India, 1st November 2023: MDI Gurgaon announces an exciting development. MDI-G, a leading business school, and Brandscapes Worldwide, a global marketing analytics and consumer insights firm, have signed an agreement to start a new state-of-the-art Neuro-Behavioral Lab to the MDI campus. This dedicated center and laboratory will serve as the focal point for pioneering research in the applications of behavioral science and neuroscience in business, with a comprehensive focus on addressing a wide range of behavioral science issues. The signing of a memorandum of understanding (MOU) with M/s Brandscapes Consultancy Private Limited on October 28, 2023, marks a promising new initiative in the 50-year history of the 3rd oldest business school in India.
All organizations depend on behaviors from people taking decisions and performing different activities. These decisions and behaviors are driven by thinking and emotion in the brain. As businesses become increasingly complex, educators and businesses are turning to neuroscience to better understand how the human brain processes information and makes decisions. This infusion of neuroscientific insights is enabling businesses and students to better understand and/or improve customer insights, product and UX design, decision making in marketing, HR, recruitments, incentive design, etc. By exploring the neural underpinnings of decisions in these areas, students and managers can be better equipped to navigate the challenges of the modern corporate landscape.
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. The MBA students will be able to learn more deeply on decision-making process and gather more and better customers’ insights. The PhD students will have ample opportunities to conduct neuro-behavioral research. Beyond the curriculum, students can participate in 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.
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 economics, it has been used to experimentally examine concepts associated with behavioral economics. In HR and Organizational Behavior, it has been used for designing and testing improved employee retention approaches and incentive mechanism designs. In a nutshell, the right kind of intervention in a choice architecture helps to achieve the right kind of behavioral change required for desired outcomes.
Mr. Pranesh Mishra, Chairman, Brandscapes said, “Brandscapes’ ambition is to be on the forefront of leveraging technology for sharper measurement of consumer attitudes and behavior. We are proud to partner MDI Gurgaon on this important initiative that will sharpen the way industry understands human decision making process by leveraging neuroscience technology and applications.”
Mr. Rajnish Kumar, Chairman, BOG, MDI Gurgaon said that it was a good initiative for the institution and that he expects initiative like this to add to the research and industry connect profile of the institution.
Arvind Sahay, Director, MDI Gurgaon, said that, “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.”
Since 1972, MDI Gurgaon has upheld a tradition of unwavering dedication to superior management education. As a testament to this legacy, the upcoming set-up of Neuro-Behavioral Lab and its equipment will allow a futuristic blend of technology, personalization and a business education and industry connect that will prepare leaders who can navigate the complexities of the ever-changing world and contribute to solving problems for industry across functions.
To know more visit https://www.mdi.ac.in/
