campbell soup and neuromarketing

MKTG/292

IBS Center for Management Research

Influencing Consumer Purchase Decisions: Campbell Soups

Tryst with Neuromarketing

This case was written by Tangirala Vijay Kumar, under the direction of Debapratim Purkayastha, IBS Center for Management

Research. It was compiled from published sources, and is intended to be used as a basis for class discussion rather than to

illustrate either effective or ineffective handling of a management situation.

2012, IBS Center for Management Research. All rights reserved.

To order copies, call +91-08417-236667/68 or write to IBS Center for Management Research (ICMR), IFHE Campus,

Donthanapally, Sankarapally Road, Hyderabad 501 504, Andhra Pradesh, India or email: [email protected]

www.icmrindia.org

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MKTG/292

Influencing Consumer Purchase Decisions: Campbell

Soups Tryst with Neuromarketing

When we walk down an aisle in a grocery store, our purchasing decisions are made in less than

four seconds. There is no way we can think about that in a complete way. Those decisions take

place in the subconscious part of the brain.i

Martin Lindstrom, a marketing expert, on the significance of Neuromarketing.

[] the Campbell Soup Company publicized a bold redesign of its iconic label with the

assistance of neuromarketing. Pundits promptly predicted brand suicide, decrying the company for

using pseudo-science.ii

Fast Company, February 22, 2010.

In 2008, Campbell Soup Company (Campbell), the largest soup maker in the world, embarked on a

research exercise that lasted two years, to boost the sales performance of its condensed soups. One

of the key techniques employed in the initiative was neuromarketing1. There were two reasons for

initiating this exercise. One, Campbells condensed soups, which were the companys flagship

products, had been witnessing weak growth momentum since 2002. And, second, the company had

been increasingly finding a disconnect between its highly-talked-about advertisements and soup

purchases on-the-ground. Campbell wanted to figure out what consumers sought in its condensed

soups. The company adopted a clinical approach in conducting this neuromarketing exercise. It

recorded and assessed the biometric details of over 1500 individuals in collaboration with three

neuromarketing enterprises, and, also verified the results of the study using conventional market

research techniques.iii One of the initial outcomes of the study was that the package labels of the

condensed soups were outdated.iv Campbell immediately set about redesigning the container labels

of some of its condensed soups. This tinkering with the soup labels proved controversial as,

according to experts, Campbells soups had been donning these labels for more than a hundred

years and they had come to partly symbolize American culture and consumerism. In August/

September 2010, the company relaunched some of its condensed soups with these redesigned

labels. However, that the label redesign did nothing to mitigate Campbells soup troubles was

evident from the dwindling sales of its condensed soups in the subsequent quarters in its main

market of USA. So, were Campbells problems deeper than could be addressed through mere

cosmetic changes?

BACKGROUND NOTE

Campbell Soup Company (Campbell) was a maker and seller of food products. The company had

its head office at Camden, New Jersey, USA. As of November 2011, it was the largest soup

manufacturer globally. It had a three-fifth share of the US wet-soup market, amounting to annual

sales of nearly 2 billion cans.v

1 Examining consumers brain processes to fine-tune products and their promotions.

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Campbell started as a tinning unit in 1869. It started manufacturing condensed soups in the late

1890s.vi As of 1904, the unit had annual soup sales of 18 million cans. In 1922, the unit was

incorporated as the Campbell Soup Company.vii

Campbell introduced its chicken noodle and cream

of mushroom soups in 1934, tomato juice in 1938, and, cream of chicken soup in 1947.viii

The

company achieved annual sales of US$100 million in the early 1940s. For the year ended July 31,

2011, it generated net sales of US$7,719 million and net earnings of US$802 million (Refer to

Exhibit I for Campbells financial performance from 2008 to 2011).

