MGTA02H3 Study Guide - Midterm Guide: Product Lifecycle, Takers
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MGTA02H3 Full Course Notes
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Explains when an idea or product gains momentum, it spreads through a population. Everret rogers argued that businesses need different strategies to appeal different customers. He divided these customers into 5 groups: innovators: small % of population who are risk takers and want new change. Little, if anything needs to be done to appeal to these kind of people: early adapters: these kind of people are open to new ideas and are aware to the need of change. Strategies to appeal to this population include how-to manuals and information sheets: early majority: this large segment of population are (cid:374)ot (cid:862)taste leaders(cid:863), but they are willing to change and try new products. Strategies to appeal these kind of people include success stories and innovators effectiveness: late majority, laggards: this group of people are conservative in their tastes. They are skeptical of change and hardest group to appeal.
