Consumer Behavior Report: Analysis of Consumer Behavior and Apple Inc.

This report delves into the realm of consumer behavior, exploring the intricate processes behind decision-making. It begins by highlighting the role of "fast thinking" in simplifying choices and then transitions into an analysis of financial decision-making, a domain often perceived as analytical. The report examines how individuals' perceptions of their thinking styles influence their approach to financial decisions, referencing studies that explore the reluctance to engage with financial activities and the underlying psychological mechanisms at play. The report then presents a real-world example by analyzing Apple Inc. and its consumer-centric approach, suggesting that understanding consumer behavior is crucial for business success. The report references key academic sources to support its findings, offering a comprehensive overview of consumer behavior and its practical applications.

SCIENCE OF
CONSUMER
BEHAVIOR

INTRODUCTION
 Consumers make decisions
between various choice and
alternatives each day
 The brains come up with shortcuts
after a while to aid in quick
decision making in a more efficient
manner (Park & Sela, 2017)
 This is termed as fast-thinking

MAKING FINANCIAL DECISIONS
 Most people are uncomfortable
handling financial decisions
 This is attributed to people looking
at financial decisions as being
compatible with a colder and
analytical mode of thinking (Park &
Sela, 2017)

 Study on perceived thinking style
and avoidance of financial decision
was done
 Study was conducted on
generalizability and robustness of
relationship between financial
decision avoidance and perceived
thinking style (Belk, 2014)
 Relationship between financial
decision avoidance and perceived
affective thinking is unlikely to be a

 Another study conducted on participation
in real financial activities perceived
decision style has influence on tendency of
evading against involving in real activity
associated with financial decisions (Belk,
2014)
 A third test-underlying processes via
moderated mediation where proposal is
made that by people believing they are
tilted towards affective thinking results in
them experiencing self-concept incongruity
with financial decision domains

REAL-WORLD ORGANIZATION
Apple Inc. started in 1977 as
multinational cooperation manufacturing
consumer electronics (Erasmus, Boshoff &
Rousseau, 2011)
Servers
computer softwares
personal computers
 Main product lines include
iPhone smartphone,
iPod portable media players,
iPad tablet computer
Macintosh computer line

 Executives of Apple Company would
find it more profitable and successful
to use their head as opposed to their
heart on issues bordering on
financial decisions (Foxall, 2013)
 Believing reluctance has more to do
with perceptions rather than abilities
may assist the company in going
beyond its financial foot-dragging

REFERENCES
• Belk, R. W. (2014). Studies in the new
consumer behaviour. In Acknowledging
consumption (pp. 61-102). Routledge
• Erasmus, A. C., Boshoff, E., & Rousseau, G. G.
(2011). Consumer decision-making models
within the discipline of consumer science: a
critical approach. Journal of Consumer
Sciences, 29(1)
• Foxall, G. R. (2013). Consumer behaviour as an
evolutionary process. European Journal of
Marketing, 27(8), 46-57
• Park, J. J., & Sela, A. (2017). Not my type: Why
affective decision makers are reluctant to make
financial decisions. Journal of Consumer