Diffusion of Innovation

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DIFFUSION OF INNOVATION TO DEVELOP STRATEGIES TARGETED TO THE ADOPTERS CATAGORIES


ABSTRACT
In this discussion, company dealing with the diffusion of innovation, which how can a new product/service absorbed by the market on the basis of time, social system, distribution and price. Specifically, dealing with the consumers which adopt an innovation. According to the adaptation, consumers are classified into the five categories which are innovators, early adopter, early majority, late majority and laggards respectively. These adopters are arranged by the levels of time, social system that when and why they adopt and innovation.  

DIFFUSION-OF-INNOVATIONS TO DEVELOP STRATEGIES TARGETED TO THE ADAPTER CATEGORIES Diffusion of Innovation is the process by which an innovation spread amongst and gets absorbed/accepted by the market. Schiffman defines that diffusion is a process by which the acceptance of the innovation (can be a new product or service, a new idea offer) which is spread by any communication channel to the market. So, if any company offers a new product then it has to target the market which includes the adopters. Consumers are classified into possibly five categories which diffuse any new innovation. Roger has classified the adopters according to the time which is taken by them to adopt a product, Communication channel and social system. According to the research when these five categories are plotted on a graph, create a bell shaped normal distribution curve. So, the target market includes the following adapter categories: INNOVATORS: These consumers are those who are risk taking, youngest in age, have the highest social class, and have close contact to the sources and other innovators. They are comprise 2.5 percent of the target market(s) adopters. Innovators are those consumers who are more prone to buy a new product or service. They take the risk to buy an innovation whether it may succeed or fail. They buy the product not...
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