Ikea Effect

 

#Ikeaeffect  and Endowment effects are important economic behaviors of consumers but they are different. They are  cognitive biases.
Ikea effect is when consumers place a disproportionately high value on products that they partially created.

What is IKEA effect in Psychology? How people tend to value an object more if they make it themselves.
IKEA effect is simple : when you work for something you fall in love with it. Doing things ourselves makes us happier.
Michael Norton ,Daniel Mochon and Dan Ariely , who coined the term ' IKEA effect ' in their paper, define this effect as simply an increase in valuation of self made products !

इकेया इफेक्ट म्हणजे कार्येपुर्तीचा असा आनंद किंवा समाधान ज्यात आपला सहभाग ठळकपणे नसला तरी आपण ती वस्तू घडवतो. हे घडवत असताना आपण जास्त रक्कम खर्च करतोय हे ध्यानातही येत नाही किंवा त्याकडे दुर्लक्ष होतं.
2011 मध्ये Jornal of consumer psychology by Michael Norton, Daniel Mochon and Dan Ariely यांनी याबद्दल एक प्रबंध सादर केला होता.

The Ikea Effect- That labour alone can be sufficient to induce greater liking for the fruits of one's labour.

Infusing the Task with labour 🤗
जाता जाता  Endowment effect पाहूयात.
Endowment effect in which simply owning a product increases it's perceived value.
Marketing आणि Consumer behavior चा अभ्यास करताना आपण या इफेक्ट कडे दुर्लक्ष करता कामा नये.

During Covid-19 Group of Expat housewives had collected Water Bottle as well as aerated drinks Bottle caps for donation.
To collect handful Bottlecaps for donation, I ended up drinking cold drinks 😎 unnecessary!

#sulawrites #marketing #crossculture #people #happyengineersday