
research problems, answer questions, evaluate outcomes and forecast trends and probabilities. Data
collection breaks down into two methods. Those are:

I. Primary Data-

As the name implies, this is original, first-hand data collected by the data researchers. This process is the
initial information gathering step, performed before anyone carries out any further or related research.
Primary data results are highly accurate provided the researcher collects the information. It is obtained by
direct observation method, face to face communication, mail survey, personal interview etc. However,
there’s a downside, as first-hand research is potentially time-consuming and expensive.

II. Secondary Data-

Secondary data is second-hand data collected by other parties and already having undergone statistical
analysis. This data is either information that the researcher has tasked other people to collect or information
the researcher has looked up. Simply put, it’s second-hand information. It is obtained from existing records,
publications, books, journals, annual reports etc. Although it’s easier and cheaper to obtain than primary
information, secondary information raises concerns regarding accuracy and authenticity. Quantitative data
makes up a majority of secondary data.

➢ I have made this project based on Secondary Data & Methodology. All the data have

been collected through different sources on the internet, by number of research

documents available and the various articles on the World Wide Web. I have used simple
pictures, tables & graphs to analysis & present the data. Apart from this I also followed
my supervisor’s instructions to finish the project.
1.5. LIMITATIONS OF THE STUDY :

Every study has limitations. Study limitations can exist due to constrains on research design or
methodology and these factors may impact the findings of the study. Although limitations address the
potential weaknesses of a study, writing about them actually strengthens the study by identifying the
problems. The limitations, I faced during making of this project are as given below :

❖ Time factor is the most crucial one. This study is conducted with in very short span of time.

❖ I have not used modern statistical tools to analysis the data.

❖ Due to shortage of time I have not been able to make a depth study.

❖ I could not collect Primary Data.

❖ Lack of experience to prepare a proper project report.

1.6. CHAPTER PLANNING :

The study is divided into four chapters –

i. Introduction: This will cover the background, literature review, objectives of the study, data &

methodology, limitations of the study and chapter planning.

ii. Conceptual Framework: This will cover the concept and theories of the topic.

iii. National-International Scenario & Examples:

iv. Presentation Of Data, Analysis & Findings: Through this chapter I shall present some graphical

data of the topic. The data should be analysed properly. Then I shall find out the major

observations from the data analysis.

v. Conclusion & Recommendations: In this section, the concluding observations based on the main

findings and suggestions will be provided.

 CHAPTER-2

CONCEPTUAL FRAMEWORK
2.1. WHAT IS NEUROMARKETING ?

Neuromarketing – also known as consumer neuroscience – is a marketing field that aims to improve
customer communications and marketing campaigns utilizing tools coming from neuroscience,
psychology, and behavioral sciences.

The main goal of neuro-marketers is to understand

buyers’ decision-making process to create
compelling products and campaigns that delight
customers to the max. Considering how hard it is to
stand out from the competition, this procedure can
bring lots of assets to the table.

One of the first experts associated with neuromarketing was Gerard Zaltman, who studied the human
subconscious and how specific images can cause a positive emotional response and affect purchase
decisions. Since then, many similar experiments and studies have been carried out, shedding light on many
hidden consumer behavior aspects.

2.2. HOW DOES NEUROMARKETING WORK ?

Neuromarketing uses functional magnetic resonance imaging and electroencephalogram tools to scan
people’s brains and evaluate physiological and neural signals to specific ads, packaging, design, etc. Brains’
responses are crucial for companies since they provide business owners with a clear picture of customers’
needs and wants. Marketers show ads, packaging, or product design to customers and track their reactions
and brain activity. After they get responses and measure the changes, companies can decide what steps they
need to take next.

Brain scanning allows brands to track every brain activity such as eye movement, the change of pupils,
face expression, heart rate, emotions and empower brands with customer insights. Based on the given
results, companies can decide how to improve their ads and content, product packaging and design, website
design, and branding to hook the audience’s attention and resonate with customers’ needs.
2.3. FUNDAMENTALS OF NEUROMARKETING :

The fundamentals of neuromarketing consist of three main areas:

1) Marketing,
2) Neuroscience,
3) Psychology.

