M: Marketing
5th Edition
ISBN: 9781259446290
Author: Dhruv Grewal Professor, Michael Levy
Publisher: McGraw-Hill Education
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Chapter 12.2, Problem 1CY
Summary Introduction
To determine: The five groups on the diffusion of the innovation curve.
Introduction: Innovation is creation of a newer kind of already marketed products with new ideas for the goods and services produced in an economy in a given period of time.
Innovation diffusion curve is a curve that depicts the number of customers that use the innovated good in an economy in a given period of time that first increases and then tends to decrease due to which the diffusion curve is a bell-shaped curve.
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Chapter 12 Solutions
M: Marketing
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- Diffusion of Innovation There are certain products that can be associated with users in each stage of the diffusion of innovation curve. The process by which the use of an innovation-whether a product, a service, or a process-spreads throughout a market group, over time and across various categories of adopters, is referred to as diffusion of innovation. The theory surrounding diffusion of innovation helps marketers understand the rate at which consumers are likely to adopt a new product or service. It also gives them a means to identify potential markets for their new products or services and predict their potential sales, even before they introduce the innovations. Roll your cursor over each type of product to reveal definitions. Then place each product under the correct consumer type. PlayStation VR Headset Innovator Electric car Movies newly released on demand Early Adopter SUV Early Majority VCR Late Majority Electric car Laggardarrow_forwardWhy product and market innovation is the most critical based on today's industry conditions?arrow_forwardExplain the concept of customers as innovation partners and how to implement the concept.arrow_forward
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