Lesson 20 Flashcards
What is diffusion of innovation process
A continuum Representing the rate at which consumers either except or reject new products. It’s a theory that seeks to explain how, why, and at what rate new ideas and technology spread
What are the four main elements are influence the spread of new idea based on Rogers research
Innovation, communication channels, time, social system
Social system
A set of interrelated units that are engaged and joint problem-solving to accomplish a common goal
What are the several intrinsic characteristics of innovation that influence an individual’s decision to adopt or reject an innovation
Relative advantage, Compatibility, complexity or simplicity, trialability, observability
What are the five categories of product adopters customers fall into
Innovators, early adopters, early majority, late majority, laggards
Innovators
Product enthusiast who are typically the first to try And master a new product
Early adopters
Product opinion leaders who seek new products that are consistent with their personal image
Early majority
Product watchers you want to be convinced of the products claims and value before committing
Late majority
Product followers who are price sensitive and risk averse
Laggards
product avoiders who want to evade adoption
What do marketers do to have consumers go through the adoption process quickly to get them to try the product
They implement marketing services such as promotions and reviews to draw more consumers and convert them to making more sales
