Awareness-based innovation adoption modelling inculcating the concept of dynamic market size: a new insight

The Awareness process plays a crucial role in market expansion and in the successful penetration of the product in the market. It is this attribute that authors have discussed in this proposal, wherein an awareness-based innovation adoption model incorporating the increasing nature of the market is presented. Furthermore, three different scenarios of how the market can vary have been discussed. Literature is evidence of using the models whose closed-form solution is available and their contribution to predicting the sales pattern. But in the present work, incorporating the aforesaid concepts and by making use of the approximation methods, the authors are able to deal with the problems where closed-form solutions are not available. The proposal is checked and validated on real adoption data sets, and the results obtained are highly promising.