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Bass Model Forecast
The Bass diffusion model predicts the timing of new product purchases by assuming that the probability of purchase depends on the number of previous buyers.
It uses coefficients for innovative and imitative behavior to predict the adoption of consumer durables, among other products.
Innovation coefficient
(p): Represents the influence of external factors on product adoption.
Imitation coefficient
(q) : Represents the influence of previous adopters on potential adopters.
Total potential market (m): The total number of potential adopters of the product.
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