What characteristics of the social system affect an innovation’s acceptance within a market?

What characteristics of the social system affect an innovation’s acceptance within a market?

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December 19, 2020
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What characteristics of the social system affect an innovation’s acceptance within a market?

 

Answer and ExplanationSolution by a verified expert

Explanation

Social system states the social gathering that consumers belong to. It affects innovation in terms of-

Modernity- Modern people are more accepted to change in terms of new innovative technologies. Thus they accept adoption faster.
Homophily- The rate of acceptance of adoption is fast when the customer possesses similar characteristics in terms of education, consumption etc.
Cultural values- Some consumers accept adoption in terms of cultural similarities or terms of the people of same culture norms
Opinion leaders- The various cultures or reference groups have different opinion leaders who also influence the innovation pattern among the members.
Physical Distance- The physical distance between the groups depicts the acceptance of adoption. The groups which are closely related should have similar preferences.

Verified Answer

The characteristics of a social system that affects innovation in a particular market are as follows-

Modernity.
Opinion leaders
Homophily
Physical distance
Cultural values

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