Published on February 4, 2014
FASHION INDUSTRY NEUROMARKETING: STRENGTHENING MARKET INTELLIGENCE OPPORTUNITIES BY CAMILLE AVENT
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 Structure of Problem Current Practices • Traditional Marketing vs. Neuromarketing Fashion Marketing Survey & Interview of Neuromarketing Professionals Define Consumer Behaviors • Marketing, Fashion Marketing, Neuromarketing Case Study Analysis Restructuring the Fashion Marketing Plan • JC Penney Neuromarketing Authors’ Interviews
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 Neuromarketing Fashion Marketing
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 PLAN Mission 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 IX. Subcontracting XI. Commitment VIII. X. XII. Children and Young People Publication Implementation
APPLIED NEUROMARKETING STUDIES Neuromarketing Test Technique Eye Tracking Pixel level eye tracking equipment Galvanic Skin Response Measures emotional engagement Electroencephalographic Sensors measure brain responses to stimuli at (EEG) 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)
NEUROMARKETING IN THE FOOD INDUSTRY • http://vimeo.com/57779652
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 Management Strengths Familiar with key factors of JC Penney core values Offerings Quality price driven brands and promotions Marketing Familiarity with traditional family core consumer Product Development Continuing efforts to ensure quality merchandise External Factors Consumer/Social Opportunities Secure market, likely to be stable Competitive Distinctive brand name and product breadth Technological Neuromarketing technological breakthroughs enable the company to tap into the actual consumer emotions Consumer income has stabilized; but the ‘best deals’ are still very important to U.S. households Economic Weaknesses Stagnant approach to reinventing methods to refresh brand loyalty Brand abandonment because of mid-price place in the market, consumers do not understand differentiation Disconnection with younger market who dominate current market share opportunities Failure to partner with brands at the right time for the right merchandise Threats Everyday Low Price, impedes on perception of current consumer Loss of core consumer to competitors because the company misdirected marketing communication Competitors have gained economies in advanced retailing ahead of JC Penney Consumer’s ability have more choice in the market
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