MGTA02H3 Chapter Notes - Chapter 3: Brand Loyalty, Brand Awareness, Product Lifecycle
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MGTA02H3 Full Course Notes
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Chapter 3: products: things consumers need and want. Products: filling needs and satisfying wants: product: a good or ser(cid:448)i(cid:272)e that fills a (cid:271)uyer"s (cid:374)eed or satisfies a (cid:449)a(cid:374)t. Understanding different products and their consumers: consumer products: products purchased by the end user, for personal use. Everett rogers in his book diffusion of innovations published in 1962: rogers argued a business needs different strategies used to appeal to each category of consumer, he identified 5 different categories: Innovators: this small percentage of population are people who actively want to be the first to try something new. Little, if anything, needs to be done to appeal to this group. Early adopters: these people are aware of the need to change and are comfortable adopting new ideas. Strategies to appeal to this population include how-to manuals and information sheets on implementation. They do not need much information to convince them to change.
