Week 12 Flashcards
What is innovation
Idea, practice or object that is perceived as new and that presents a new alternative of solving a problem
How is innovation best understood?
Product oriented classification that focuses on the degree of novelty in the product and the demands that this has on consumer behaviour
What is continuous innovation
Involves a modestly modified product rather than a totally new one and tends to create little or no change in behavioral patterns
What is dynamically continuous innovation
Involves the creation of a technological new product to change behavioral patterns
What is dynamically continuous innovation considered as
Evolutionary
What is discontinuous innovation
Revolutionary and requires the establishment of new behavioral patterns
What is diffusions of innovation
Social process where an innovation is communicated through certain channels overtime
What does each innovation present
Uncertainty and offers a superior way of solving a problem
What did Everett rogers propose
Innovation must reach a critical mass to sustain itself
What are 5 categories of adopters
- Innovators
- Early adopters
- Early majority
- Late majority
- Laggards
What is relative advantage
The degree which the innovation is perceived to be superior to current practice
What is observability
Degree which the benefits of the innovation are visible
What is compatibility
Degree which an innovation is perceived to be consistent with values, ideas, perceived needs, lifestyle and existing infrastructure
What is trialability
Degree which an innovation can be experienced on a limited basis
What is complexity
The degree to which an innovation is difficult to use or understand
What other factors influence technological impact on consumption
- Socio technical context needed to support new technology and how disruptive the technological innovation is
- Environmental and economic factors
What is quantified self
Belief that tracking metrics can lead to self improvement
What are examples of quantified self
Wearable technology and e-health
What is e-health
The use of information and communication technologies for health
What are technological trends
- Health care trends: wearable technology, convenience in information access and record keeping
- Information sharing
How do people information share
Social media
What are quick response codes
Optical machine readable barcodes that record and store information related to items
How do quick response bar codes work
- Adding URL to a real world message, object or location
- This is placed on packaging, advertisements, websites etc
What are some ethical consequences of new technology
Addiction, injuries, disorders, privacy, anxiety and uncertainty, decision making,
What are internet of things
Networks that keep machines connected and allow them to exchange data without human intervention
What is asset light generation
Describes the behaviour of young people who are part of a growing trend towards storing and streaming rather than owning physical goods
What is uberization
Proliferation of business models to encourage peer to peer transaction between clients and service providers
What is sharing economy
Economic activity that reflects consumer preference to have temporary access to goods rather than own them
How does recessions influence consumer behaviours
Consumers savviness tends to go up and usage of money savings goes up
What does the recession mean to marketers
Marketers should invest marketing effort particularly where consumers are considering changes in expenditure
What are the four types of reactions in a recession
- Unaffected
- Planners
- Soft reactors
- Strong reactors