Marketing - This area focuses on promoting a product and increasing its awareness among people.
Advertising is a critical department of a company that involves researching, promoting, selling, and
distributing the brand's products and services. It is vital to attract and retain customers and to maintain a
loyal customer base. The marketing department analyzes the market and its wants and needs so that the
company can be successful and accepted by the customers.

Neuroscience - This is the scientific study of the nervous system and its functions. Neuroscientists study
the brain and its activities using cellular and molecular biology, physiology, cognition, and other
disciplines. The neural connections in the brain are connected to sensory input and motor output. As a
result, neuroscience can analyze the neural signals in the brain when an individual is exposed to someone
or something. This is the aspect of neuroscience that helps businesses in neuromarketing.

Psychology - The scientific study focusing on the mind and behavior is known as psychology. Psychology
helps us understand our mental processes and functions. Psychology help businesses understand consumer
decision processes and their preferences.

Together, marketing, neuroscience, and psychology can help businesses develop better marketing tactics
by understanding their customers better.
2.4. OBJECTIVES OF NEUROMARKETING :

Utilizing the insights from neuroscience and cognitive science, neuromarketing aims to precisely pinpoint
consumer needs, wants, and preferences. It analyses unintentional reactions to particular advertising
campaigns, packaging, designs, etc. and explores how customers react to marketing stimuli. The method
aids in creating marketing plans and campaigns that are appealing to the target market.

The objectives of neuromarketing are as follows:

❖ Identifying customers’ unconscious reactions to various advertisements, designs and marketing

techniques.
❖ Developing new, original strategies.
❖ Connecting with the audience’s needs and desires.
❖ Improving advertising campaigns and strategies.
❖ Examining the feelings and emotions that various advertisements, logos and phrases may elicit in
customers.
❖ Enhancing customer experience.
❖ Increasing sales and gaining a competitive advantage.

2.5. PRINCIPLES OF NEUROMARKETING :

The field of neuromarketing is new and a bit

complicated for many people. Neuroscience
indeed brings ease to the life of marketers. Before
neuromarketing, marketers used to solely depend
on market research through traditional methods,
such as focus groups, interviews, and field trials
to get an idea about the consumers’ interests.
Traditionally conducted market research reveals
less than what neuromarketing can reveal for
your customers, reading their brain activity.
Therefore, we can say that neuromarketing
technology helps marketers understand how the brain of a specific person reacts to a particular situation
using different resources and tactics.
Here are four principles of neuromarketing that you can apply to retain your existing customers, as well as
to acquire new ones:

i. Scarcity

It is undeniable that if a particular product or service feels like it is scarce or in short supply, people will be
more likely to buy it. The reason is that the fear of missing out or losing something can be stronger than
the desire to gain something. Savvy marketers, use the concept of scarcity to drive increased demand for
their products. Streetwear retailers such as Supreme or Yeezy popularized the concept of the product
“drop,” which is when less product than demand is offered for sale causing limited-edition drops to sell out
in minutes.

ii. The Psychology of Habit

The logic of creating a habit is very simple – it’s all about repetition. It is said that if you want to make
yourself prominent on any channel, let people crave your presence by becoming their habit intentionally
or unintentionally. The same applies to your business also which is why gamification and subscription
services have been all the rage lately. Repetition of these games makes people crave them because these
games become their unintentional habit.
iii. Understands the Emotions

Almost all of us want to have a person in our life that understands our emotions without expressing them.
What if technology does this for us? Nothing can be better than this, right?

The principal objective of neuromarketing is to understand the emotions of people using different
techniques as it gets an idea about the way people think about a particular subject. It is a great way to
change your marketing campaigns or ads in a way that consumers are going to react the most. Many well-
known companies are using the technology of neuromarketing for this purpose and have driven huge
success for their companies.

iv. Social Proof

As humans, we are social creatures and our behavior, in many instances, is determined by societal norms.
A person is more likely to do something if those around him/her do so. In consumer behavior, if several
people buy a particular product or service, it works as “social proof” and more people will follow that
certain behavior, hence increasing demand for that product or service. As an example, testimonials in
marketing are a way to attract consumers as watching how other people benefited from that particular
product or service can act as a powerful driving force to follow the same behavior.
2.6.TOOLS AND TECHNIQUES OF NEUROMARKETING :

Marketing has evolved to become more of a science than just an art. Neuromarketing, the new science of
marketing is performed using scientific techniques and tools like EEG, fMRI, eye tracking, and face coding
to name a few. In Neuromarketing, neuroscience is applied to marketing to study how the consumer’s brain
works and which areas of the brain have activated that influence their decision to purchase.

