Product Life Cycle VS Diffusion Of Innovations - How They Compare?
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The Product Life Cycle is a model that represents the stages a product goes through from introduction to withdrawal from the market. It typically includes stages like introduction, growth, maturity, and decline.
The Diffusion of Innovations Curve, on the other hand, illustrates how new ideas, products, or technologies spread through a population over time. It categorizes adopters into groups like innovators, early adopters, early majority, late majority, and laggards.
These concepts are related because as a product progresses through its life cycle, it often follows the adoption pattern outlined in the Diffusion of Innovations Curve. In the introduction stage, innovators adopt the product, followed by early adopters in the growth stage, and so on. Understanding both models helps businesses strategize their marketing and innovation efforts at different stages of a product's life.
00:00 Product life cycle and diffusion of innovation curves
00:19 Product life cycle
00:24 Introduction of the product
01:03 Product growth
02:02 Product maturity
02:52 Decline of the product
05:03 Diffusion of innovations curve
05:15 Innovators
05:47 Early adopters
06:20 “The chasm”
07:25 Early majority
08:16 Late majority
08:54 Laggards
10:09 How they relate to each other
14:50 Where are you in the curve?
16:53 My takeout
https://www.insidetheproduct.com/reso...
The Product Life Cycle is a model that represents the stages a product goes through from introduction to withdrawal from the market. It typically includes stages like introduction, growth, maturity, and decline.
The Diffusion of Innovations Curve, on the other hand, illustrates how new ideas, products, or technologies spread through a population over time. It categorizes adopters into groups like innovators, early adopters, early majority, late majority, and laggards.
These concepts are related because as a product progresses through its life cycle, it often follows the adoption pattern outlined in the Diffusion of Innovations Curve. In the introduction stage, innovators adopt the product, followed by early adopters in the growth stage, and so on. Understanding both models helps businesses strategize their marketing and innovation efforts at different stages of a product's life.
00:00 Product life cycle and diffusion of innovation curves
00:19 Product life cycle
00:24 Introduction of the product
01:03 Product growth
02:02 Product maturity
02:52 Decline of the product
05:03 Diffusion of innovations curve
05:15 Innovators
05:47 Early adopters
06:20 “The chasm”
07:25 Early majority
08:16 Late majority
08:54 Laggards
10:09 How they relate to each other
14:50 Where are you in the curve?
16:53 My takeout
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