COMMERCE 2MA3 Chapter Notes - Chapter 8: Encase, Rela, Purch Group
3 Nov 2016
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Document Summary
Innovation: the process by which ideas and transformed into new products and services that will help. Pioneers: new product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called a breakthrough. First movers: product pioneers that are the rst to create a market pr product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead. Diffusion of innovation: the process by which the use of an innovation whether a product or a service, spreads throughout a market group over time and over various categories of adopters. Innovators: those buyers who want to be the rst to have the new product or service. Early adopters: the second group of consumers in the diffusion of innovation mode, after innovators, to use a product or service innovation; generally don"t like to take as much risk as innovators.
