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Chapter 6: Bass Model
The best-known model for a full description of the genesis and extensions of new product market adoption is the Bass model. In distinction from the → Logistic growth model, the Bass model B(t) introduces the effect of innovators via the coefficient of innovation p, in differential equation of growth (1) which corrected deficiency of simple logistic growth (‘hardly starts to grow up’ problem and that t for which L(t) = 0 does not exist). The model considers a population of M adopters who are both innovators (with a constant propensity to purchase) and imitators (whose propensity to purchase is influenced by the amount of previous purchasing).
Solution of differential equation (1) gives the Bass diffusion model (2) defined by ...