fashion industry neuromarketing
DESCRIPTION
marketing, neuromarketing, analysis, fashion, retail, neuroscience, market researchTRANSCRIPT
BY CAMILLE AVENT
FASHION INDUSTRY NEUROMARKETING: STRENGTHENING MARKET INTELLIGENCE
OPPORTUNITIES
INTRODUCTION
Neuromarketing – new tool for the fashion industry to understand buying behavior• Tapping into the unconscious mind• Clearly defining brand attributes• Advanced marketing opportunities for the mass
market
OVERVIEW OF DISCUSSION
Current Practices
Define Consumer Behaviors• Marketing, Fashion
Marketing, Neuromarketing
Structure of Problem• Traditional Marketing
vs. Neuromarketing
Case Study Analysis
Fashion Marketing Survey
& Interview of Neuromarketing
Professionals
Neuromarketing Authors’
Interviews
Restructuring the Fashion Marketing Plan• JC Penney
HOW GREAT LEADERS INSPIRE ACTION• http://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action.html?utm_expid
=166907-21
CONCEPT ANALYSIS
Marketing
Fashion MarketingNeuromarketing
CONSUMER BEHAVIORS
(http://managementation.com/5-stages-of-consumer-buying-decision-process/ 2013)
SUPPLY CHAIN DRIVERS
http://www.mtgl.com/services/upstream-services/supply-chain-compression.htm, 2013
MARKETING PLANMission Statement
Corporate Objectives
Marketing Objective
Marketing Audit
Marketing Strategy
Marketing Plan
Implementation
Evaluation & Control
(Easey, 2002)
“I know half money I spend on advertising is wasted, I just don’t know which half.”
- John Wanamaker
THE GOLDEN CIRCLE
(Lindquist, 2010)
STRUCTURE OF PROBLEM
(Riley, 2012)
NEUROMARKETING ETHICS
I. Core Principles
II. Integrity
III. Credibility
IV. Transparency
V. Consent VI. Privacy
VII. Participant Rights
VIII. Children and Young People
IX. Subcontracting
X. Publication
XI. Commitment
XII. Implementation
APPLIED NEUROMARKETING STUDIES
Neuromarketing Test Technique
Eye Tracking Pixel level eye tracking equipment
Galvanic Skin Response Measures emotional engagement
Electroencephalographic
(EEG)
Sensors measure brain responses to stimuli at
2,000 times a second, across a full brain
Functional Magnetic Resonance Imaging (fMRI) Measures brain activity by evaluating cerebral
blood flow and neuronal activity
BRAIN MAP
(Rob D Young, 2013)
NEUROMARKETING IN THE AUTO INDUSTRY
(Fabrega, 2010)
(Fabrega, 2010)
BASED ON WHAT YOU KNOW ABOUT CONSUMER NEUROMARKETING STRATEGIES, FROM MY RESEARCH, WILL YOU CONSIDER ADAPTING SOME OF THESE PRACTICES?
(Avent, 2013)
LAWS OF DIFFUSION OF INNOVATION
(Rogers, 1995)
“In setting up a business under the name and meaning of the Golden Rule, I was publicly binding myself, in my business relations, to a principle which had been a real and intimate part of my family upbringing. Our idea was to make money and build business through serving the community with fair dealing and honest value.”
-James Cash Penney
Internal Factors Strengths Weaknesses Management Familiar with key factors of JC
Penney core values Stagnant approach to reinventing methods to refresh brand loyalty
Offerings Quality price driven brands and promotions
Brand abandonment because of mid-price place in the market, consumers do not understand differentiation
Marketing Familiarity with traditional family core consumer
Disconnection with younger market who dominate current market share opportunities
Product Development Continuing efforts to ensure quality merchandise
Failure to partner with brands at the right time for the right merchandise
External Factors Opportunities Threats Consumer/Social Secure market, likely to be
stable Everyday Low Price, impedes on perception of current consumer
Competitive Distinctive brand name and product breadth
Loss of core consumer to competitors because the company misdirected marketing communication
Technological Neuromarketing technological breakthroughs enable the company to tap into the actual consumer emotions
Competitors have gained economies in advanced retailing ahead of JC Penney
Economic Consumer income has stabilized; but the ‘best deals’ are still very important to U.S. households
Consumer’s ability have more choice in the market
&
Thank you!!!