Diffusion of Innovation: The Acceptance of New Products and Brands
In today’s competitive context, marketers are not only concerned with launching brands but also with how consumers accept them in the market place. Diffusion of innovation is associated with:
- how consumers accept new products and brands (specifically the target segment of consumers in a given social context), and
- how they accept a set of marketing mix elements formulated for a brand over a period of time. Though traditionally diffusion of innovation has been concerned only with new products, the concept can be applied to existing products and brands, given the intense competition in almost any product/service category.
New products can be divided ...