Since the early 2000s, with its soup offerings already in the maturity phase of the product lifecycle,

Campbell had been struggling to make people consume more of its soup. In the financial year (FY)

2002, Campbells US condensed soup sales shipments reduced 5% over 2001. In FY 2003, the same condensed soup sales shipments saw a further decline of 6% over the previous year. Again,

in FY 2004, the product sales witnessed a decline of 2% due to 4% decrease in shipments. Even in

FY 2008, the US condensed soup sales were flat when compared to the previous year. And, in FY

2010, the product category registered a 2% decline.ix Experts attributed the weakening of

Campbells soup sales partly to increased competition and reduced consumption due to the downturn in the US economy since the latter half of 2007.

x,xi A study done by the Campbell in

2005 indicated that the companys advertisements which its previous surveys had suggested were consequential, had little influence over alterations in its sales.

xii Also, Campbells managers faced

certain constraints using the conventional consumer research methodologies. One, consumers did

not have a concrete opinion on soups which could have resulted in their feedback being of

consequence. Second, the consumers actual buying patterns were not consistent with the correlation they had exhibited between ad remembrance and willingness to buy.

xiii Campbell

resorted to neuromarketing in 2008 to identify the factors that actually drove a consumer to buy its

condensed soups, a category which contributed more than a billion dollars to its annual sales, and

to make them more compelling.xiv,xv

ABOUT NEUROMARKETING

Neuromarketing referred to the practice of examining the brains response to different catalysts in advertisements, communiqus, pictorial presentations, and other marketing ploys, besides product

packaging, and endeavoring to employ those observations to improve the marketing activities.xvi

The argument was that consumer purchasing decisions took place in micro seconds in the

subconscious, emotional segment of the brain and by assessing what consumers preferred, did not

prefer, needed, were scared of, or were less enthused by, as suggested by their brains responses to propellants, marketers could develop products and messages that would cater better to market

requirements, and bond and influence the purchase.xvii

In neuromarketing, three basic parameters

were examined: concentration (the extent to which the test consumers brain was engrossed), remembrance (whether the portions of the brain linked to recollection were activated), and

emotional involvement (whether the consumer was experiencing anything because of the

communication). Consumers were exposed to marketing spurs and their brains actions were tracked employing EEG

2 or fMRI

3.xviii

In many cases, sensors were also employed to gauge

2 An EEG or an electroencephalogram machine is an instrument that is employed to develop a visual of the

brains electrical processes. The fundamental parts of an EEG gadget are electrodes, amplifiers, a computer chip, and an exhibit platform. When an individual is engaged in a thought process, or is

reading, or watching television various constituents of the brain are activated. This produces various

electrical impulses that an EEG can track. The EEG gadgets electrodes are hitched on to the scalp to enable them to record these minute brain upsurges generated by the nerves. As the signals traverse the

gadget, they pass through amplifiers which magnify them for viewing. Based on the technology, the EEG

gadget generates a printout of the wave line or records it on a computing device to be viewed through a

display. (Source: www.enotes.com) 3 fMRI or functional magnetic resonance imaging pictures the flow of blood in the brain to examine action

segments. The alterations in the flow of blood, which can be viewed on a computing device, assist in

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alterations in a test consumers physiological condition, as evident from aspects such as heart beat, breathing pattern, and galvanic skin response

4.xix

An important addition to the gadgetry was eye

tracking software that was used to measure a consumers pupil enlargement and blink pace to gauge his/ her experience when viewing a package design or an advertisement.

xx

According to experts, the need for probing techniques like neuromarketing arose from the reality

that 98 percent of the brains activities related to subconscious reasoning, with only the remaining two percent devoted to rational processes. So, according to the proponents of neuromarketing,

conventional consumer study techniques such as consumer surveys and focus group meetings were

basically flawed as the members could not express the subconscious influences that made them

desire certain products. So, for advertising exercises to generate results, they had to tap the brains subconscious portion the segment which triggered a consumers nascent enthusiasm for products, penchant for their purchases, and brand stickiness.

xxi Also, according to experts, there

was increasing evidence that thought mechanisms that were prejudiced by emotions mostly formed

the basis for making choices, including purchases. Traditionally, consumer studies had gauged

consumer opinions and their probable actions regarding products and concepts according to what

consumers conveyed. But companies had noticed a disconnect between what the consumers

conveyed and how they actually acted, and had realized that consumer actions vis--vis products

could be prejudiced by decision variables/ emotions that could not be expressed.xxii

