06 Flashcards
(16 cards)
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Definition: Technology
• Application of scientific knowledge to practical aims
• Any useful skill or mechanism developed or invented
• Method to transform input to output in economic systems
Definition: Technology Management
Set of management disciplines enabling organisations to manage technological fundamentals to create customer advantage.
Definition: Innovation Diffusion
Theory explaining how, why, and rate at which new ideas and technologies spread.
Technology Adoption Lifecycle
Describes the cumulative adoption of technology over time with segments:
- Innovators
- Early adopters
- Early majority
- Late majority
- Laggards
Lead User Innovation
Lead users experience needs ahead of the market and benefit significantly by innovating solutions.
Crossing the Chasm
Geoffrey Moore’s concept of the gap between early adopters (enthusiasts) and the early majority (pragmatists) in tech adoption.
Technology Maturity Curve
Depicts technology lifecycle:
- Initial development
- Targeted improvements
- Diminishing returns
Example: Intel microprocessor density improvements.
Definition: Disruptive Innovation
Clayton Christensen’s concept where new technologies initially serve niche markets but can disrupt established markets over time.
Dominant Design
De facto standard in technological features that gains marketplace allegiance. Example: Underwood Model 5 typewriter.
Gartner Hype Cycle
A model describing stages of technology adoption:
- Innovation trigger
- Peak of inflated expectations
- Trough of disillusionment
- Slope of enlightenment
- Plateau of productivity
Definition: Transaction Cost
Costs associated with economic trade such as:
- Search and information costs
- Bargaining costs
- Policing and enforcement costs
Division of Labour
Adam Smith’s theory where specialisation increases productivity. Example: Pin production with vs. without division of labour.
Network vs. Market Coordination
Network coordination involves shared resources without ownership, while market coordination uses independent transactions.
Rebound Effect
Effect where increased efficiency leads to increased consumption due to lower transaction costs.
Digital Management Control Loop
Automated loop for continuous measurement, management, and implementation in real-time. Example: Digital advertising feedback.
