Explain The Diffusion Of Innovation Theory

Understanding Diffusion of Innovation Understanding the importance of Diffusion of Innovation is key to marketers ensuring that their new product, idea, or technology are successfully incorporated into their desired market segment. This understanding must be based around the foundation of the diffusion innovation theory, which is anchored on the thought that whenever a new product, idea, or technology is introduces it will take time for everyone to adopt the product, idea, or technology. E.M. Rogers developed the Diffusion of Innovation theory, in 1962; the theory originated to explain how, gradually over time, a product, idea, or technology gains energy and spreads through a specific segments of the market. The basic tenets of the theory are based on the understanding that eventually every member of a segment will adopt the product, idea, or technology, even though the adoption by the entire segment will take time. Therefore Rogers broke down how people accepted product, idea, or technology into five categories: Innovators, Early Adopters, Early Majority, Late Majority and the Laggards. These five categories will be discussed in detail in the following paragraphs. The first groups of people who are willing to try out a product, idea, or technology are the Innovators. They individuals are enterprising, risk takers, and are often the first to develop new ideas. Marketers have to do very little to appeal to this segment. The next segment is the Early Adopters, “these are