Outline #16: Innovation

I. The diffusion of innovations describes how products and services are accepted in the marketplace.

II. The five steps of adoption include innovation, early adoption, early majority, late majority and laggards.

III. Innovations can be categorized as firm oriented, product oriented, market oriented, and consumer oriented.

IV. There are several influences on innovation: relative advantage, compatibility, complexity, and trialability.

(Handouts 17.4, 17.5, 17.6)

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