Exploring the Evolving Landscape of Neuromarketing Ethics

Abstract

Businesses seeking competitive advantages in saturated markets are rapidly integrating neuromarketing methods. This rapid proliferation outpaces the development of ethical regulations and raises severe concerns about consumer privacy, informed consent, and potential manipulation. Such misalignment in commercial interests and ethical considerations might compromise consumer trust, violate privacy, and exploit subconscious vulnerabilities. Furthermore, the prevalent reliance on third party marketing research companies or consultants for conducting neuromarketing studies introduces agency problems that obfuscate the prevailing neuromarketing ethics regime. While business ethics literature accentuates balancing stakeholder interests with commercial goals, these concerns remain inadequately addressed in the neuromarketing ethics literature. To address these gaps, our study explores the evolving landscape of neuromarketing ethics using the theoretical lenses of agency and stakeholder theories. The study conducts in-depth interviews with neuromarketing experts from eleven countries. A subsequent thematic analysis of transcripts divulges five main themes and twelve subthemes. Based on these themes and our theoretical lens, the study proposes a novel framework for neuromarketing ethics. This framework guides businesses, neuromarketers, marketing research companies, regulatory bodies, and governments to consider the interests of diverse stakeholders involved and address the potential agency conflicts.