Furthermore, these neuroscientific methods use various tools and techniques to measure neuronal activities
and understand how the brain reacts to extra sensory stimuli. Here are some neuromarketing tools and
techniques that are used in performing neuromarketing research:

i. Functional Magnetic Resonance Imaging (fMRI)

fMRI is like a quick trip into the brain. The participant is made to lie on the bed with their head surrounded
by a scanner to track the changes in blood
oxygenation in the brain, which are correlated to
neuronal activities. fMRI helps to measure brain
activities by detecting changes associated with blood
flow. The results help in reading the brain’s
electromagnetic activities, helping marketers to
understand consumers’ preferences in terms of
features that attract them, color, packaging, and
designs that attract or bore them. fMRI helps you to
study small and deep structures of the brain. This technique is very expensive, confining, intrusive, and
non-portable.

ii. Electroencephalogram (EEG)

This is another technique that registers the physiological activities of the brain and so the
Electroencephalogram is also termed a mind-reading
technique. EEG is performed using headbands or helmets that
have small sensors. EEG Is very time-sensitive and accurate.
It can relate a stimulant to its reaction almost immediately,
which is what makes it so useful to figure out exactly which
elements provide which kinds of feelings to the consumer.
Compared to fMRI, EEG is more economical and portable.
The only drawback is that it has lower precision in locating which area of the brain is causing the reaction.
 iii. Electrocardiogram (ECG)

In neuromarketing, ECG is commonly used because it enables information to be recorded, in real-time, on

the emotional state of participants exposed to public stimuli. The ECG measures and records the electrical
activity of the heart. This technique involves low cost, is not very invasive, and also is more comfortable.

iv. Galvanic Skin Response (GSR)

In neuromarketing, the Galvanic skin response or GSR measures precise changes in skin perspiration. For
example, if a person is exposed to a physically exciting marketing stimulus, he/she may start sweating due
to an increase in the activity of endocrine glands. Bitbrains Ring is one of the most used neuromarketing
technologies as it includes both sensors: a galvanometer and an ECG. This technology is highly accepted
by the participants and allows the researchers to measure the emotional activation produced in a particular
time interval that oscillates between calmness and an excitation state.
 v. Eye-Tracking (ET)

Eye-tracking calculates and records the eye

movements of the consumer to identify the position
of the pupil by utilizing infrared light. It helps you
to attain information on visual attention. Eye-
tracking can answer various questions like How
much attention do consumers pay to products
promoted at the store’s entrance, or do consumers
read posters, and so on. A few types of eye trackers
used are: Stationary eye-tracker, Eye-tracker
glasses, Eye- trackers in virtual reality glasses, Eye-
tracking through webcams.

vi. Facial Coding (FC)

Facial coding is used to read faces with extra

precision. It calculates and records the voluntary and
involuntary movements of facial muscles. A small
smile may not show what exactly you feel but FC
reads and interprets subtle reactions offering
insights. It is an inexpensive and portable technology
that can be implemented using a webcam too. Facial
coding is not very invasive and has low accuracy
when compared to Electroencephalogram.

Neuromarketing tools and techniques help to complement expository techniques being used for years, in
traditional market research. Neuromarketing tools help you to gather valuable information from the
subconscious minds of the consumers. Some tools are not used much due to their high cost, participants’
non-acceptance, and reliability. But some tools are used frequently by companies dedicated to
neuromarketing.
 CHAPTER-3

NATIONAL-INTERNATIONAL
SCENARIO & EXAMPLES
3.1. NATIONAL SCENARIO:
The field of neuromarketing has gained attention worldwide, including in India, it is still relatively new
and evolving in the Indian market. In India, several organizations and academic institutions have shown an
interest in studying and applying neuromarketing principles. Some marketing agencies and research firms
have started offering neuromarketing services to businesses. These services typically involve using
techniques such as EEG, eye-tracking, and facial expression analysis to gain insights into consumers'
subconscious reactions to marketing stimuli.

