Types of Consumer

Question 1

Diffusion of Innovation - Product Adoption Cycle (PAC) Curve

Answer 1

• Innovators
• Early Adopters
• Early Majority
• Late Majority
• Laggards

Question 2

Innovators (2.5%)

Answer 2

• Always looking of the newest and innovative products regardless of how amazing it is
• Highly knowledgeable and not price sensitive
• Risk takers

Question 3

Early Adopters (13.5%)

Answer 3

• Takes fewer risks and waits for feedback before purchasing
• Opinion leaders to the next groups (early and late majority)

Question 4

Early Majority (34%)

Answer 4

• Avoid most risks and wait for product problems to be resolved
• Peaking for new competitors and the greatest number of price and quality choices

Question 5

Late Majority (34%)

Answer 5

• Highly cautious and skeptical
• Typically peak market potential for new products
• Sales level off once adoption begins
• Buy close to when the market is mature

Question 6

Laggards (16%)

Answer 6

• Avoids change completely until it can no longer be avoided
• Relies on previous technologies
• ex. not buying a new iPhone until it breaks or is no longer being produced