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Ankan

Creating, connecting... • 2d

Hey Medial fam—ever wondered why we overvalue our own creations or get stuck on that first price we see? 1. 🛠️ IKEA Effect We overvalue things we’ve had a hand in building. When you assemble your own furniture, you feel proud—and you’re willing to pay more for it (even if it wobbles). You spend an afternoon putting together a bookshelf from IKEA—and suddenly it’s *priceless* in your eyes. 2. 🎁 Endowment Effect Simply owning something makes us think it’s worth more. Your old coffee mug? You’d be devastated to lose it—even though you’d never buy it again if you saw it in a store. You list a second-hand gadget for ₹500—but when someone offers you ₹400, you think, “No way—I won’t sell!” 3. ⚓ Anchoring Effect Our first piece of information “anchors” our judgment. That first price tag sticks in our mind, and everything else feels cheap or expensive relative to it. A ₹10K smartwatch seems reasonable if you first see a ₹20K model—even if it’s still more than you’d usually spend.

0 replies2 likes

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Aditi

Hey I am on Medial • 8d

“The IKEA Effect: Why We Value What We Build” The IKEA Effect is a psychological phenomenon where people place higher value on products they partially create themselves. The name comes from IKEA, where customers assemble furniture — and end up lovin

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Rishi Chavan

Ignoramus • 3m

You know IKEA must be famous for it's DIY cost effective furnitures right but there's also one another thing. It is also popular for its food, especially IKEA meatballs. A furniture making company selling food! Strange right? Have you guys ever be

2 replies11 likes

Comet

#freelancer • 4m

Life is all about a card game. Choosing the right cards is not in our hand. But playing well with the cards in hand, determines our Success

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Only Buziness

Business enthusiasti... • 8d

“Anchoring Effect: The First Price You See Changes Everything” The Anchoring Effect is a cognitive bias where people rely too heavily on the first piece of information (the “anchor”) they see when making decisions — especially in pricing. Businesses

0 replies14 likes

Rishi Chavan

Ignoramus • 4m

This is the Dunning Kruger Effect. A psychological phenomenon described as when we tend to get knowledge and start learning in a particular field, our confidence skyrockets at first but gradually self-doubt arises and then if you stick with it, you

8 replies17 likes

Jaswanth Jegan

Founder-Hexpertify.c... • 1y

“IKEA’s Royal Sleepover” WEIRD Marketing Strategy #13 It all started on Facebook, a group was created ‘I Wanna Have a Sleepover in IKEA’ and the number of members joined were 10K,IKEA Selected 100 lucky people to spend the night in their showrooms.

15 replies18 likes

Hawk
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Medial • 9m

So Zomato has shut it’s “Zomato Legends” service with immediate effect as they didn’t find a market for it. So did anyone use it? how was the experience and the food quality?

2 replies5 likes