MKT46210

In the first two decades of the 21st century, we have observed the integration of numerous technologies across different business sectors. Technologies from seemingly disparate fields have been adapted to innovate and redefine our understanding of established business concepts and practices. For example, cognitive neuroscience technologies like neuroimaging and electroencephalograms have been applied to marketing. This approach, often termed “neuromarketing,” aims to delve into how consumers perceive, think, feel, and respond to marketing stimuli beyond their articulated opinions. This area of research has provided marketing managers with fresh perspectives, prompting them to rethink the design of marketing practices to ensure they are truly customer-centric.

Similarly, technologies such as artificial intelligence (AI), along with its popular subdivisions like machine learning and deep learning, have become the most talked-about managerial topics. In today's world, businesses risk being deemed outdated if they fail to incorporate—or at least claim to incorporate—some aspects of these technologies. AI has significantly enhanced business operations in numerous ways, such as improving lead generation, customer acquisition, and pricing optimization. Some AI applications have exhibited remarkable cognitive abilities, once thought to be unique to humans . Nevertheless, due to their novelty—or perhaps perceived novelty—and intricacy—or perhaps ostensible intricacy—AI technologies are often shrouded in mystery. This has led to misconceptions and debates about the true nature of AI and how managers can effectively harness it in their business practices .

Against this expansive backdrop, this module is structured to critically examine the application of neuroscience technologies, AI, and other contemporary technologies within the realms of marketing and management. Our exploration will be centered on the technologies stemming from neuroscience and AI, embarking on a quest to uncover answers to pivotal questions: How is neuroscience reshaping our comprehension of consumer behavior? In what ways can neuromarketing contribute to enhanced marketing strategies in areas like branding, advertising, and user experience? Can we justifiably claim that neuromarketing might pinpoint and manipulate the consumer "buy button"? Regarding AI, what does it encompass precisely? Which domains currently benefit from AI applications, and what limitations does AI face? What considerations should a company weigh before integrating AI into its operations? How do consumers psychologically respond to the realization that they are interacting with AI? And under what circumstances might consumers prefer AI assistance to that of human expertise, or the other way around?