1. The process by which the use of an innovation—whether a product, a service, or a process—spreads throughout a market group, over time and across various categories of adopters, is referred to as . the product life cycle the marketing strategy diffusion of innovation product development

Diffusion of innovation

Explanation:

Innovation is the application of new ideas, imaginations and thought to Improve productivity.

Diffusion means the spreading of information or material.

Diffusion of innovation could simply means the spread of new ideas or methods in a production process.

Diffusion of information helps Managers get information on reaction of potential customers to the introduction of a new product.

Diffusion of innovation

helps managers understand the rate at which customers will accept a new product or service.

It also gives them a means to identify potential markets for their new products or services and predict their potential sales even before they introduce the innovations.

answerboth the short run phillips curve and the aggregate demand and aggregate supply model