Technology Flashcards
Why is understanding of technology and its impact on business important?
bc it helps us see the emergence of new and future industries
def technological environment
all developments based on human knowledge, research, and development
def invetion
scientific discovery as a direct result from scientific knowledge
def innovation
commercialised invetion; products + services relating to a certain invetion
what is the difference between radical and incremental innovation?
incremental is a slight or moderate improvement of existing products+processes, while the radical one is completely new products+processes
def technology
aggregate of all invetions and innovations
what are the ‘push’ sources of technological dynamics (innovation)?
- new knowledge or research
- social forces (pandemic)
- government policy (either regulation or deregulation)
what are the ‘pull’ sources of technological dynamics (innovation)?
- innovative drive of the company (innovation is a competitive advantage)
- customer needs
- demand conditions
in which industrial structure is innovation (technological dynamics) important?
both in perfect competition (extra profits available and can be reinvested) and in monopoly (new invetions to increase profit)
what are the three trends of technology that developed with covid?
- people centricity (people are in the center)
- location independence (work from anywhere)
- resilient deliveries (whatever the conditions are)
def internet of things (ESSAY Q)
interrelated devices that transfer data with no human interaction
def economy of sharing (ESSAY Q)
collaborative consumption (uberization) = mutualisation of excess capacity of goods or services
def big data analytics (ESSAY Q)
study and application of data sets that cannot be dealt with by traditional data-processing software
def virtual reality (ESSAY Q)
an emergent economy existing in a virtual world
def artificial intelligence (ESSAY Q)
intelligent machines that work and react like humans
