A new product's relative advantage refers to the degree to which a new product is perceived as being better at satisfying customer needs than the product that it supersedes.

Question

Quizplus · Accepted Answer

Relative advantage is a key concept in the Diffusion of Innovations theory, which describes how new products or ideas spread through a society. The theory suggests that people are more likely to adopt a new product if they perceive it as offering a significant improvement over existing alternatives. Therefore, a new product's relative advantage is essential in determining its chances of success in the marketplace.

A New Product's Relative Advantage Refers to the Degree to Which