I. The innovators 2.5%
II. The early adopter 13.5%
III The early majority 34.0%
IV. The late majority 34.0%
V. The laggards 16.0%
Characteristics of each
1. Innovators
This is the first 2.5% of the target market to try out a new product. They are venturesome and risk takes. This group of the market usually falls the high-income group i.e. the cream of the society. The innovators tend to be relatively younger and better educated than the later adopter and the non-adopters. That is, they are more receptive to unfamiliar things and rely more on their values and judgment. In most instances, they are less brand-loyal and more likely to take advantage of special promotions, e.g. coupons, discounts and others. The marketers can therefore, use a high price to appeal to them.
2. Early Adopters
This is a more respectable people in the society. T he group contains the greatest number of opinion leaders or role models. It comprises 13.5% of the target market.
3. Early majority
The largest group targeted by the marketers. They make a deliberate move to adopt the new product or innovation just before the average time.
4. Late Majority
This is a skeptical group of the target market and adopts new ideas only after the average time.
Adoption of the new product may be due to economic necessity and a reaction to network pressures.
5. Laggards
This is the last group of the target market to adopt the new product or innovation. It usually has orientation (tradition-bound) towards the past and are, always suspicious of anything new.
They only adopt a product after it has become a tradition within the market or society.
Titany answered the question on
October 6, 2021 at 13:17