A Critical Review of Innovation Diffusion of a Product and its Growth Models

Abstract

Over the past few years, the way new products and services are communicated has become more complex. Nowadays, people are influenced by many things such as word of mouth, online communication, and social media. In business research, the study of how innovation develops (called the diffusion model) to understand these effects. We discuss how researchers model this across industries and brands. We will examine issues such as relationships, network effects, separations and technology generations in business life. We explore the impact of different countries, differences in growth and competition affecting growth, in the context of different businesses and brands. After reviewing the research, we think that in order to stay current, different models should be changed instead of looking at how people communicate. Our general recommendation: innovation diffusion refers to the way new products and their services enter the market, ambitious by social impact and all the ways in which people Consumers influence different business people. This includes things we may not be aware of that impact the business. Although much research has been done on the diffusion model, we believe there is much more to be discovered, especially to explain and understand the current market. These trends include globalization, the growth of online services, social disruption, and the complexity of everyday products and services.