Product Adoption Paper

The topic I found most interesting from our overview of the marketing 350 class was the topic diffusion and adoption of new products. Product adoption is the process by which a consumer or business begins to buy and use a new good, service, or idea. Diffusion of a product is the process by which a product or innovation spreads throughout a population. Many people have a degree of readiness to try a new product and fall into different categories based on their readiness, including innovators, early adopters, early majority, late majority, and laggards. Innovators make up 2.5% of the target market and are those who are the first users to try a product or the risk takers. An example of this type of user could be users who buy the newest iPhone simply because it has been released and it is shiny and new. The next category is the early adopters, which make up 13.5% of the target market, and are typically opinion leaders that are more concerned with maintaining their personal reputation of being ahead of new products. An example of this type of adopter includes younger people who a have a higher involvement in social media and influence others. Then the next category of adopters is the early …show more content…
These adopters make up 34% of the target market and could be said they are the ones that are not interested in flashy products, but still determine one of the crucial amounts of the target market. The last target market category who makes up 16% of the target market is the laggards, who are the slowest to adopt. They are the ones that price conscious and are conservative for the most part. An example of a laggard is someone who is not involved in social media and does not care much of outside opinion of themselves. They are more focused on traditions, which results in them communicating with family and friends almost