Are you planning to introduce a new product? Do you know who your target client is? Can you draw demographic picture of your client? If yes, then you should know about product diffusion curve that help you determine where your product fits into the lifecycle of existing products and what is the means with respect to your customers.
Diffusion theory is one of the widely held theories of communication and is a special kind of communication that is concerned about introducing a new or innovative product. Diffusion process has four key elements, such as – innovation, social system on which innovation impacts, communication channels of the systems and time. The main focus of diffusion theory is on the means by which information about an innovation is disseminated. The influence of interpersonal communication is considered as a key factor for the shape of product diffusion curve.
What is Product Diffusion Curve?
The product diffusion curve helps organizations to think about whom the organizations should target at different stages of product lifecycle. Product diffusion plays a very important role in targeting different client groups at different stages of product life cycle. Organizations can use this model focus on which kind of client you are trying to address at different stages of product development. Diffusion can be defined as the process of communication by which new products are accepted by the market. The rate of diffusion is defined as the speed at which new ideas spread from one consumer to the next.