Project Summary: (500 WORDS)Groups greatly affect the rate of growth for new innovations in the market. Innovations vary in degree of behavioral change required and the rate at which they are diffused. The first purchasers of an innovative product or service are termed innovators; those who follow over time are known as early adopters, early majority, late majority, and laggards. Each of these groups differs in personality, age, education, and reference group membership. These characteristics help marketers identify and appeal to different classes of adopters at different stages of an innovation’s diffusion.