How does stochastic innovation diffusion modeling approach the study of marketing?
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Stochastic innovation diffusion modeling approaches the study of marketing by incorporating randomness and uncertainty into the prediction of the adoption and spread of innovations over time. These models recognize that the adoption rate of an innovation is not deterministic and can be influenced by various factors, such as environmental and internal disturbances . By using stochastic processes, such as Itô's process, these models capture the random nature of innovation diffusion and account for the variability in the awareness and adoption processes . Additionally, these models employ different probability distributions to describe the product awareness and adoption processes, allowing for a more accurate representation of real-life scenarios . The forecasting results of stochastic diffusion models have shown empirical improvement over deterministic models, indicating their effectiveness in predicting the actual trend of innovations in marketing .
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2 Citations | The provided paper does not mention the term "stochastic innovation diffusion modeling" or how it approaches the study of marketing. |
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01 Jun 2019 8 Citations | The paper proposes a generalized stochastic diffusion model using Itô's process to study the product awareness and adoption of innovations in marketing. |
29 Jan 2021 | The provided paper does not specifically address the study of marketing or how stochastic innovation diffusion modeling approaches it. |
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