The document discusses the diffusion of innovation, which is the process of consumer acceptance of new products and services. It describes the diffusion process and the adoption process as the two main components. The diffusion process explains how innovations spread in the market from the source to the consumer public over time through communication channels. The adoption process involves 5 stages that individuals go through from gaining awareness of a new product to adopting or rejecting it. Together, these processes describe how new products and services are assimilated and adopted within a social system.