What led to buy-ology?
This book depicts the underlying mechanisms and the reasons that compel us to buy a certain commodity or move to another one. Global Brand advisor and consultant, Mr.Martin lindstrom thought that the traditional way of conducting marketing research such as interviews, focus group discussions, conducting online surveys etc. have failed to deliver the exact kind of information regarding the consumer insight or perception that might be helpful for marketers to promote their product. Considering this as a failed approach, Martin made up his mind to conduct the largest scientific and the most expensive study of buyer behavior research at the global level, thus around 2000 participants were selected involving professional of various realms that lasted for around four years and technologies used for this were SST (Steady State Topography) and fMRI (functional Magnetic Resonance Imaging). Their function is to highlight the areas of brain that are stimulated while watching the advertisement and how do we react to it.
After reading this book it makes me aware of the fact that the reason behind our way to buy every product is based on false assumptions, which are also interpreted wrong by the marketers. But if those approaches are consider to be efficient for today`s market, then why do eight out of ten new product launches went out of the shelves in no more than three months in US? Why products have success ratio of only 3:100 in japan? What I found interesting in this book are illustrated briefly along with real examples and facts.
Buying Behavior is Rational or Emotional?
It seems that people would definitely abandon the use of cigarettes after watching the warning labels like “Danger: smoking causes heart disease” in advertisements, if this would be the case then technically there should be no sign of Tobacco industry. However, smokers were also of the opinion that warning labels worked but Neuro study showed the...