Diffusion of innovations describes the way
consumers adopt a new technology. The presentation I will be giving will
discuss the diffusion of innovation, convergence and how these two principles
are affecting the economy today. I will be using the Apple company as an
example as well as their well-known and diffused product, the iPod.
Several factors affect the way a product diffuses into today's market
place. Some of these include, the market and what barriers to entry are
involved and the need for it. Does a new technology make life simple for the
user or more difficult? These are all things a company must take into
consideration before releasing a new media. The company is constantly trying to
capture the client whether they are an innovator, early adopter, early
majority, late majority or laggard.
Convergence is multiple medias coming together into one media. A common
example of this is a smart phone or tablet. Many economists and researchers are
interested in finding out how convergences of medias are affecting the market
today. Will people continue to buy products? Will there be multiple products
for people to buy if they have all converged into one?
Upon doing some research, I argue that yes, there will always be a
market for new media. In some cases I believe there will always be a market for
some pieces of old media. Old media tends to be the foundational context for a
lot of new or converged media products today. People have unlimited wants. It
is a basic economic principle. When people have unlimited wants they will
constantly be looking forward to the next new thing. For example, I have come
across friends that refuse to buy the iPad 2 because they know the iPad 3 is
just around the corner. There is nothing wrong with the latter but in a few
months it will not be the biggest or the brightest.
1 comment:
After giving my presentation today and participating in class discussion I have a new sense of clarity pertaining to the question posed this week. My belief is that new media convergence influences new media markets by constantly pushing them to change. The market cannot stay stagnant because convergence means that it will need to be frequently changing to keep up with the change and competitors. I also thought the point classmates raised about the generations of today having different influences on the future of technology convergence was also very interesting. I tend to agree with the point raised that the age of children getting convergent technologies will become earlier and earlier and eventually the need for technologies that only do one thing will become obsolete.
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