MGD421H5 Lecture Notes - Lecture 4: Minimum Viable Product, Customer Development, Upselling
11 May 2020
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Innovators -> early adopters ->early majority -> late majority -> laggards. Like to play with technology, will spend time trying to make it work: technology enthusiasts, no money to purchase but they do have influence. Like to understand technology: early adopters, visionaries, they want to be the first to adopt an innovation and expect it will translate to a dramatic advantage, an unfinished product is an opportunity, they will pay. In exchange they expect a highly customized product: early majority, pragmatists. Looking for proven track record in meeting the need for the technology serves. Looking for a complete (100%) product: typically go to the market leader to buy. Late majority: conservative, pessimistic about the usefulness of the technology, purchases made only when they absolutely have to be, are often the largest untapped market. Laggards: skeptics, critical of the technology and its usefulness, using the curve (moore)
