XLRI inaugurates its Behavioural Research lab

Wednesday, October 20, 2010

XLRI Lab to Map Marketing Future

Jamshedpur, Oct. 19 (The Telegraph): XLRI inaugurated its behavioural marketing research lab today and organised a panel discussion — Maxi Mindscapes — to peek into the pros and cons of neuroscience marketing.

The lab, the first of its kind in the country, will delve deeper into people’s minds to know the emotional reasons influencing consumer choices.

The panel discussion comprised of experts from various fields who explained the applications of neuroscience marketing. The meet was aimed at framing a roadmap for the institute and understanding the merits and limitations of the application. The initiative has already got the nod of XLRI director Father E. Abraham.

“XLRI has always been a pioneer in innovations. I hope the initiative will set higher benchmark in knowledge,” said Father E. Abraham.

Neuroscience plays a revolutionary role in research and marketing. When used with established research techniques, neuroscience-based research can add powerful new insights. By employing techniques of eye tracking, brainwave measurement, et al, marketers might get a whole lot of hitherto unknown information.

Marketing Research Lab at XLRI Jamshedpur

Increasingly these days, Marketers are challenging accepted results of traditional research. It is believed that increased understanding of the brain will change marketing and the way we measure its results. In this regard, Neuroscience is seen to play a revolutionary role in research and marketing in the future. When used in conjunction with established research techniques, neuroscience–based research can add powerful new insights. By employing techniques of eye tracking, brain-wave measurement, etc marketers might suddenly have a whole lot of hitherto unavailable information to aid them in better developing not only their advertising and sales strategies, but also products and packaging.

To acquaint everybody with this new science and the exciting new possibilities that it opens up for marketing, the Marketing Association of XLRI (MAXI) is organizing Mindscapes. MAXI Mindscapes is the First conference in India on the application of Behavioral Research and Neuroscience in Marketing and aims to bring together varied perspectives – from Academia, Industry, Research Agencies, etc. The confluence seeks to churn out new thoughts and ideas on the practical application of Behaviour Research and Neuroscience in Marketing. Speaker sessions followed by a panel discussion will be held on October 19, 1800 hrs. on the XLRI campus in Jamshedpur.

Speaking at Mindscapes would be experts in the field from around the world. Among the participants are Andrew Jerina, Director, Consumer Neuroscience - Africa, Middle-East & Asia-Pacific at Millward Brown; Nicholas Hall, Managing Director of the Behavioral Research Laboratory at Stanford Graduate School of Business and JK Sharma, Author Neuromarketing: A Peep Into Customers Minds, India's First Book On This Subject.

Subsequently, XLRI plans to set up a Behavioral Research laboratory in the institute, to conduct research on consumer behavior and its aspects using Cognitive neurology. When it comes to fruition, XLRI would be the first B-school in the country to set-up such a lab to understand marketing concepts.