The situation regarding the effective inventory management becomes critical when a new product is introduced into the market. This is because of dynamic nature of diffusion pattern of new products. The dynamic diffusion pattern of new products among the social system draws attention towards the proper managing and scheduling of its inventory. Usually, it is observed that the people connected with the decisions regarding procurement policy of the new products finds a very unpredictable pattern of its diffusion into the market. There are several authors in the marketing literature who have developed the diffusion pattern of new products in the market. Many of them have considered the dynamic diffusion pattern which are time dependent and are based on certain significant parameters such as external influence, internal influence and potential market size. The role of these parameters is significant in the sense that its individual as well as integrated effects are well experienced in the adoption behavior of the products and hence inventory policies get affected. In particular, the external influence plays a pivotal role where awareness about the products is established through the external media. Fourt and Woodlock model (1960) developed their pure innovative diffusion model by taking the constant rate of coefficient of external influence. Fourt and Woodlock model (1960) explains the diffusion process in terms of number of customers who have bought the product by time ‘t’ by a modified exponential curve. Bass (1969) model discusses the new product diffusion model by considering both innovative as well as imitative behavior of product adoption wherein the constant nature of external influence has been taken. Mahajan and Muller (1996) discussed a model to capture substitution and diffusion patterns for each successive generation of technological products. The effect of a set of uncertainty sources of telecommunications industry on the diffusion of innovations has been discussed by Puumalainen et al. (2007). A critical review of marketing research on diffusion of new products has been studied by Chandrasekaran and Tellis (2007). Stremersch et al. (2010) discussed the importance of time which accelerates early growth of new products. Shinohara and Okuda (2010) studied a dynamic innovation diffusion modeling. Peres et al. (2010) discussed a critical review of innovation diffusion and new product growth models. The application of dynamic potential adopter diffusion model through their study of diffusion of oral contraceptives in Thailand has been discussed by Sharif and Ramanathan(1982).