According to

Thom Noble (Noble), Neurofocus Inc.s5 Managing Director for Europe, Neuromarketing is really understanding what is emotionally engaging. If youre not engaged then youre not likely to act upon it. Its possible to infer from this how likely people are to move towards behavior.xxiii Emotions had the task of tipping off an individual to alterations in his/ her surroundings to enable

him/ her to respond quickly to the circumstances. Hence, according to experts, emotions were

electronic impulses that traveled quickly and generated additional electronic impusles. These could

be captured and weighed by an EEG.xxiv

Also, according to some experts, the true value of neuromarketing was viewing the intersection of

emotional involvement and cognizant contemplation. After data had been garnered, three separate

visuals could be played out, the first showing the portions of the package design or advertisement

that the eyes viewed, the second showing the corresponding pupil enlargement to signal the

portion that was holding the test consumers thoughts, and the EEG gauging the degree of consumer involvement. When the consumers thought processes were activated but his/ her emotional status was unaffected, it was described as a disconnect, as in the absence of emotion, he/

she would not probably recall it or would certainly not have an emotional attachment. The

consumers emotional raptness was generally found to be at its zenith when he/ she was exposed to various catalysts like food, beautiful faces, and touching phrases. The product design or

advertisement was deemed successful when the corporeal and emotional processes intersected. The

combination of emotional involvement and cognizant deliberation led to remembrance. Companies

had to ensure, by employing neuromarketing, that consumers could recall the aspects that they

wanted to convey.xxv

According to some neurological experts, neuromarketing was capable of furnishing insights that

could not be garnered from traditional market research techniques. They also felt that it could

unravel eclipsed information regarding how the consumers felt, and, that maximum mileage from

neuromarketing techniques could be derived before the product was launched or when the concept

was being evolved. The reasoning was that neuromarketing information could delve deeper into

comprehending the brains functioning better. (Source: Stephanie Watson, How fMRI Works, http://science.howstuffworks.com/fmri.htm )

4 Galvanic skin response is the skins reaction to the transmission of a minute electric current. The

smoothness of electricity passage between two skin spots can be utilized to gauge tension. (Source:

www.answers.com). 5 Neurofocus Inc. is a company providing neuroscience/ neuromarketing services to enterprises.

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consumer choices than conventional consumer assessments and be immune to the prejudices that

crept into intuitive analyses. Hence the product drafts that were not encouraging could be

discarded in the initial stages. This would result in cost-effective employment of capital to create

only viable offerings. xxvi

However, one of the main constraints for the widespread deployment of neuromarketing was the

costs involved. It generally entailed an expenditure of US $30 million to US$100 million.xxvii

But

some experts contended that as neuromarketing unraveled inexplicable information about

consumers and hence had the potential to shape their purchasing habits, the gains accruing from

superior product blueprints and enhanced sales would offset the expenses involved in conducting

the exercises (Refer to Exhibit II for instances of use of neuromarketing by other companies ).xxviii

NEUROMARKETING AT CAMPBELL

Between 2008 and the first half of 2010, Campbell employed neuromarketing techniques,

underlined by the methodology of triangulation6, to comprehend the impact that product

promotions and displays had on a customers nervous system and physiological alterations, and, thereby, influenced his/ her perception about the product. This advanced method, for which

Campbell availed of the services of Innerscope Research, Inc. (Innerscope7), gauged aspects like

variations in body humidity, heart palpitations, and other biometric8 details.

xxix Sensors were

employed to monitor the consumers eye motion (when he/ she was viewing the existing can label). The number of consumers employed for the trial tests was 40 and they had to wear

waistcoats that picked up their heart beat, sweatiness, and breathing nuances.xxx

Experts felt that

eye-monitoring know-how was employed as the magnitude of some eye-related characteristics like

view alignment, time span of focus, and pupil amplitude were related to psychological

concentration, grasping activities, and the feeling generated due to visible entities.xxxi

The company

supplemented these biometric observations with detailed interviews of the test consumers. The

goal was to gain superior comprehension of what Bob Woodward (Woodward), its Vice President

of Global Consumer and Customer Insights, described as the why behind the what.xxxii The specific interview method adopted was known as The Zaltman Metaphor Elicitation Technique

(ZMET9), for which Campbell engaged the services of Olson Zaltman Associates (OZA

10).

