Write one page summaries on empirical article on the topic of diffusion of innovation.

Diffusion of Innovation – Summary Assignment

One interesting theory that has recently become more popular is known as the Diffusion of Innovation theory in which this states that a business is able to understand how a buyer can adopt or engage in a new product over the course of a certain amount of time (Hanlon, 2013). This theory can be applied by businesses if they are planning on releasing a new product into the market. Within this model, there are 5 sections or categories that describe the different patterns of behavior of people and their interest in a market’s product. The categories are known as innovator, early adopters, early majority, late majority, and laggards.

The first category, listed as the innovator, are a group of people who explore the new technologies and products very early on. Often, these people will create blogs or podcasts envisioning what they see to be the future of a product and where it will be in the future (Hanlon, 2013). The second category is the early adopters, people who share testimonies about a service or product. The early majority group are people who read reviews about a product first before purchasing. The late majority group are those who are not readily able to change and will not buy a new product until they have a strong sense to buy it. Lastly, laggards are the group of people who will stay with traditional forms of technology and do not stay up to date with the latest innovations (Hanlon, 2013).

Essentially, the diffusion of innovation model is important because it can shape and map out major advancements in technology and innovations within society for marketing companies (O’Connell, 2018). People are going to respond to trends in technology in different ways and so by using this model, marketers and businesses are able to better assess what they can do to their business to better the market for their service or product. The ultimate goal is to create a product that a large majority of the public will be gravitated towards and interested in because this is what makes a business successful (O’Connell, 2018).