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What is IKEA about?

IKEA effectively uses various behavioral economics concepts in their business operations and marketing strategies. They leverage the decoy effect by introducing budget and premium options alongside a less attractive decoy option. This makes the other options seem like better values. They exploit the sunk cost fallacy by having customers spend time reaching out-of-the-way stores with maze-like layouts. And they harness the Gruen effect and endowment effect - the former by disorienting customers in complex st

Author

Jai Verma

Language

EN