In previous studies, it had been proven that shoppers exhibited instantaneous echoes in many of the

physical variables just mentioned when they chose to make the purchase. According to experts,

these echoes represented the good feeling that the shoppers experienced for taking the decision and

6 Triangulation denotes the application of multiple techniques to the examination of a research query with

the objective of boosting the confidence in the conclusions arrived at. (Source:

www.referenceworld.com) 7 Innerscope is a research firm that employs advanced bio-assessment tools and in-house software

technologies to measure target consumers emotional involvement with different kinds of media catalysts. 8 A biometric is an assessable body-related physical aspect or conduct that could be employed for

mechanized identification. Biometrics generally assessed are finger impression, facial, pupil, signatures

and palm dimensions. (Source: http://biometrics.gov) 9 ZMET employs pictorial and non-pictorial representations accumulated subconsciously by consumers,

which, when extracted and examined, show how they perceived an issue. Representations are significant

evaluation metrics; and, when supported by consumers clarifications during assiduous querying by the interviewer, they furnish a definitive understanding of the consumers actual though processes. The information derived from this exercise is richer than those garnered through a normal interview. ZMET

assists in comprehending the interplay of the deliberate and subconscious consumer thoughts to generate

wants, chose the mode of fulfilling them, influence how the subject feels while fulfilling these wants,

and, shape opinions regarding the experience. (Source: The Zaltman Metaphor Elicitation Technique, http://www.people.hbs.edu/krandel/mml/negotiation/zmet.html)

10 OZA is a market research consultancy firm and has the patent over the ZMET technique.

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it was possible that this feeling would goad them to engage in a similar exercise some time later.

However, in Campbells context, the display and arrangement of the different companies soups in the stores overwhelmed the test consumers, which resulted in their browsing the different displays

quickly and making a choice without any noticeable biometric reaction. Consumers who expended

more time probing the different categories exhibited instantaneous echoes in biometrics which

were discernible; they were also prone to purchasing larger quantities of the soups. Campbells research group realized that the companys soup sales could be increased by igniting a greater number of these vibes in stores and enticing a larger number of shoppers to devote more time to

scanning soups.xxxiii

Emphasizing the significance of the neuro-research route taken by Campbell,

Dr. Carl Marci, one of the founders of Innerscope, said, Companies that rely exclusively on traditional measures, focused only at the conscious level, are missing a critical component of what

drives purchase behavior. The vast majority of brain processing (75 to 95%) is done below

conscious awareness. Because emotional responses are unconscious, it is virtually impossible for

people to fully identify what caused them through conscious measures such as surveys and focus

groups.xxxiv Woodward later added, By integrating biometric response with eye tracking and the measurement of pupil dilation, Innerscope was able to differentiate not only between positive and

negative responses but also, within negative responses, between a bored, disconnected reaction and

a more anxious, aversive response. Neither negative response is good, but the latter clearly

provides a bigger opportunity to improve in-store merchandising.xxxv

In the second phase of the study that commenced in 2009, Campbell concentrated on studying the

effectiveness of its container labels and in-store promotional material. This was done by

monitoring the eye motions, pupil enlargement, and facial pronouncements of the test consumers

during the purchase process. This exercise, which was conducted by Merchant Mechanics, Inc.

(Merchant Mechanics11

), revealed that the picture on the container pack and the arrangement of its

products on the store shelves had a significant impact on how consumers viewed its soup. The

labels displayed a spoon, which looked dull and utilitarian. Also, the bundling of Campbells soup packs with similar products from other companies made its soups lose their distinctive look.

xxxvi A

big takeaway for Campbell from the entire exercise was that even though consumers, when at

home, firmed up their minds to buy its product, based on outside-store-promotions, they did not

necessarily pick it up at stores.xxxvii

CHANGES EXECUTED

Campbell made some alterations to its containers to create a positive feeling among prospective

customers when they viewed it. The changes included deleting the spoon from the picture,

incorporating an image of steam rising from the soup, and a bowl with updated contours.xxxviii

According to experts, the picture of steam signaled the feeling of warmth which, they said,

connected with consumers at an emotional level.xxxix

Also, the research revealed that the legendary

red colored streak at the top of Campbells soup containers made it difficult for shoppers to pick out their preferred flavor. The width of the band was therefore made narrower and the band itself

was placed in the lower half of the container.xl (Refer to Exhibit III for a visual of the can redesign

process).