Some Indian companies have also conducted their own neuromarketing studies to understand consumer
preferences, product positioning, and advertising effectiveness. These studies often involve measuring
brain activity and physiological responses to marketing materials to assess their impact on consumers.

Furthermore, educational institutions in India have started incorporating neuromarketing into their
marketing programs. They recognize the value of understanding consumer behavior at a deeper level and
the potential benefits it can bring to marketing strategies.

However, it's important to note that the adoption of neuromarketing techniques in India is still limited
compared to more traditional marketing research methods. There are several reasons for this, including the
relatively high cost of equipment and expertise required, the need for specialized training, and the
challenges in integrating neuromarketing findings into existing marketing practices.

Nonetheless, as the field of neuromarketing continues to advance and gain recognition globally, it is likely
that its adoption will increase in India as well. As more research is conducted and awareness grows,
businesses in India may increasingly leverage neuromarketing insights to better understand and influence
consumer behavior.
3.2. INTERNATIONAL SCENARIO:

Neuromarketing, a field that combines neuroscience and marketing, has gained significant attention and
importance in the international business scenario. With its ability to understand and influence consumer
behavior at a subconscious level, neuromarketing has revolutionized the way companies approach
marketing strategies and connect with their target audience.

On an international scale, neuromarketing has proven to be particularly valuable for multinational

companies operating in diverse cultural contexts. Cultural differences significantly impact consumer
behavior, and understanding these nuances is crucial for successful marketing campaigns. Neuromarketing
techniques, such as measuring brain responses to visual stimuli or analyzing facial expressions, can help
identify universal emotional triggers and cross-cultural differences in consumer perceptions. This
information enables companies to adapt their branding, packaging, and messaging to resonate with different
target markets, increasing the chances of success in international ventures.

The application of neuromarketing extends beyond traditional marketing channels. It has found relevance
in product development, packaging design, and even pricing strategies. By employing neuroscientific tools
like EEG (electroencephalography) or fMRI (functional magnetic resonance imaging), companies can
measure consumers' subconscious responses to product prototypes, evaluate packaging designs that evoke
positive emotional responses, and determine optimal price points based on perceived value.

Neuromarketing has also sparked ethical debates regarding consumer privacy and manipulation. Critics
argue that accessing consumers' subconscious minds for marketing purposes can be invasive and
manipulative. As a result, there is a growing need for ethical guidelines and regulations to ensure
responsible use of neuromarketing techniques.

In summary, the international scenario of neuromarketing is thriving and continually evolving. It empowers
companies to gain a deeper understanding of consumer behavior, tailor their marketing strategies to diverse
cultural contexts, and optimize their digital presence. As technology advances and our understanding of the
human brain expands, neuromarketing is expected to play an increasingly prominent role in shaping the
global marketing landscape. However, it is essential to balance its potential benefits with ethical
considerations to foster a responsible and consumer-centric approach in this rapidly growing field.
3.3.POWERFUL EXAMPLES OF NEUROMARKETING ARE IN ACTION:

Neuromarketing is taking the world by storm and has been utilized by almost every major company and
university in some way or form. Despite such a widespread influence on the marketing world, many people
do not know exactly what neuromarketing is, or how it can be used effectively. Here are some powerful
examples of neuromarketing in action:

➢ Using Effective Packaging

We all know the feeling of being drawn to particularly striking or attractive packaging. Advertisers have
always known that it’s not always what’s inside that counts, but neuroimaging has managed to take this to
a whole new level. Brands such as Campbell’s, Frito-Lay or Chips Ahoy have used neuroimaging to
reimagine their packaging. In studies, customers were shown packaging with their responses recorded as
positive, negative or neutral. In addition, they were interviewed extensively in relation to color, text and
imagery.

This research revealed that customers had a negative response to shiny packaging, but didn’t show a
negative response to packaging when it was matte. Frito-Lay then went on to scrap the shiny packaging,
and move on with the new, matte look.

➢ Ad Efficiency

For many years brain imaging was purely the reserve of the academic or the scientific. Neuromarketing,
however, has tapped into the incredible potential of fMRI imaging to grant us insights into human behavior
and consumer habits.
One example of how neuromarketing has made use of fMRI is to compare advertising campaigns before
releasing them to the general public. In one particular study, three different ads for the National Cancer
Institute’s telephone hotline were viewed by participants. The ad campaign that elicited the highest amount
of brain activity in a particular region, led to significantly higher calls to the hotline. This novel approach
is a new avenue for identifying ad campaigns that will genuinely engage the public.

