msmidters Flashcards
…is an intense and widely shared enthusiasm for something, especially one that is short-lived and without basis in the object’s qualities
fad
information cascades happen when a potential consumer or user abandons his or her own information and defer to the decision made by other individuals
. INFORMATIONAL CASCADE THEORY
EX: a mob gathered around a food park in the city is enough to entice a group of newcomers to join
. INFORMATIONAL CASCADE THEORY
A phenomenon that happens when its manufacturers can no longer manipulate or introduce new features; thus wearing out the interest and loyalty of its initial market
FINITE VARIABILITY
new item or practice that stabilizes and transforms into habit, lifestyle or an enduring product. (Arzadon et.al., 2018)
TREND
It is a recurrent phenomenon that takes place over time and gives rise to speculation of the future. (Sanders, et.al., 2002)
Trend
It is a “look” that has the appeal of “newness” because it has been missing or scarce in the marketplace.
trend
It occurs when there is a building of awareness on this new idea and its presence produces as increasing demand or need for that idea among consumers (Brannon, 2000)
trend
Factors shaping trends:
Human needs
Historical forces
Globalization
Digital connectivity and social media
he desire to build a better world and quality of life pushes forth never-ending, ever-changing human needs
- HUMAN NEEDS CREATE TRENDS
History bears changes, upheavals, conflicts, issues and solutions carried on by humankind
- HISTORICAL FORCES TRIGGER TRENDS
increased interaction between states and societies
- GLOBALIZATION
has grown into a multi-use environment
- DIGITAL CONNECTIVITY AND SOCIAL MEDIA
How to spot trends?
Producers look for
customer-facing innovations that are redefining what people will want and even start to expect
It’s a VUCA world
V-olatility
U-ncertainty
C-omplexity
A-mbiguity
Antidote:
V-ision
U-nderstanding
C-larity
A-gility
-Interdisciplinary long-term trends that will determine the future for a large part of the world (Arzadon et.al., 2018)
MEGATREND
might be slow to form but exhibits a transformative impact on a broad array of human activities, processes and perceptions.
MEGATREND
SIX CATEGORIES OF MEGATRENDS:
Shifts in human densities and movements
Changes in economic systems
Changes in Political structures and rise of social movements
- Advancements in science and technology
- Developments in the socio-cultural landscape
- Changes in the earth’s geology and ecosystems
-Conscious acts from humans to direct the course of a megatrend.
Game Changers
innovations that open up a new avenue of change and transform the socio-cultural landscape
Game Changers
Conscious acts from humans to direct the course of a megatrend.
Game Changers
These are macroeconomic and geostrategic forces that are shaping our world and our collective future in profound ways. (Moody, 2005)q
Megatrend
changes in population sizes, migration, birth rates, mortality rates, geographic distribution of groups
Shifts in human densities and movements
-changes in market behavior, capital inflows and outflows between nations and continents, economic reforms
Changes in economic systems
power configurations bet. nations and regions, conduct in governance and citizen representation, new strategies of revolutionary mov’ts
Changes in Political structures and rise of social movements
-research and development in various fields of the physical and natural sciences, new inventions
- Advancements in science and technology
shifts in value systems and social practices leading towards a reorientation of moral compass
. Developments in the socio-cultural landscape
environmental pressure caused by development: fuel emissions, lost of forests, rising sea levels, global warming
. Changes in the earth’s geology and ecosystems
means making reasoned judgments
critical thinking
priniciples of CT
- Be skeptical
- Insist on evidence
- Examine definition of terms
- Examine the assumptions or premises of arguments
- Be cautious in drawing conclusions from evidences
- Consider alternative interpretations of research
- Do not oversimplify
- Do not overgeneralize
- Apply critical thinking to all areas of life
(Rathus, 2012)
a systematic pattern of deviation from norm or rationality in judgment
cognitive bias
error in way of thinking that influence how we make decisions
cognitive bias