A Model of Market Dynamics

A simple model of market dynamics is produced in which several key concepts in business and innovation are integrated in a consistent and unambiguous way: the product life cycle, the innovation diffusion curve, and the new product adoption curve. The model can help explain the variety of product life cycles generated by empirical studies, and also direct the attention of innovation analysts to transitions between products, rather than the rare case of ?new products? usually depicted in diffusion studies.