➢ The Need for Speed

Neuromarketing is useful for detecting customer trends. Whilst companies often seek to portray a sense of
safety and security, speed and efficiency may be what customers are after. PayPal discovered this by
conducting a study which found that the promise of convenience activated the brain more than security.
They used this information to convert more shoppers to their online payment service by emphasizing their
speedy payment system.
➢ Color is Key

When selecting colors, bear in mind that you may be influencing how potential customers feel. Colors can
evoke a wide range of emotions, with studies consistently showing a link between certain colors and certain
emotions.

Utilizing a color effectively can be a powerful marketing tool. One of the most infamous examples is Coca
Cola’s ubiquitous use of the color red, but there are many more companies who have also used color to
great effect. Neuromarketing experts specializing in color and advertising have divided colors into
subgroups as a guide to how they may be used effectively. Cool blues, for example, are the go-to color if
you wish to attract professionals.

➢ Pricing

Price determines a business’s revenue and profit.

Neuromarketing research has proved that smart pricing
strategies make a big difference. To round or not to round?
That is a challenging question.
Runded prices are easy for the brain to process, while odd prices make the brain work harder. Brands and
businesses choose whether to use emotion, rational arguments, or a mix of both in their advertising. Based
on which path they choose, research suggests that the best approach to pricing is predetermined.

➢ Website Layout

Neuromarketing techniques are also being employed to inform how websites are designed. From color
schemes, layouts, font size and beyond,
neuromarketers are delving into our
website preferences. There are now
some firm rules of thumb when it comes
to creating websites. For example, using
certifications, testimonials and social
widgets are sure to draw customers in
more than those that don’t.

Another interesting finding is that

newer, horizontal style website layouts
are less effective than traditionally vertical. This is because reading webpages from the top down engages
the brain, and makes viewers more likely to keep on scrolling.
➢ Importance of Eye Gaze

It is old news that ads that include people are much more effective than those that do not. In particular,
images and videos that include babies tend to attract longer and more focused attention from potential
customers. Advertisers have long attempted to boost sales for baby products using close ups of adorable
baby faces – with the help of eye tracking technology they have identified that this alone is not enough.

Researchers discovered that when the infant looks face on, viewers will be far more focused on the baby’s
face to the detriment of focusing on the ad content. However, if the infant is directing its gaze at the product
or text then the viewer will in fact focus on the advertising content.

➢ Reward and Punishment

Even video game design has started to use psychological principles in the product design process,
specifically using reward and punishment in order to make engaging games, and to keep people playing
them. By increasing the reward presented by the game, the action may also increase the levels of dopamine
(a neurotransmitter) within the brain. This neurotransmitter is associated with pleasure and positive
associations, which can increase the attachment to keep playing.

Game designers are now even hiring psychologists to help with game design, building psychological
principles directly into the game mechanics.
 CHAPTER-4

PRESENTATION OF DATA,
ANALYSIS & FINDINGS
4.1. GRAPHICAL PRESENTATION OF DATA ON NEUROMARKETING AND
THEIR ANALYSIS :

Figure 4.1.1: Global Neuromarketing share by region

Analysis:

The region wise global neuromarketing share is shown with the help of bar graph above.

Five regions are shown. They are North America, Latin America, Europe, Asia Pacific,

Middle East & Africa. The share is highest in North America (41%). Then there is Asia

Pacific (25%), Europe (20%), Middle East & Africa (9%) and Latin America (5%)

respectively.
 Figure 4.1.2: Neuromarketing size (2016-2023)

Analysis:

The bar graph above shows the neuromarketing size from 2016 to 2023. Every year the

market size has increased compared to the previous year. The compound annual growth rate

(CAGR) is 12%.
 Figure 4.1.3: Rate of knowledge about Neuromarketing

Analysis:

This bar graph shows a survey report of twenty people. It presents the rate of knowledge

about neuromarketing. It can be seen that five have very low, six have low, four have normal,

three have high and only two have very high knowledge.
 Figure 4.1.4: Rate the usefulness of Neuromarketing

Analysis:

This bar graph shows a survey report of twenty people like previous one. It presents the rate

of usefulness about neuromarketing. Here are seven people who say that the usefulness of

neuromarketing is very high, five others say it’s usefulness is high, three people say it’s

usefulness is normal, four people say it’s usefulness is low and only one person says it’s

usefulness is very low.

