Consumer commodity sector spends huge amount of money on advertising the usability or success of the products. This is necessary during pretesting of various alternative advertisement campaigns before launching and also during the in-market analysis of the campaign after launching. A number of conventional methods exist to pretest advertisements. These methods include self-reported methods such as liking, recall or purchase intent, neuromarketing, etc. “Neuromarketing” phrase is the combination of two words “neuro” and “marketing”. This can be referred to as merging of two fields, namely “neuroscience” and “marketing”. Using neuroscience, it is possible to improve the marketing of the existing products. It provides an insight to improve the design of products before actual launch in the market [24]. Therefore, neuroscience reveals information about consumer preferences on products. This is not possible using traditional methods such as questionnaire, attitude or verbal communication. Thus, neuromarketing can help the product-companies to reduce expenditure on product advertisements. Over the past few years, researchers have developed different neurophysiological methods for analyzing the consumer behavior and advertisement phenomenon to study different aspects of marketing [7, 20]. The growth has been recorded due to the technological advancement of instruments such as Functional magnetic resonance imaging (fMRI), Magnetoencephalography (MEG), and electroencephalography (EEG) often used in neuromarketing. fMRI is a neuroimaging technique used to measure the amount of deoxygenated hemoglobin during neuronal activity. It describes brain function with spatial and temporal resolutions of one millimeter and per second change, respectively [33]. The device has been used for grading user preferences on various applications. Berns et al. [6] have used fMRI data to predict music popularity by measuring the brain activity of 27 adolescents. The authors have shown that the positive correlation of the participant’s brain responses with the sales after three years. However, the cost associated with such experiments can be very expensive and often turns out to be in the order of several millions of dollars [35]. Moreover, additional costs such as insurance, maintenance and portability issues limit the use of fMRI in such applications. MEG is used to capture the brain activity that is caused by neuron activity. Such neuron activity creates a magnetic field that is amplified and mapped by MEG with spatio-temporal information. However, due to higher cost, technical complexities and limited access of subcortical regions for imaging, it is not preferred as a device to develop systems of neuromarketing.