The Placebo Effect Of Marketing Investigating The Effect Of Price On Consumption Experience

Scientific Essay from the year 2020 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,0, Copenhagen Business School, language: English, abstract: Several studies investigated how marketing actions can affect consumers’ product perception and thereby evoke a placebo effect. Notably, Irmak et al. (2005) were able to trigger identical objective body reactions for a product and its placebo. This suggests that manipulating marketing stimuli can not only alter subjective perceptions, but also objective physical product responses. This is in line with the inconsistent quality perceptions of NBs and PLs and leads to this paper’s research problem: What are the subconscious processes that explain how price impacts subjective taste experiences? Taste experiences are closely linked to quality assessments which are both crucial for purchase decisions, thereby impacting a company’s financial outcomes. It is thus relevant for marketers to understand how consumers derive their evaluations and how external attributes can affect them in a placebo-like manner. For this reason, the research question will be accompanied by a review of how neuroscientific approaches can add to the understanding of the placebo effect and how it can be leveraged by marketers.

Contemporary Approaches Studying Customer Experience in Tourism Research develops approaches and related methods to understand, analyze, and evaluate the tourist consumption experience under its different forms and stages before, during and after.

This book represents one of the cornerstones of the series Studies in Neuroscience, Psychology and Behavioral Economics. It is divided into eight sections, starting with an introduction to neuroeconomics followed by an overview of frequently applied experimental paradigms (games) in neuroeconomics research. Furthermore, it addresses the molecular basis of human decision making, environmental/situational factors and social contexts influencing human decision making, as well as translational and developmental/clinical approaches to neuroeconomics. In closing, a paper on neuro-marketing demonstrates how knowledge from neuroeconomics research can be applied in “real life.” Culminating in an extensive methods section, in which eight different neuroscience techniques are introduced, the book offers an essential resource for researchers and practitioners, and may also be beneficial for graduate students.

Abstract: "This book discusses the indispensable value of understanding consumer activities and the crucial role they play in developing successful marketing strategies by focusing on concepts such as consumer perceptions, consumption culture, and the influence of information technology"--Provided by publisher

Consumer neuroscience has become an expanding area of both research and conduct – spanning from academic interests in the brain bases of consumption choices to commercial application of neuroscience tools and metrics. However, many of these advances are still criticized for low applicability, scattered publication records, conceptual vagueness, and a lack of proper scientific and commercial validation. To make matters worse, there is now a host of proposed commercial applications of both the insights from neuroscience and the application of neuroscience and neurophysiology tools to test consumer responses. While many of these approaches may be valid, many other approaches are either not properly validated, or may be flawed, misguided, or even outright lies. As a discipline, there is a need for both the basic and applied research in consumer neuroscience to become aligned. The purpose of this Research Topic is to provide this much-needed platform for such an industrial alignment. In doing so, this Research Topic will provide perspectives on three main areas: 1. distinctions between basic, translational and applied consumer neuroscience research 2. conceptual clarification on key concepts relevant to the science and application of consumer neuroscience 3. validation of consumer neuroscience methods and how they relate to commercially relevant cases. For this Research Topic, we therefore welcome submissions that combine academic and commercial research, all in the vein of making advances in establishing a valid, applicable consumer neuroscience.

This book covers the ‘hot topic’ of the experiential consumption in an accessible manner and from a unique industry perspective which is not used in any other book. It highlights the idea that an experience is not something that can be readily managed by firms and is not limited to the market: an individual’s daily life is made up of consuming experiences that can occur with or without a market relation. Offering an overview of the consumption experience, it outlines a continuum of experiences of consumption that consumers go through, including: those that are mainly constructed by consumers around small items that comprise their daily life, such as organic products and non-profit or local associations those that have been co-developed by companies and consumers: tourism or adventure projects, rock concerts and cultural events those that have been largely developed by the companies where consumers are immersed in a hyper-real context such as fashion, sports brands, edutainment and retail. Broad and comprehensive, this book provides a challenging vision of the consumption experience, which is an invaluable tool for all those studying marketing and consumer behaviour.

Consumers’ beliefs and attitudes towards online sales significantly influence buying behavior on the internet. However, the impact of these thoughts and beliefs on the decision to make an online purchase is not direct. It can be moderated by the emotions experienced while browsing an e-commerce website. Impulse buying in particular is influenced by a number of factors, for example how stimulating the e-shopping platform is, and how easy it is to click on the cart a certain product, for instance a smartphone. But what happens after an online impulse buy is made? Often the customer can regret the purchase and in the throes of anxiety, look for reasons to justify the choices made. Consumer behaviour scholars and pyschologists call this phenomenon cognitive dissonance, and certain individuals are more sensitive than others in developing this than others. This book offers a deep investigation around online impulse buying and subsequent cognitive dissonance. Specifically, the authors present a research case study of a group of millenials who are shopping for smartphones to study whether an initial positive state can reduce the onset of cognitive dissonance in consumers. Based on substantial research and a sample of 212 impulsive millennial buyers, the book provides a comprehensive, but simple and synthetic framework of impulse buying, cognitive dissonance and positive affect state, highlighting their relationships.

Consumer neuroscience is a complex, interdisciplinary, and emerging field that cuts across psychology, neuroscience, and consumer research. The book provides a comprehensive overview of the foundations and applications of modern consumer neuroscience, exploring a wide range of established and emergent topics in the field, making it the ideal resource for anyone looking to broaden their knowledge base. The content provides a thorough, high-level guide to the mathematical, technological, and theoretical aspects of consumer neuroscience, alongside a wide range of specific applications situated within a scientific context. The book includes chapters on cognitive processes and behaviors, the human brain, mathematical concepts, and neuroscience technologies. It considers the difference of individual, social and commercial neuroscience through the lens of gender differences, aging and ethics, amongst other concepts, enabling the reader to adopt an holistic view of the field and discover new research directions. This is enhanced by the inclusion of consolidating questions and answers for each chapter alongside numerous images to enhance the reader's understanding of the topic. The book is an essential read for the aspiring researcher or practitioner striving for an in-depth understanding of the field and its ramifications.