Innovation Theory Outline For Research Paper

1 Diffusion of Innovation Theory Outline 1.1 Adopters

Adopters play a large role in the diffusion of new ideas into society, as they are all of those who engage and use new products or innovations. These adopters are normally classified in five stages based on their method of technological innovation adoption and their influence on the innovative and adoption processes(Kaminski 2011) as well as what average percentage of the target is being struck. The first stage contains the innovators or the technology enthusiasts, which holds around 2.5% of the population. These are the most curious users who are always trying new products and actively searching for the most innovative and creative solutions available. Should the product pass their critique,

(Trott 2008). Most business and professionals cannot agree on a general management style, so how are they expected to agree on a universal innovation management method?

Technological innovations are not a new idea and are happening all around in the time at we live in. Not all ideas are successful, but this is the nature of being innovative, sometimes you fail. Probability of failure however can be lessened through proper management of the project. Here we aim to discuss the management of new to the state of the art innovations, for the primary reason that this is the area where existing knowledge is the most limited (Birkinshaw 2008). Innovation types can be broken down further into categories such as; basic, breakthrough, sustaining and disruptive. Most successful companies find themselves moving between quadrants however smaller companies tend to focus on one sector at a time.

Figure 2: Innovation Matrix of World Class Performers. (Satell

Branding, in order to make the product appealing, stand out and encourage brand loyalty. This will include logos, packaging, labelling etc. Sponsorship, affiliations with well established products can increase the popularity of a new and emerging one.

The umbrella of marketing also considers social responsibilities in the decision making problem, such as regarding government regulation, food and product safety, pricing and advertising, labelling, weights, and measures and finally proper attention to hazardous products(Kotler 2014).

Differences between markets and standards within different localities in the world must also be considered such as international laws, trade laws, electrical differences between countries, cultural sensitivities and meaning awareness with regards to written word and symbolism. Also questions of perhaps building variations of the product or service depending on the target area rather than using one standardized version