However, before the market launch of the redesigned packages, Campbell engaged in another

cycle to confirm the findings. Biometric belts were fastened to the test consumers which, at the

same time, captured data streams: heartbeat, perspiration, breath, and physical movements.

Algorithms were applied on this data which threw light on the processing that took place in the

consumers subcortex12 and limbic system13 which regulated emotions.xli,xlii

11

Merchant Mechanics is a consumer behavior and neuro-comprehension research firm and consultancy. 12

Subcortex is the portion of the brain just below the cerebral cortex, which is the external layer of the

brains main constituent, the cerebrum.

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Overall, the exercise comprised several techniques that augmented and verified the conclusions

derived from the biometric study. The total sample size used for these techniques varied from 110

in case of eye tracking and pupilometry14

to more than 1,300 for video-assisted behavior

assessment and facial expression analysis15

. Further, 250 real consumers were interviewed in detail

in retail stores.xliii

In August/ September 2010, Campbell launched its condensed soups in the redesigned containers

(Refer to Exhibit IV for images of the companys cans pre and post redesign). The red and white labels were retained. A picture of a larger white bowl, containing piping hot soup with steam

emanating from it, figured prominently on the label, minus the spoon. The new stickers markedly

segregated the soups into four types: Classic Favorites, comprising 40 of its most famous

assortments; Healthy & Delicious, covering 15 nutrition-focused options; Taste Sensations,

comprising 20 in-vogue flavors; and Healthy Kids, comprising 12 varieties that catered to children.

The label revamp was also aimed at superior promotion of the products key traits fresh vegetables, marvelous taste, and worth.

xliv The company had also redesigned the store shelves to

provide better guidance and to make surveying its products more convenient for

consumers. Some of these revamped aspects comprised superior color cataloguing, attractive

artwork, and fresh arrangement.xlv

Campbell hoped that the changes made would help increase its

condensed soup sales by 2% over the next two years.xlvi

RESULTS

In the first quarter of 201116, Campbells US soup sales went down by 5% when compared to the

corresponding quarter of the previous year. In case of its US condensed soups, sales fell by 1%.xlvii

The companys top management conceded that the decline was mainly due to the absence of new products in its soup portfolio which could attract consumers.

xlviii The sales of its soups, sauces, and

beverages, outside the US market too registered a reduction of 1% over the corresponding quarter

of the previous year. In the second quarter of 2011, the companys US soup sales dropped by 4%. The corresponding decrease for the US condensed soup sales was 7%. For the same quarter, the

sales of Campbells soups, sauces, and beverages outside the US market registered a reduction of 4% over the corresponding quarter of the previous year.

xlix The picture was also bleak for

Campbell in the third quarter of 2011 with regard to its US soups business. Campbells US soup sales and US condensed soup sales registered a reduction of 7% and 2%, respectively.

l Campbell

attributed this third quarter decline partly to the enhanced competition.li The companys US soup

business painted a similar bleak picture in the fourth quarter of 2011. Its US soup sales and

condensed soup sales registered a reduction of 9% and 10%, respectively.lii The company had

earlier, in one of its analysts meetings, predicted this decline for the financial year as it foresaw

tough competition.liii

In contrast, Progresso17

soups, one of the main competitors of Campbells condensed soups, witnessed an increase in its US sales in the third quarter of FY 2011 and an

overall increase in sales in FY 2011.liv

In September 2010, four new tastes in soups were launched

under the Progresso brand. This was besides the ingredient improvements made to 13 Progresso

soups.lv

13

The limbic system is a group of brain structures placed below the cortex and above the brainstem, the part

linking the cerebrum and the spinal cord. 14

Measurement of the width of the eyes pupil 15

Facial expression analysis denotes the computing mechanisms that automatically evaluate and identify

facial movements and facial characteristic alterations from visual data. (Source: www-ee.ccny.cuny.edu) 16

Campbells financial year ended on July 31. 17

Progresso soups are ready-to-serve soups manufactured and marketed by General Mills, Inc.., an

American company focused on food products. General Mills financial year (FY) ended in May. For FY 2011, it had generated net sales of US$14.88 billion and net earnings of US$1.8 billion.

