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(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.
Date Posted: 05/04/2021
Category: Business
Due Date: 09/04/2021
Instruction
The time it takes for an innovation to spread from innovators to laggards is affected by several factors: (1) nature of the group involved, (2) type of innovation decision required, (3) extent of marketing effort, (4) strength of felt need, (5) compatibility of the innovation with existing values, (6) relative advantage, (7) complexity of the innovation, (8) ease in observing usage of the innovation, (9) ease in trying the innovation, and (10) perceived risk in trying the innovation. Consider one of the Gadgets discussed in the Time article: 14 Tech Products From CES 2021 I Can’t Wait To Buy. How do you think it will perform in the market based on the Ten Factors of Innovation? Which factors will most likely inhibit its growth, and what strategies do you recommend using to overcome them? Tips: Refer to Table 7-3 Innovation Analysis and Diffusion Enhancement Strategies in your textbook.
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