L3 Risk of Innovation

What is the transitional phase between the early adopters and the mainstream market called?

• The chasm gap

• The innovation phase

• The critical mass

• The customer base

According to the Diffusion of Innovations theory, what are the four main factors that affect how a new idea spreads?

• The innovation itself, the ways it's communicated, the time it takes to spread, and the kind of social system the innovation enters

• The product features, the marketing budget, the target audience, and the competition

• The price, the distribution channels, the customer reviews, and the brand reputation

• The market size, the profit potential, the technological advancements, and the government regulations

Who are the innovators and early adopters in the context of Air New Zealand's implementation of VR entertainment systems?

• Tech enthusiasts and cautious individuals

• Skeptical passengers and resistant individuals

• Price-sensitive customers and late majority

• Laggards and early majority

What is disruptive innovation?

• New ideas that shake up the way things are done and create a whole new market or change how things work in an existing market

• Incremental improvements to existing products or services

• The process of adopting new technologies in a business

• The resistance to change and the fear of innovation

What is the role of the early majority in the diffusion of the VR entertainment system on Air New Zealand flights?

• They adopt the technology once they see a significant portion of their peers using it

• They are the initial group of tech enthusiasts or early adopters who eagerly embrace new technologies

• They wait for initial issues to be resolved and evidence of benefits to accumulate

• They are resistant to change and only consider using the technology when it becomes an absolute necessity

What is the Skycouch innovation introduced by Air New Zealand?

• A disruptive seating arrangement on flights that transforms a row of three economy seats into a flat surface

• A virtual reality entertainment system for long-haul flights

• A new marketing strategy to attract more customers

• A loyalty program for frequent flyers

What impact did the Skycouch innovation have on Air New Zealand's competitive position?

• It positioned Air New Zealand as an innovative and customer-centric airline

• It led to financial setbacks and loss of investor confidence

• It created a risk by leaving the innovation trapped in a limbo

• It resulted in missed opportunities and a decline in customer base

What are the key features of the Skycouch innovation?

• Flexibility, affordability, and catering to families

• Refining the product, tailoring marketing strategies, and establishing a solid customer base

• Addressing the unmet needs of passengers, improving customer satisfaction, and gaining a competitive advantage

• Creating a whole new market, changing how things work, and beating out the big players

Who are the laggards in the context of Air New Zealand's implementation of VR entertainment systems?

• Passengers who are resistant to change and only consider using the technology when it becomes an absolute necessity

• Tech enthusiasts and early adopters

• Skeptical passengers who require substantial evidence of value before trying the technology

• Passengers who eagerly embrace new technologies and book flights specifically to experience the new feature

What is the theory that describes the pattern and speed at which new ideas, practices, or products spread through a population?

• Diffusion of Innovations theory

• Technology Adoption Lifecycle

• Disruptive Innovation theory

• Innovation Adoption Lifecycle