 Figure 4.1.5: Neuro technology market value (2022-2032)

Analysis:

This bar graph shows the neuro technology market value (in USD Billion). Mentioned

period is 2022 to 2032. The global neurotechnology market size was evaluated at USD

12.82 billion in 2022 and is projected to hit around USD 38.17 billion by 2032, growing at

a CAGR of 11.53% during the forecast period 2023 to 2032.

 Figure 4.1.6: Favorite color of Men

Analysis:

This pie graph shows the survey of which one is favorite color of men caste. Ten colors are

shown. Clearly, maximum of men (57%) say blue is their favorite color. Green color is

preferred by 14% of men. Then there are black (9%), red (7%), orange (5%), gray (3%),

brown (2%), white (2%) and yellow (1%). Nobody likes purple in this survey.
 Figure 4.1.7: Favorite color of Women

Analysis:

This pie graph shows the survey of which one is favorite color of women caste. Ten colors

are shown. Clearly, maximum of women (35%) say blue is their favorite color. Purple color

is preferred by 23% of women. Then there are green (14%), red (9%), black (6%), orange

(5%), yellow (3%), brown (3%), gray (1%) and white (1%).
 Figure 4.1.8: Use of Neuromarketing tools in articles

Analysis:

This pie graph shows the tools used in neuromarketing. The tools pictured are EEG, fMRI,

ET, GSR, fNIRS, ECG and EMG. According this, we found that the most popular tool used

in neuromarketing is EEG, which was used in 37 articles, followed by the fMRI techniques

that appeared in 25 articles. Then we found ET appeared in 13 articles, GSR in 11 articles,

fNIRS in 10 articles, ECG in 8 articles and EMG in 3 articles.

 Figure 4.1.9: Annual & Cumulative publications on Neuromarketing
(2008-2021)

Analysis:

The graph above shows annual and cumulative publications on neuromarketing. Duration
is from 2008 to 2021. Annual publications increased steadily from 2008 (One) to 2010
(Four). Then in 2011 (Two) it decreased a bit. Then again increased gradually from 2012
(Three) to 2017 (Seventeen). Again, it decreased a little in 2018 (Twelve) and increased a
lot in 2019 (Twenty Two). Most published in 2020 (Thirty Two). Decreased in 2021 (Twenty
Four). Overall, between 2008 and 2021 there was a cumulative number of publications on
neuromarketing.
 Figure 4.1.10: Selected major applications of Neuromarketing (2008-2022)

Analysis:

In this linear graph, according to the article, some of the selected major applications of

neuromarketing are highlighted. Those are emotion, attention, memory and advertisement.

Time period is from 2008 to 2022. It appears that advertisement plays the most important

role. Then there are emotion, attention and memory respectively.

 Figure 4.1.11: Top ten (expected) countries in Neuromarketing research productivity

Analysis:

The bar graph above highlights the expected top ten countries in neuromarketing research

productivity. The ranking for the countries where neuromarketing is most commonly used

may be as follows: USA, UK, Germany, Spain, Italy, China, Japan, South Korea, Australia

and Brazil.
 Figure 4.1.12: Neuromarketing in India

Analysis:
The above bar graph depicts neuromarketing in India. Here are ten states famous for

neuromarketing. According to the figure neuromarketing is most used in Maharashtra. Then

there are Karnataka, Delhi, Tamil Nadu, Telangana, Gujarat, Kerala, West Bengal, Punjab

and Rajasthan respectively. It's important to remember that the field of neuromarketing is

still evolving, and the prominence of neuromarketing practices can vary within different

regions and cities, regardless of the overall marketing activities in a state.

 Figure 4.1.13: Cost of Neuromarketing tools

Analysis:

This bar graph arranges the costs of important neuromarketing tools from lower to highest.

It appears that there is FC first. That means the cost of FC is lowest. Then there are GSR,

EMG, ECG, fNIRS, ET, EEG and finally fMRI respectively. So, fMRI cost is highest among

them.
4.2. FINDINGS: