Marketing Management Case Study

Netflix Prize 2009: Neuromarketing Research for Online Shoppers?

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Abstract:
Conventional retailing is becoming a passé, as the online retailing is the new mantra of the 21st century’s business environment. Physical store retailers are outsourcing their online business activities to digital service agencies to dwell in the lore of online trading. Companies are in a haste to make every website visit of the consumer into a sales conversion. To accomplish this target they are coming up with analytical, neuromarketing techniques and implementing them to jot down cutting edge marketing strategies. Netflix Prize 2009 is one-of-its-kind methodologies where web analytics are used to cut a unique algorithm to flood a visitor with intelligent advices. It catalyses the buying behaviour of the visitor and influence his thought process to press the buy button. This eventually enhances the company’s business to greater heights.

The case study deals with the use of analytics and neuromarketing techniques in the cutting edge marketing research methodologies. It emphasises the significance of these techniques in tracking the consumer behaviour online as well as offline. Holistically, it spotlights two basic questions – how can companies leverage these techniques to track down consumer behaviour to accuracy and how they help in formulating unique marketing strategies? It also addresses the relevancy of these strategies in applying them to both e-commerce as well as the offline businesses.

Pedagogical Objective:

• To understand the role of personal preferences and perceptions on buying decision process and to analyse how these are manifested in physical stores and online stores
• To debate and analyse the influence and impact of the algorithms and neuromarketing techniques used in devising quintessential marketing research models
• To analyse the significance of monitoring behavioural patterns of consumer and to debate if such a practice would end up in intruding into consumer privacy
• To understand the rationale behind Netflix Prize 2009 initiative and discuss whether the same can be embraced by other dotcom companies.

Keywords : Neuromarketing, Neuroscience and consumer behaviour, Online Consumer Behaviour, Analytics, Neo Marketing Research, Web Marketing, Web analytics, Netflix, Online DVD Rentals, Data Mining, Belkors Pragmatic Chaos, Netflix prize 2009, French Connection, Signing in the Rain

Contents:

• Algorithms or Virtual Customer Marketing Engines?
• Web Analytics – The Holy Grail of Neo Marketing techniques?
• If You Like French Connection, Will You Love Singing in the Rain?
• The Conundrum of Consumer Behaviour@ Online and Offline
• The Buyology of Neuromarketing