MDI-Gurgaon and Brandscapes Worldwide, a global marketing analytics and consumer insights firm signed an agreement to start a new state-of-the-art Neuro-Behavioral Lab on the MDI campus.
According to a press release by MDI-G, the memorandum of understanding (MOU) with M/s Brandscapes Consultancy Private Limited was signed on October 28.
The upcoming ‘BRANDSCAPES MDI Laboratory for Behavioral Neuroscience’ aims to focus on multi-disciplinary, thematic, and applied research in several key areas related to finance, economics, HR, leadership and marketing. This Neuro-Behavioral Lab is designed to create value for students, both Post-Graduate, PhD scholars and for corporate clients. Beyond the curriculum, students can participate in an immersive, hands-on experience of how to peer inside respondents’ brains to understand questions related to product design, advertising effectiveness, customer insights on brands, employee engagement initiative effectiveness, etc. And the lab can assist corporate clients in improved decisions across a variety of areas, informed MDI-G.
“Brandscapes’ ambition is to be on the forefront of leveraging technology for sharper measurement of consumer attitudes and behavior. We are proud to partner with MDI Gurgaon on this important initiative that will sharpen the way the industry understands human decision-making process by leveraging neuroscience technology and applications,” said Pranesh Mishra, Chairman of Brandscapes.
“The neuro-behavioral dimension was one of two key dimensions (the other being technology) that would drive businesses in the future and he was glad that MDI was taking a large step forward in that direction,” said Arvind Sahay, Director, MDI Gurgaon.
The avant-garde Lab will be equipped with an EEG System. Electroencephalography (EEG) is an approach by which one can monitor the electrical activity in the brain. It is a non-invasive methodology where electrodes are placed on the scalp to record cortical activity with high temporal resolution. EEG has been used in marketing to understand consumer behavior; in finance, it is used to examine the differential effects of factors like risk and emotion while taking financial decisions. In HR and Organizational Behavior, it has been used for designing and testing improved employee retention approaches and incentive mechanism designs, mentioned the press release.