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As of early July 2011, Campbells US soup sales registered a 5% reduction in sales when compared to the corresponding period of the previous financial year.

lvi Analysts attributed this

decrease partly to the company not coming out with fresh products. Campbells neuromarketing exercises were widely reported and discussed on the Internet at the time the company was winding

up the exercise and was working on the data generated. Some observers commented that instead of

redesigning the cans, Campbell could have displayed its products separately in stores and attracted

attention to them by using hoardings and striking images.lvii

Hinting at the need for going beyond

mere cosmetic changes and focusing instead on real product innovation, a consumer said that his

purchase of a soup product would still be based on the price charged as all of them were alike.lviii

Also underlining the significance of the actual product quality and the innovation required for it,

one observer commented that package redesign would go only so far; Campbell could establish

long-lasting bonds with consumers only through the tastes of its soup offerings.lix

THE ROAD AHEAD

In November 2010, Campbells top management announced its intention to work on launching new products. Experts also saw this move as partly an attempt on Campbells part to regain consumers who had shifted to categories like frozen foods.

lx The company conceded as much

when, in a news release, it stated, the companys advertising had become too focused on the iconic can and few top selling varieties, rather than celebrating the quality ingredients, variety, and

great taste of its soups.lxi The companys top management was engaged in a strategic study for a period of nine months since November 2010, and had charted out a game plan for the rollout of

new products. In July 2011, emphasizing one of the studys reflections, Denise Morrison, who was to take on the CEOs mantle on August 1, said, our growth has stalled and we have not capitalized on our market potential. We have not responded as effectively as we must to

demographic change and generational shifts in food preferences.lxii One of the key action points was to rework the taste of 46 of its soups and introduce 27 fresh soup products in North America.

Some experts felt that the issues that Campbell had to tackle perhaps ran deeper than those than

could be tackled by employing neuromarketing. As Roger Dooley, a neuromarketing expert, said,

The techniques are going to work best at least as they are employed at the moment when you are comparing different advertisements or designs for a specific product. I dont think they are so valuable when you are looking at concepts or digging down to ask why something works or

doesnt work.lxiii

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Exhibit I

Campbells Financial Performance (2008-2011)

Category 2008 2009 2010 2011

Net Sales 7,998 7,586 7,676 7,719

Earnings Before Interest and Taxes 1,098 6,401 1,348 1,279

Net Earnings 1,165 736 844 802

Net Earnings per Share - Basic 3.06 2.05 2.44 2.44

Net Earnings per Share Assuming Dilution 3.03 2.03 2.42 2.42

Total Liabilities 5,156 5,325 5,347 5,766

Total Shareowners Equity 1,318 728 926 1,088

*million of US$, except net earnings per share

Source: http://investor.campbellsoupcompany.com/phoenix.zhtml?c=88650&p=irol-reportsannual

Exhibit II

Instances of Use of Neuromarketing Techniques by Some Companies

Microsoft Corporation, which was primarily engaged in the development of

computing software, collected EEG information to comprehend users experiences, including emotional, while using computing devices

Frito-Lay, the snack foods division of the food company, Pepsico, Inc., examined the

brains of women to devise ways of making its products more attractive to them. Its

studies indicated that feelings associated with guilt should not be included in its

promotions and instead healthy moments had to be highlighted.

Google Inc., which was primarily involved in the business of providing online search

services, had engaged in a biometric research project to assess which of the two ad

formats overlay ads or pre-roll ads worked better on its online video portal YouTube.

The Weather Channel, a leading meteorological television channel, employed EEG,

eye-monitoring, and galvanic skin response methods to gauge audience response to

three distinct advertisement campaigns for a specific program.

Adapted from Kevin Randall, Neuromarketing Hope and Hype: 5 Brands Conducting Brain Research, www.fastcompany.com, September 14, 2009.

