Neuroeconomics studies human brain and decision making, the ability to process multiple alternatives and to follow a course of action.
With advent of technology like FMRI we can peep into some one’s brain to understand which parts get activated when given some stimulus.
Also technologies like EEG, Facial Recognition, and Galvanic Skin Response are assisting to analyze people’s responses Understanding what triggers the brain, its decision making procedure, what makes person happy and some parts of brain which are related to behavior are observed.
In gist neuroeconomics connects neuroscience with the marketing. But when heard of such possibilities to connect neuroscience to marketing one might laugh it all. But they say laugh it all until you make it. So did we.
Well jokes apart, currently we are having deepest of knowledge which are getting implemented through different strategies.
Neuro Economics = NeuroScience+ Social Psychology +BehavioralScience
It is now well established that human brain takes 90% decisions from non-conscious part of brain and only 10% from the conscious brain.
Crucial part of businessman is to know how to appeal non conscious part and consult our clients to exactly do this.