Consumer Behavior
Read the following article regarding diffusion of innovation: https://www.tojet.net/articles/v5i2/523.pdf.
In this theoretical, scholarly article, Rogers (2003) explains the five adopter categories:
Innovators: Purchase newer products (e.g., electronics) quickly (first 2.5% that purchase new product); have higher incomes; are more worldly, more self-confident, and more educated
Early Adopters: Purchase early as well, accounting for 13.5%; are oriented to local community as opposed to worldly, like innovators; are opinion leaders and more respectful of others
Early Majority: The next 34% to purchase new products; evaluate pros and cons of product prior to purchase; are open to opinion of others when evaluating product, unlike early adopters who themselves offer the opinions
Late Majority: The next 34% to purchase product; persuaded to purchase if someone else has already purchased product within their circle of influence (such as friends); are typically older and have lower education and income levels; depend on word-of-mouth communication rather than mass media because of high degree of skepticism
Laggards: Final 16% to buy; do not rely on group norms; usually purchase product when it has been outdated; have the lowest socioeconomic status
Decide how this information aids marketers in creating various strategies for new and old products. How might this differ in a global market? Think about promotional activities, advertising, etc. when sharing your response to the article.
Then determine a category you may fall into that involves certain products. Describe what actions you'd take based on the information you have received (e.g., an announcement of the product, word-of-mouth information about the product, etc.) when purchasing these products.
AT LEAST TWO PARAGRAPHS REQUIRED. APA REQUIREMENTS.