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Exhibit III

Campbell Soup Cans Redesign Deliberation Based on Neuromarketing

Source: Campbell Soup Company

Exhibit IV

A Campbells Soup Can Before Redesign A Campbells Soup Can After Redesign

Source: http://food-and-drink.become.com Source: www.packagingdigest.com

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End Notes:

i Neuromarketing: When Science and Marketing Collide, http://info.4imprint.com, 2010.

ii Jennifer Williams, Campbells Soup Neuromarketing Redux: Theres Chunks of Real Science in that

Recipe, www.fastcompany.com, February 22, 2010. iii

Brian Easter, Brands and Brains Collaborate on Packaging, www.imediaconnection.com, November 18, 2010.

iv Tracy Weise, MM, MM Good Has Figured out How to Be MM, MM Better the Soups

of Neuromarketing, http://theinsidenoteblog.com, February 24, 2010. v Dan Dzombak, Campbell Soups Dividend X-ray, www.dailyfinance.com, November 27, 2011.

vi Campbell Soup Company, www.bgsu.edu, August 2004.

vii Campbell Soup Corporate History, www.marketplace.org, December 18, 2007.

viii www.rootsweb.ancestry.com/~njcamden/campbell.htm

ix http://investor.campbellsoupcompany.com/phoenix.zhtml?c=88650&p=irol-sec&secCat01.1_

rs=11&secCat01.1_rc=10&control_searchbox=&control_selectgroup=1&control_symbol= x Kelsey Swanekamp, Soups Off at Campbell, www.forbes,com, February 22, 2010.

xi Higher Prices Hurt Campbell Soup Sales, www.nytimes.com, November 22, 2011.

xii Ilan Brat, The Emotional Quotient of Soup Shopping, http://online.wsj.com, February 17, 2010.

xiii Roger Dooley, Your Brain on Soup, www.neurosciencemarketing.com, February 18, 2010.

xiv Brian Easter, Brands and Brains Collaborate on Packaging, www.imediaconnection.com, November

18, 2010. xv

Growing the Soup Category: Contemporizing Campbell's Condensed Soup, http://www.themarketingchefs.com/files/campbells.pdf.

xvi Tracy Weise, Neuromarketing: Whats in a Brain? http://theinsidenoteblog.com, February 9, 2009.

xvii Kevin Randall, Neuromarketing Hope and Hype: 5 Brands Conducting Brain Research,

www.fastcompany.com, September 14, 2009. xviii

Neuromarketing Glossary, http://www.verilliance.com/neuromarketing-terms-glossary/. xix

Rajiv Mani, Neuromarketing to Study Consumer Behaviour, http://articles.timesofindia.indiatimes.com, February 11, 2009.

xx www.insidestory.com.au/public/business-solutions/communications-

optimisation/Neuromarketingresearch-INSIDESTORY.shtml xxi

Natasha Singer, Making Ads That Whisper to the Brain, www.nytimes.com, November 13, 2010. xxii

Philip Harris, Our Brains, our Wallets The Field of Neuromarketing, http://theconversation.edu.au, October 4, 2011.

xxiii Jonathan Fagan, Neuromarketing, http://prote.in, May 19, 2011.

xxiv Erik Du Plessis, What Neuroscience Really Teaches Marketers,

www.europeanbusinessreview.com/?p=3676 xxv

Johnny Ross, Neuromarketing: Where Marketing Meets Mind Science, www.advertising.ie, October 24, 2011.

xxvi Dan Ariely and Gregory S. Berns, Neuromarketing: The Hope and Hype of Neuroimaging in

Business, www-psych.stanford.edu, March 3, 2010. xxvii

Rachel Kaufman, Neuromarketers Get Inside Buyers Brains, http://money.cnn.com, March 18, 2010. xxviii

Dan Ariely and Gregory S. Berns, Neuromarketing: The Hope and Hype of Neuroimaging in Business, www-psych.stanford.edu, March 3, 2010.

xxix Jeremy Lichtenberger, Using Neuromarketing to Sell Soap, www.palio.com, March 1, 2010.

xxx Rosie Mestel, To Sell Stuff, Companies Want to Read your Brain -- But Are they Even Close?

latimesblogs.latimes.com, March 12, 2010. xxxi

Neuromarketing Eye Tracking Helps Campbells Soup Get a Makeover, http://eyetrackingupdate.com, March 9, 2010.

