Understanding Consumer Behaviour Through Neuromarketing : A Strategic Approach Towards the Mobile Phone Industry

The mobile phone industry is one of the most booming sectors today. A majority of the tasks can be performed with these devices, and as a result of that, the demand of the electronic gadgets in the market is humongous. Neuromarketing is a relatively unchartered territory wherein organizations are exploring to get the job done within a short period of time. With the help of neuromarketing tools, understanding the consumers’ perception is made possible by implementing certain analytical techniques. Analysis of this data would help immensely to satisfy the demands of the consumers. With this technology, organizations would be able to bring in innovative features in their products, which would attract consumers. Also, with the advent of new technological innovations, consumers want innovative features to be embedded in their products, and this is possible with the help of neuromarketing tools. These tools also help the companies to achieve good results which further help them to achieve a competitive edge over their competitors in the market. This paper aimed at identifying the factors which had a positive impact on the consumer behaviour by the utilization of the neuromarketing tools in the mobile phone industry. Both primary and secondary data were utilized in this paper. Analysis of the data was done through exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM) with the help of softwares like SPSS-23 & AMOS-23.