MKT 100 Lecture Notes - Lecture 8: Fluoride, Reverse Engineering, Clorox

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Describe the diffusion of innovation theory and how managers can us it to make product line decision s. Explain the stages involved in developing new products and services. Describe the product life cycle and summarize how it is used to make product line decisions. Pioneers radically change competition and consumer preferences. Slide 7: diffusion of innovation or consumer adoption cycle. Innovators: who want to be the first to have the new product or service. Early adopters: ge(cid:374)erally do(cid:374)"t like tot take as (cid:373)uch risk as i(cid:374)(cid:374)ovators. Early majority: tend to wait until bugs are worked out. Late majority: the last group of buyers to enter a new product market. Laggards: consumers who like to avoid change and rely on traditional products until they are no longer available. The easier the benefits are to communicate the faster the product will diffuse. The more complex the product the longer it takes to diffuse. Products that can be sampled will diffuse faster.