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Diffusion of Innovation

   

Added on  2021-01-02

6 Pages1423 Words330 Views
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ManagingInnovation
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY'..................................................................................................................................1Diffusion of Innovation (DOI) Theory.......................................................................................1Application of Diffusion of Innovation Theory..........................................................................2Future Development of Products and Services...........................................................................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTIONInnovation can be defined as the process of making a new product or service in order tosatisfy better the needs and demands of their customers. The company chosen for the completionof this assignment is “made.com” which was established in 2010 and is dealing in providingfurniture services to their customers. This assignment will provide an understanding about thetheory related to innovation and also about its applicability in made.com.MAIN BODY'Diffusion of Innovation (DOI) TheoryThe following theory was propounded by E.M. Rogers in the year 1962. The followingtheory was used in the process of communication and identifying the new and innovative ideasby making utilisation of various channels (Biemans, 2018). There are various ways by which thetransmission of ideas can be made possible. This theory helps in assessing the aspects which canimpact upon the rate of innovation adopted by an individual. The following theory explores theway by which when innovation is first made and then it spreads across the population. In accordance with this theory, adopters are defined as the persons or individuals, groups,businesses or population in the social system as per their ability to adopt the innovation. Thefollowing is the explanation of five adapters which are included in the Diffusion of InnovationTheory (DOI) which are explained as under:Innovators: These are the individuals who are keen to adopt an innovation and also have anenthusiastic approach in them towards innovating new products, services or anything else thatcreates value for the company. Along with their enthusiastic approach they also have high levelof tolerance quality in them and do not think about the failure of their work (Dawson andAndriopoulos, 2014).Early Adopters: The individuals included under this category of Diffusion Theory are more distinct ascompared to innovators. These individuals are highly aware about the need to adopt changes andhence creates new ideas and completed the innovation process through their work andperformance.Early Majority: 1
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