Modeling adoption process based on awareness and motivation of consumers

The existing product development environment has been changing into new development paradigms at a tremendous rate. This requires firms to be more market driven and conscious for successfully bringing an innovation in the market. Innovation acts as a key carrier of success for any organization, when an innovation is accepted to its full extent and is used by the potential adopters, it is termed as successful innovation. An understanding of adoption process helps developers to promote their product more proficiently. The adoption process is a sequence of stages before a potential adopter goes for its purchase. Thus an innovation has to undergo different stages of adoption before it is finally adopted by the consumers; this differentiation forms the main aspect of the paper. Here we have considered adoption as a three stage process in which firstly people become aware of an innovation then, some are positively motivated, and from them the adoption takes place. The three stages have been classified as Product Awareness, Positive Motivation and the Eventual Adoption. The new modeling framework is analyzed on different consumer durables and inferences are quite astonishing.