CEOWORLD magazine - Latest - CEO Insider - What CEOs and CMOs Expect from IKEA Effect: The Concept Of Self-Assembly?

CEO Insider

What CEOs and CMOs Expect from IKEA Effect: The Concept Of Self-Assembly?

Many Chief Executive Officers (CEOs,) CIOs, Chief Marketing Officers (CMOs)  and Senior Managers find the “IKEA Effect” confusing but actually it is essentially a problem solver. Although it was joke published in The Economist, seems spot on in explaining the success factor of IKEA: the concept of self-assembly.

A study ‘The “IKEA Effect”: When Labor Leads to Love’ published by researchers (Michael I. Norton, Daniel Mochon, and Dan Ariely) at the Harvard Business School, that indicates that participants who assemble products value them more highly than identical preassembled products.

Here’s one for example: NIKE, one of the business world’s most recognizable names, involving customers in the production process with NIKEiD, allowing customers to personalize and design their own Nike merchandise. The service can be accessed both online and in physical branches (called NIKEiD Studios). In total, NIKEiD has 102 studios where customer can access the customization design service.

Agree, you value something that you build more than something you buy ready-made. Is the IKEA Effect about pride, or is it about power?


Top Charity CEOs To Follow On Twitter:

1. Ciarán Devane, Chief Executive of Macmillan Cancer, provide practical, medical and financial support and push for better cancer care. You can follow Ciarán Devane on Twitter: @ciarandevane.

2. Julia Unwin, chief executive of the Joseph Rowntree Foundation aimed to identify the root causes of poverty and injustice. You can follow Julia Unwin on Twitter: @juliaunwin.

3. Mark Flannagan, Chief Executive at Beating Bowel Cancer, dedicated to saving lives by working in partnership with individuals, local communities, clinical communities and government to improve public awareness of bowel cancer and to increase the rate of early diagnosis. You can follow  Mark Flannagan on Twitter: @MarkFlannCEO.

4. John May, Secretary General at The Duke of Edinburgh’s International Award is the world’s leading youth achievement programme. You can follow John May on Twitter: @johnccmay.

5. Peter Wanless, CEO of National Society for the Prevention of Cruelty to Children (NSPCC). You can follow  Peter Wanless on Twitter: @PeterWanless.

6. Emma-Jane Cross, Group Chief Executive of BB Group. You can follow Emma-Jane Cross on Twitter: @EmmaJaneCross.

7. Thea Stein, Chief Executive of Carers Trust, the largest UK charity working with carers. You can follow Thea Stein on Twitter: @Thea_Stein.

8. Julie Bentley, CEO of the Girlguiding, leading charity for girls and young women in the UK. You can follow Julie Bentley on Twitter: @juliebentley.

9. Stephen Cornish, executive director of Médecins Sans Frontières Canada (MSF, also known as Doctors Without Borders,) one of the world’s leading international medical humanitarian organizations. You can follow Stephen Cornish on Twitter: @Stephen_Cornish.

10. Polly Neate, CEO at The Women’s Aid, the first national charity working to end violence against women and children. You can follow Polly Neate on Twitter: @pollyn1.

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CEOWORLD magazine - Latest - CEO Insider - What CEOs and CMOs Expect from IKEA Effect: The Concept Of Self-Assembly?
Prof. Dr. Amarendra Bhushan Dhiraj
Prof. Dr. Amarendra Bhushan Dhiraj is a media and technology executive, macro-economist, strategic thinker, chair, and chief executive officer of the CEOWORLD magazine, one of the world’s most influential and recognized global news publications. Under Dr. Amarendra's leadership, CEOWORLD magazine has become the world's most iconic news organization, whose rigorous reporting and unsurpassed storytelling connect with millions of business leaders daily. Additionally, he serves as the chair and founding member of the CEOWORLD magazine’s Inclusion Advisory Board.

In his current role, he counsels and collaborates with c-suite executives of large multinational corporations, helping them drive change in their companies to improve their competitiveness. Dr. Amarendra has extensive experience in serving on numerous boards. He leads and supports a globally dispersed team of columnists, correspondents, editors, journalists, reporters, researchers, and industry analysts.

He received his Ph.D. in Finance and Banking from the European Global School, Paris, France. He also received his Doctoral Degree in Chartered Accountancy from the European International University Paris, France, and a Doctorate in Business Administration from Kyiv National University of Technologies and Design (KNUTD), Ukraine. He earned his Master of Business Administration degree in Finance and his master’s degree in Chartered Accountancy (CA) from European Global School Paris. Dr. Amarendra also holds a Master of Business Administration degree in International Relations and Affairs from the American University of Athens, Alabama, United States.

As CEO, he transformed the CEOWORLD magazine into a highly efficient, digital-first, profitable enterprise. Today, CEOWORLD magazine is a standard bearer for modern responsible journalism. Dr. Amarendra retains a strong desire to continuously improve his skills and abilities and believes that the first step to being a true leader is to inspire others to lead with you.

Prof. Dr. Amarendra Bhushan Dhiraj is the CHAIR, CEO, AND EDITORIAL DIRECTOR of the CEOWORLD magazine. Connect with him through LinkedIn.