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1 2024

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Adoption of a newly launched software product in the market by innovation diffusion modelling

Anchal Anchal, Majumder Arunava, Goel Pardeep, Adhikari Manoj Singh

Operations Research and Decisions

2024

Vol. 34, No. 4

31--52

The growing significance of software upgrades is one of the most intriguing and pertinent market trends of the last few years. Fierce competition on a worldwide scale combined with the ever-changing environment has rendered software products outdated. During a program’s early stages, increasing efforts are made to increase overall performance before its inherent performance limit is reached. To characterize the process of awareness, appraisal, and decision-making, mathematical models with step structures are presented. The first step is to present a system of ordinary differential equations that includes both the awareness and decision-making stages. Furthermore, it is demonstrated that if the adoption rate is strongly nonlinear, then although there exists a stable equilibrium, it is not a global attractor. It is shown that the system has bifurcation points. The direction of equilibrium bifurcation is also explored.