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xxxii

Leader Interview: How Is Neuroscience Influencing Marketing Practice? www.msi.org/publications/index.cfm?id=298

xxxiii Ilan Brat, The Emotional Quotient of Soup Shopping, http://online.wsj.com, February 17, 2010.

xxxiv Jennifer Williams, Campbells Soup Neuromarketing Redux: Theres Chunks of Real Science in that

Recipe, www.fastcompany.com, February 22, 2010. xxxv

Lisa Terry, How Campbell Soup Fixed Its Confusing Shelves, http://adage.com, July 25, 2011. xxxvi

Jennifer Chang Coupland, Campbell Soup Tests New Marketing Approach, http://blogs.smeal.psu.edu, February 24, 2010.

xxxvii Steve Olenski, Is Neuromarketing the Future of Marketing? http://articles.businessinsider.com,

September 21, 2011. xxxviii

Stuart Fox, Campbells Uses Neuromarketing to Design New Soup Can Labels, www.popsci.com, February 19, 2010.

xxxix Evan Cooper, Why Mutual Fund Companies are Losing the Name Game,

www.investmentnews.com, February 17, 2010. xl

Susan Gunelius, Repackaging Campbells from the Top Down, http://corporate-eye.com, March 12, 2010. xli

Ann Whitman, Neuromarketing: Prove Thyself & Protect Consumers, www.dana.org, December 2011. xlii

Sheree Bailey, The 3 Major Parts of the Human Brain, www.livestrong.com, March 13, 2010. xliii

William Bostwick, Waiter, There's Pseudo-Science in My Soup, www.fastcompany.com, February 18, 2010.

xliv Linda Casey, Food Packaging: Campbell Freshens up Labeling for its Iconic Condensed Soups,

www.packagingdigest.com, July 1, 2010. xlv

Campbell Will Revitalize its Condensed Soup Brand, www.packagingdigest.com, February 17, 2010. xlvi

Ilan Brat, The Emotional Quotient of Soup Shopping, http://online.wsj.com, February 17, 2010. xlvii

Campbell Reports First-Quarter Results, http://investor.campbellsoupcompany.com, November 23, 2010. xlviii

Campbell U.S. Soup Sales Fall, Despite Spending on Promotions, www.nytimes.com, November 23, 2010. xlix

Campbell Reports Second-Quarter Results, http://investor.campbellsoupcompany.com, February 18, 2011. l Campbell Reports Third-Quarter Results, http://investor.campbellsoupcompany.com, May 23, 2011.

li Agustino Fontevecchia, Competition, Inflation a Killer Mix for Campbell Soup, www.forbes.com,

May 23, 2011. lii

Campbell Reports Fourth-Quarter and Full-Year Results, http://investor.campbellsoupcompany.com, September 2, 2011.

liii Steve Shaefer, Bernanke: Dont Blame U.S. for Emerging Market Inflation, www.forbes.com,

February 18, 2011. liv

http://phx.corporate-ir.net/phoenix.zhtml?c=74271&p=quarterlyearnings lv Progresso Soup Cooks up Soup Worth Talking About for Coming Soup Season,

http://eon.businesswire.com, September 30, 2010. lvi

Gus Lubin, Campbell's Soup is Still Reeling from the 2008 MSG Attack Ads, www.businessinsider.com, July 6, 2011.

lvii www.neurosciencemarketing.com/blog/articles/your-brain-on-soup.htm

lviii www.adbroad.com/2010/02/campbells-new-label-ingredient.html

lix Ujwal Arkalgud, Focus Groups Suck! http://interpretivist.wordpress.com, February 21, 2010.

lx EJ Schultz, Soup Players Put Spotlight Back on Taste, New Products, http://adage.com, November

24, 2010. lxi

Campbell Launches Its Amazing What Soup Can Do Ad Campaign to Promote Campbells U.S. Soup Brands, http://investor.campbellsoupcompany.com, September 7, 2010.

lxii EJ Schultz, Incoming CEO Sets New Course for Struggling Campbell, http://adage.com, July 12, 2011.

lxiii Clive Cookson, A Head Start with Brainwaves, www.ft.com, December 21, 2011.

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