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Unified approach for modeling innovation adoption & optimal model selection for the diffusion process

Unified approach for modeling innovation adoption & optimal model selection for the... PurposeMathematical Modeling of Innovation Diffusion has been an ever evolving field of marketing science. Diffusion process explains the dispersion of an innovation among the potential buyers. Prior research on innovation diffusion has been based on modeling varied aspects of the real life situations in marketing. One such aspect is studying adoption process depending on awareness and motivation level among the customers. Awareness is about having knowledge of the innovation, whereas motivation is about the perception of an individual. In line with these aspects, in this paper, we propose a unified modeling framework for adoption process based on awareness and motivation about the product. Design/methodology/approachWhen the market is well informed about the product, there are some people who are motivated and some, who have adopted the product earlier and shall now influence others in their buying behaviour. It is very much similar to queuing system in which some units are waiting in a queue for the service, service for some units are being processed and some units have already been served. This analogous behavior between two approaches has motivated the use of infinite server queuing theory in modeling adoption of the product. Thereafter, we have proposed a unification scheme to model different market scenarios.FindingsFrom analyzing the values of comparison criteria, it was not clear that which among them is performing best. Thus there was a need for an approach which can judiciously find the optimal model. For this very purpose we applied Distance Based Approach which was capable of computing the optimal model based on the distance of attribute value from the optimal. The analysis performed on two real life sales data sets depict that model in which awareness is following logistic pattern and motivation & adoption are following a constant pattern is ranked one.Research limitations/implicationsThe idea has been validated on product. It would be interesting to know how the methodology works on service.Originality/valueThe modeling framework discussed in this paper can be helpful to know from the available set of alternative, which among them is performing better in capturing the spread of the product in the market. The proposed framework offer some managerial guidance by highlighting the unusual aspects of diffusion process and also present an approach to judge the best among a set of different models. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Advances in Management Research Emerald Publishing

Unified approach for modeling innovation adoption & optimal model selection for the diffusion process

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0972-7981
DOI
10.1108/JAMR-03-2015-0021
Publisher site
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Abstract

PurposeMathematical Modeling of Innovation Diffusion has been an ever evolving field of marketing science. Diffusion process explains the dispersion of an innovation among the potential buyers. Prior research on innovation diffusion has been based on modeling varied aspects of the real life situations in marketing. One such aspect is studying adoption process depending on awareness and motivation level among the customers. Awareness is about having knowledge of the innovation, whereas motivation is about the perception of an individual. In line with these aspects, in this paper, we propose a unified modeling framework for adoption process based on awareness and motivation about the product. Design/methodology/approachWhen the market is well informed about the product, there are some people who are motivated and some, who have adopted the product earlier and shall now influence others in their buying behaviour. It is very much similar to queuing system in which some units are waiting in a queue for the service, service for some units are being processed and some units have already been served. This analogous behavior between two approaches has motivated the use of infinite server queuing theory in modeling adoption of the product. Thereafter, we have proposed a unification scheme to model different market scenarios.FindingsFrom analyzing the values of comparison criteria, it was not clear that which among them is performing best. Thus there was a need for an approach which can judiciously find the optimal model. For this very purpose we applied Distance Based Approach which was capable of computing the optimal model based on the distance of attribute value from the optimal. The analysis performed on two real life sales data sets depict that model in which awareness is following logistic pattern and motivation & adoption are following a constant pattern is ranked one.Research limitations/implicationsThe idea has been validated on product. It would be interesting to know how the methodology works on service.Originality/valueThe modeling framework discussed in this paper can be helpful to know from the available set of alternative, which among them is performing better in capturing the spread of the product in the market. The proposed framework offer some managerial guidance by highlighting the unusual aspects of diffusion process and also present an approach to judge the best among a set of different models.

Journal

Journal of Advances in Management ResearchEmerald Publishing

Published: Aug 1, 2016

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