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Factors of innovation, forecasting technologies Strategies

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1. What factors influence the adoption and diffusion of innovations?

2. What methods of forecasting technology and markets are available, and what are their relative advantages and disadvantages?

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1. What factors influence the adoption and diffusion of innovations?

The factors that influence the adoption and diffusion of innovations are the type of advantage the innovation provides. The next is the compatibility of the innovation. For instance, if there is a new software, it is compatible with the commonly used operating systems its adoption is likely to be fast. Further, if the innovation can be observed and tried out its adoption and diffusion becomes faster. In addition, if the innovation is simple it is accepted quickly. The adoption of the innovation to individual needs is an important factor that influences adoption and diffusion of innovation. From a different perspective the relative advantage provided by the innovation leads to quick adoption and diffusion. One of the most critical factors is the cost of diffusion. This influences the rate of diffusion.

In case of diffusion if the ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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