Review of Innovation Modeling Literature

Abstract

Birth of product innovations is a natural phenomenon that takes place as and when the ever-changing consumer needs are addressed. The examples of such innovation technology products are our mobile handsets, the WiFi routers, the microprocessors, the computational devices, and the data storage devices. Such innovations in the products take time to get diffused in the market. While some innovations prove to be successful, some may fail also if either the understanding of the consumer needs is inadequate, or the implementation of the innovation in terms of market entry strategy or operational strategy is faulty. There is plenty of literature on the diffusion modelling of innovations. This review aims to summarize the existing literature on diffusion modelling of innovations and bring about the research gaps that can be addressed in the future. While putting forward the research gaps, the authors attempt to give a due consideration to the contemporary needs of the industry in line with the evolving consumer dynamics and supply dynamics.