Monday, May 4, 2020

Week 12: Diffusion of Innovations

What is the The Diffusion of Innovation model? | Smart Insights

The Diffusion of Innovation theory explains the growth of a new idea that spreads throughout society.  An innovation that had an incredible spread was streaming services like Netflix and Hulu.  This idea spread like wild fires because of the simplicity as well as convenience.  Prior to these streaming services, you had to either buy a DVD or watch the program on TV.  Going to buy a DVD was inconvenient, while watching programs on TV was risky because you could not pause or rewind the shows, not to mention there were long commercials.  With these new streaming services there are a few short ads, if any, and you can pause, fast forward and rewind whenever you want to.  The first users were obviously the creators of the services,  followed by what was most likely close friends and family, who heard about these innovations first hand from the innovators.  Then they told their friends and it spread, eventually spreading to the laggards, who are most likely senior citizens, who's kid just showed it to them.  The downside to these streaming services, as I previously mentioned in my earlier blog post, was that the other forms of media decreased heavily financially.  These services are often used as a distraction, which will always be viewed as a negative, as well as a positive, depending on what it is distracting you from. 

https://en.wikipedia.org/wiki/Diffusion_of_innovations
https://www.smartinsights.com/marketing-planning/marketing-models/diffusion-innovation-model/

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