Of Rising ScholarsFall 2022
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McLean High SchoolClass of 2023
How Psychology Runs the Pharmaceutical Industry
Started Apr. 5, 2022
Abstract or project description
In a culture where corporate greed and monopolies control the culture, the pharmaceutical industry is victim to corruption from large businesses, corrupt officials, and the government. Over the last decade, as prices of medication have skyrocketed, many people are quick to blame big pharma for exploiting the market. “Drugs such as insulin could cost over $175 per vial in the United States without health insurance, where countries such as Norway sell the same drug for $7.79 per vial”(Cost of Insulin by Country 2022). Moreover, the government seems to be doing little to support the creation of systems to support affordable medication for all citizens. This raises the question: What is the reason for the increasingly high prices of pharmaceutical drugs in America? This paper attempts to address these questions by first identifying the key underlying causes of elevated drug prices. Next, the paper discusses potential solutions to the rising cost of medication by analyzing evidence as well as citing previous examples of successful implementation of these plans. Furthermore, the paper also analyzes these problems in a psychological lens to determine reasons for the decisions made by both the producer and consumer. These psychological techniques include a state of consumer acceptance and adaptation, as well as a state of mind created by the producer to invoke feelings of helplessness to influence change in prices of goods. Lastly, the paper concludes by revisiting the existence of the paper with an open-ended question: What is the solution to the rising drug prices ?
Why do people still buy Apple products? Applying psychological modeling to brand image management and cultural business ecosystems.
Started June 17, 2022
Abstract or project description
In a world filled with advertising and marketing, Apple has quickly separated themselves as one of the leaders in marketing and innovation. Since their inception in 1976, Apple has continued to push the needle forward in every aspect from innovation to marketing. From the iPhone to the iPad, Apple has a long resume of successful products regardless of the product they put on the market. This raises the question, how does Apple continue to not only innovate, but to successfully change the trend and facilitate technology acceptance? How does Apple seem to strike gold on every product that they release to the public despite how outlandish they may seem at the time? In this paper we attempt to uncover the psychological strategies that Apple uses in order to market their products through various media including commercials and product marketing. By focusing on AirPods as a case study for Apple's marketing strategies we are able to dive deeper into the psychological strategies used by Apple in order to not only change the public perception of the product, but the way that the industry operates as a whole. In addition, we analyze the strategies they use to make technology more widely accepted and popular among all demographics by appealing to many different groups of people. We then synthesize the information in order to make a conclusion on wether the success of Apples company when it comes to marketing, brand, and image are attributed to the genius of the company, or plain luck.