Diffusion of Innovation

Still today we have discussed on some Social factors like reference group, family, roles, status, group norms, etc……In our last post we have discussed on Opinion leaders as a part of reference group. Today we are going to discuss on Diffusion of Innovation which is another factor of the reference group.

Diffusion of Innovation
Opinion leaders are usually innovators. They are always trying out new products and brands, and recommending them to the opinion receivers. The acceptance of new products, brands, and ideas is known as the diffusion of innovation. In a narrow sense, innovation is defined as something new or modified which has a relative advantage over the existing products, brands, and ideas is known as the diffusion of innovation. In a narrow sense, innovation is defined as something new or modified which has a relative advantage over the exiting products. Marketers are concerned with the pread or diffusion of this innovation which is a two-step process. The first step is the spread of awareness of an innovation from its sources to the consumers. The second step is the individual consumer decision-making process which leads up to the acceptance or rejection of the innovation. We will discuss on cultural and sub culture factors in our next post.