Week 12

Question 1

What is innovation

Answer 1

Idea, practice or object that is perceived as new and that presents a new alternative of solving a problem

Question 1

How is innovation best understood?

Answer 1

Product oriented classification that focuses on the degree of novelty in the product and the demands that this has on consumer behaviour

Question 2

What is continuous innovation

Answer 2

Involves a modestly modified product rather than a totally new one and tends to create little or no change in behavioral patterns

Question 3

What is dynamically continuous innovation

Answer 3

Involves the creation of a technological new product to change behavioral patterns

Question 4

What is dynamically continuous innovation considered as

Answer 4

Evolutionary

Question 5

What is discontinuous innovation

Answer 5

Revolutionary and requires the establishment of new behavioral patterns

Question 6

What is diffusions of innovation

Answer 6

Social process where an innovation is communicated through certain channels overtime

Question 7

What does each innovation present

Answer 7

Uncertainty and offers a superior way of solving a problem

Question 8

What did Everett rogers propose

Answer 8

Innovation must reach a critical mass to sustain itself

Question 9

What are 5 categories of adopters

Answer 9

1. Innovators
2. Early adopters
3. Early majority
4. Late majority
5. Laggards

Question 10

What is relative advantage

Answer 10

The degree which the innovation is perceived to be superior to current practice

Question 11

What is observability

Answer 11

Degree which the benefits of the innovation are visible

Question 12

What is compatibility

Answer 12

Degree which an innovation is perceived to be consistent with values, ideas, perceived needs, lifestyle and existing infrastructure

Question 13

What is trialability

Answer 13

Degree which an innovation can be experienced on a limited basis

Question 14

What is complexity

Answer 14

The degree to which an innovation is difficult to use or understand

Question 15

What other factors influence technological impact on consumption

Answer 15

1. Socio technical context needed to support new technology and how disruptive the technological innovation is
2. Environmental and economic factors

Question 16

What is quantified self

Answer 16

Belief that tracking metrics can lead to self improvement

Question 17

What are examples of quantified self

Answer 17

Wearable technology and e-health

Question 18

What is e-health

Answer 18

The use of information and communication technologies for health

Question 19

What are technological trends

Answer 19

1. Health care trends: wearable technology, convenience in information access and record keeping
2. Information sharing

Question 20

How do people information share

Answer 20

Social media

Question 21

What are quick response codes

Answer 21

Optical machine readable barcodes that record and store information related to items

Question 22

How do quick response bar codes work

Answer 22

1. Adding URL to a real world message, object or location
2. This is placed on packaging, advertisements, websites etc

Question 23

What are some ethical consequences of new technology

Answer 23

Addiction, injuries, disorders, privacy, anxiety and uncertainty, decision making,

Question 24

What are internet of things

Answer 24

Networks that keep machines connected and allow them to exchange data without human intervention

Question 25

What is asset light generation

Answer 25

Describes the behaviour of young people who are part of a growing trend towards storing and streaming rather than owning physical goods

Question 26

What is uberization

Answer 26

Proliferation of business models to encourage peer to peer transaction between clients and service providers

Question 27

What is sharing economy

Answer 27

Economic activity that reflects consumer preference to have temporary access to goods rather than own them

Question 28

How does recessions influence consumer behaviours

Answer 28

Consumers savviness tends to go up and usage of money savings goes up

Question 29

What does the recession mean to marketers

Answer 29

Marketers should invest marketing effort particularly where consumers are considering changes in expenditure

Question 30

What are the four types of reactions in a recession

Answer 30

1. Unaffected
2. Planners
3. Soft reactors
4. Strong reactors