Department of Business Administration

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Open Access
Perceived attributes of successful and unsuccessful Innovations
(2013-01) Rahim, A.G; Ladipo, P.K
The framework for exploring consumer acceptance of new products is drawn from the area of research known as diffusion of innovations. The theory of diffusion of innovation is a major issue in consumer behavior and marketing. This is because the introduction of new products and services is vital to the consumer, the marketers, and the world economy. Also, this concept provide an understanding of how conscious innovative activities conducted by firms and governmental institutions in the area of research and development improve economic and social welfare which is usually the end goal of innovation. Diffusion is not only the means by which innovations become useful by achieving a desirable spread throughout a society, it is also an intrinsic part of the innovation process. Some of the important traits of an innovation which influence the rate of adoption are relative advantage, compatibility, complexity, trialability and observability. These traits are key to why some innovations succeed and why other fail.