Series: Occasional Papers. 2525.
Author: Paula Sempere and Raquel Pantoja
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Abstract
The aim of this document is to present neuromarketing, a discipline that combines neuroscience and marketing for the purpose of understanding consumer behaviour, emotions and decision-making in response to various marketing stimuli.
This discipline arises from the need to overcome the limitations of traditional marketing, which had become outdated and did not allow companies to stand out in a competitive and globalised market. Thus, neuromarketing focuses not so much on the product, but on the needs and preferences of consumers to create more accurate products through the collection of data via conscious measures (i.e. questionnaires or surveys) and unconscious measures (i.e. electroencephalography or eye tracking).
Neuromarketing can be applied in various fields, such as advertising and product pricing. In this document, we will focus on its application to cash, the most widely used means of payment worldwide, to create attractive and secure series of banknotes by adapting the design and security elements of the banknotes to the preferences and needs of the public.