Innovation diffusion process based on market coverage under dynamic environment
Growing Consumers expectation and intensified competition in the present globalized environment necessitate effective promotional campaign in order to target a large pool of customers. Many a time not only the product itself but promotional strategies play a crucial role in deciding about the fate of an organization. In order to have a clear picture about their sustenance, firms have started focusing on their proportion of market captured with present channels of advertising. In this way, redundant strategies are dropped and different new strategies are constructed for attracting potential buyers to adopt the product. For modeling such scenarios mathematically, in this paper, a generalized model with different subcases has been formulated to study the adoption pattern in the dynamic market in addition with the concept of market coverage. For validating the proposed set of cases, two different sales data have been used and are compared using different comparison criteria.