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New products and services importance

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Explain the importance to understanding both complementary and substitute products with the diffusion of new products and services.

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The solution explains the importance to understandaing both complementary and substitute products with the diffusion of new products and services.

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Hello,

The diffusion of products is the way that is flows through the product life cycle, and how it is accepted in the mind of consumers.

Products are accepted by consumers at different rates. Rogers in Each stage of acceptance has a different characteristics:

Innovators - like to be on the cutting edge;
Early adopters - Base their decision on the data that was provided by the innovators, and then make their own adaptation decision;
Early / late majority - A large proportion of the population will follow suit of the early adaptors and use the product. This might be out of necessity, since the product is so ...

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