MKT 100 Chapter 72: 72

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Anthony Bonato

Document Summary

Firms that invest in the latest technology, either to use in their products or services or to make the fi rm more effi cient, also are considered innovators. Typically, innovators keep themselves very well informed about the product category by subscribing to trade and specialty magazines, talking to other experts, searching the internet, and attending product- related forums, seminars, and special events. Typically, innovators represent only about 2. 5 percent of the total market for any new product or service. However, these innovators are crucial to the success of any new product or service because they help the product gain market acceptance. Through talking and spreading positive word of mouth about the new product, they prove instrumental in bringing in the next adopter category, known as early adopters. The second subgroup that begins to use a product or service innovation is the early adopters.