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Chapter 51: Logistic Growth Model
The logistic model L(t) describes the growth of the number of product users observed over time in a closed market, without the impact of any other product. The model is defined by three parameters: M, market capacity; a, growth rate parameter; and b, time shift parameter. To emphasize model dependence of its parameters, it is convenient to indicate the model as L(t; M, a, b):
Figure 33 shows the effects of change of parameters a, b and M on the form of S-curve.
The logistic model is a widely used growth model with many useful properties for [Page 166]technological and market development forecasting. Model (1) is the solution of differential equation (2), which consists ...