Introduction
In the current business environment, the performance of any business organization depends on the nature and extent of marketing involved. Consumers have evolved significantly over the past decade following the growing influence of the Internet and technology. To attract more clients, marketers have opted to scrutinize consumers’ thoughts and perceptions to give them proper insight into how the clients will react to the products or services.
Effective market research helps organizations make informed decisions about a brand before it is introduced into the market. The process further enables the brand managers to make necessary changes to the item in question, considering public opinions to improve product performance. Promoters use different approaches to scientifically get into and manipulate the minds of consumers to influence their decision-making process. Neuromarketing is an emerging trend in most industries used by marketers to allow them to study the brain, hence minimizing doubt and hypotheses about the intended service or commodity.
Neuromarketing at Paramount Pictures Company
Based on the marketing needs of Paramount Pictures Company, applying a neuroscience approach will be an appropriate way to enable the brand manager to determine and understand clients’ preferences, motivations, and decisions. Since the market target for Paramount is males 50+, it is essential to have their perception before releasing the series into the market (Gurgu et al., 2020). The following neuromarketing tools, functional magnetic resonance imaging (fMRI) and eye tracking, will provide an effective solution for the company to gain proper insight into the customers.
The fMRI tool usually detects the blood flowing in the consumer’s brain, which is linked to neural activities. When the system is used, it will enable the research team to understand the client’s emotional responses. Generally, most clients are guided by their feelings when making a decision. Through this approach, Paramount Company will be able to examine the feelings of potential customers towards their intended celebrity, Will Smith.
Similarly, the firm should consider using the eye-tracking technique to complement the fMRI. When the eye-tracking approach is applied, the researchers should expect to obtain information about what grabs the consumer’s attention. This facet will enable the marketers to evaluate whether the quality of Smith or present scandals will impact the series launch.
Even though fMRI machines cost significant money, their outcome is dependable and worth considering. In the case of Paramount Pictures, the company needs proper insight into consumers’ emotions, which can be effectively obtained through the use of fMRI. According to Harrel (2019), fMRI costs approximately $5 million; however, it is a long-term asset for the firm.
Furthermore, fMRI takes approximately a week to obtain the test results. In addition, fMRI can be used to determine the opinions of a large group of people. These aspects make the fMRI machine an appropriate tool worth using for marketing research. On the other hand, eye tracking is cheap and produces accurate information about the physiological aspects of the consumer. Therefore, the entity should consider undertaking market research using the neuromarketing approach.
Conclusion
Based on the analysis above, fMRI and eye tracking approaches should all be applied to enable the company to test males’ perception of the series. Each tool will yield extraordinary results, thus making it easier to have a general perspective concerning the product. It is an essential method of market research because it assists marketers in making informed decisions about the brand based on the target audience’s behaviors.
In addition, the technique will enable the organization to have prior thoughts of people about including Will Smith on the show. With adequate information, the brand manager at Paramount Pictures will make essential improvements based on the outcome of the tests before launching the product into the market.
References
Gurgu, E., Gurgu, I. A., & Tonis, R. B. M. (2020). Neuromarketing for a better understanding of consumer needs and emotions. Independent Journal of Management & Production, 11(1), 208-235. Web.
Harrel, E. (2019). Neuromarketing: What you need to know. Harvard Business Review. Web.