"You Win, You Buy"-How Continuous Win Effect Influence Consumers' Price Perception: An ERP Study

A systematic review on EEG-based neuromarketing: recent trends and analyzing techniques

Neuromarketing is an emerging research field that aims to understand consumers' decision-making processes when choosing which product to buy. This information is highly sought after by businesses looking to improve their marketing strategies by understanding what leaves a positive or negative impression on consumers. It has the potential to revolutionize the marketing industry by enabling companies to offer engaging experiences, create more effective advertisements, avoid the wrong marketing strategies, and ultimately save millions of dollars for businesses. Therefore, good documentation is necessary to capture the current research situation in this vital sector. In this article, we present a systematic review of EEG-based Neuromarketing. We aim to shed light on the research trends, technical scopes, and potential opportunities in this field. We reviewed recent publications from valid databases and divided the popular research topics in Neuromarketing into five clusters to present the current research trend in this field. We also discuss the brain regions that are activated when making purchase decisions and their relevance to Neuromarketing applications. The article provides appropriate illustrations of marketing stimuli that can elicit authentic impressions from consumers' minds, the techniques used to process and analyze recorded brain data, and the current strategies employed to interpret the data. Finally, we offer recommendations to upcoming researchers to help them investigate the possibilities in this area more efficiently in the future.

The Influence of Tourist Attraction Type on Product Price Perception and Neural Mechanism in Tourism Consumption: An ERP Study

Background

Tourism consumption is a topic with heated debates in tourism research, and pricing tourism products is a crucial task for tourism managers. Different types of tourist attractions offer different experiences to tourists, which affect their price perceptions and purchase decisions.

Methods

This study combined questionnaires and event-related potentials (ERPs) measures to explore the magnitude of psychological conflict and the degree of emotional arousal that consumers experience when faced with different prices of goods in different scenic types.

Results

The questionnaire results showed that attraction type influenced consumers' price perceptions and that consumers were willing to pay higher prices for products in attractions. The ERP results implied that in the early stage of cognition, attraction type did not affect consumers' perceptual processing, while price information attracted consumers' cognitive attention. In the late stage of cognition, attraction type, and price information jointly influenced consumers' decision-making, and consumers tended to accept high prices of products in entertainment attractions and cultural attractions, but consumers were more sensitive to the price of products in cultural attractions and less tolerant to price increases.

Conclusion

The study elucidated how price information influenced consumers' purchase decisions of tourism products at different stages of the dual-process theory, which can assist tourism managers in devising different pricing strategies and positioning strategies based on the attributes of attractions, to enhance product sales and revenues. This would further the vision of the World Tourism Organization (UNWTO) of "tourism fostering economic development".

A Bibliometric Analysis of Consumer Neuroscience towards Sustainable Consumption

Consumer neuroscience is a new paradigm for studying consumer behavior, focusing on neuroscientific tools to explore the underlying neural processes and behavioral implications of consumption. Based on the bibliometric analysis tools, this paper provides a review of progress in research on consumer neuroscience during 2000–2021. In this paper, we identify research hotspots and frontiers in the field through a statistical analysis of bibliometric indicators, including the number of publications, countries, institutions, and keywords. Aiming at facilitating carbon neutrality via sustainable consumption, this paper discusses the prospects of applying neuroscience to sustainable consumption. The results show 364 publications in the field during 2000–2021, showing a rapid upward trend, indicating that consumer neuroscience research is gaining ground. The majority of these consumer neuroscience studies chose to use electroencephalogram tools, accounting for 63.8% of the total publications; the cutting-edge research mainly involved event-related potential (ERP) studies of various marketing stimuli interventions, functional magnetic resonance imaging (fMRI)-based studies of consumer decision-making and emotion-specific brain regions, and machine-learning-based studies of consumer decision-making optimization models.

A systematic review of the prediction of consumer preference using EEG measures and machine-learning in neuromarketing research

Introduction

The present paper discusses the findings of a systematic review of EEG measures in neuromarketing, identifying which EEG measures are the most robust predictor of customer preference in neuromarketing. The review investigated which TF effect (e.g., theta-band power), and ERP component (e.g., N400) was most consistently reflective of self-reported preference. Machine-learning prediction also investigated, along with the use of EEG when combined with physiological measures such as eye-tracking.

Methods

Search terms ‘neuromarketing’ and ‘consumer neuroscience’ identified papers that used EEG measures. Publications were excluded if they were primarily written in a language other than English or were not published as journal articles (e.g., book chapters). 174 papers were included in the present review.

Results

Frontal alpha asymmetry (FAA) was the most reliable TF signal of preference and was able to differentiate positive from negative consumer responses. Similarly, the late positive potential (LPP) was the most reliable ERP component, reflecting conscious emotional evaluation of products and advertising. However, there was limited consistency across papers, with each measure showing mixed results when related to preference and purchase behaviour.

Conclusions and implications

FAA and the LPP were the most consistent markers of emotional responses to marketing stimuli, consumer preference and purchase intention. Predictive accuracy of FAA and the LPP was greatly improved through the use of machine-learning prediction, especially when combined with eye-tracking or facial expression analyses.

Is the Discount Really Favorable? The Effect of Numeracy on Price Magnitude Judgment: Evidence From Electroencephalography

Attractive price promotion will induce an unreasonable willingness to purchase, especially through shopping. However, it is not clear how numeracy, one of the essential abilities for understanding and applying numbers, influences the process of purchase judgment. In total, 61 participants were recruited to perform a price promotion task using electroencephalography. The results showed that consumers with low numeracy performed worse than their peers with high numeracy at the behavioral level, and they also had lower P3b amplitude and less alpha desynchronization, regardless of price promotion frameworks. These findings provided evidence on the processing of price information and provided further insights into how numeracy impacts price magnitude judgment.

Examining the effect of online advertisement cues on human responses using eye-tracking, EEG, and MRI

This study sought to emphasize how disciplines such as neuroscience and marketing can be applied in advertising and consumer behavior. The application of neuroscience methods in analyzing and understanding human behavior related to the Elaboration Likelihood Model (ELM) and brain activity has recently garnered attention. This study examines brain processes while participants attempted to elicit preferences for a product, and demonstrates factors that influence consumer behavior using eye-tracking, electroencephalography (EEG), and magnetic resonance imaging (MRI) from a neuroscience approach. We planned two conditions of online advertising, namely, peripheral cues without argument and central cues with argument strength. Thirty respondents participated in the experiment, consisting of eye-tracking, EEG, and MRI instruments to explore brain activity in central cue conditions. We investigated whether diffusion tensor imaging (DTI) analysis could detect regional brain changes. Using eye-tracking, we found that the responses were mainly in the mean fixation duration, number of fixations, mean saccade duration, and number of saccade durations for the central cue condition. Moreover, the findings show that the fusiform gyrus and frontal cortex are significantly associated with building a relationship by inferring central cues in the EEG assay. The MRI images show that the fusiform gyrus and frontal cortex are significantly active in the central cue condition. DTI analysis indicates that the corpus callosum has changed in the central cue condition. We used eye-tracking, EEG, MRI, and DTI to understand that these connections may apprehend responses when viewing advertisements, especially in the fusiform gyrus, frontal cortex, and corpus callosum.