Adoption of New Innovations

Topics: Marketing, Adoption, Innovation Pages: 2 (380 words) Published: May 30, 2013
Q. Describe the buyer decision process for adopting new or innovative products? A new product is a good, service or idea that is perceived by some potential customers as new. Marketers define the adoption process of a new product as “the mental process through which an individual passes from first learning about an innovation to final adoption,” and adoption as the decision by an individual to become a regular user of the product. In order to understand this phenomenon, it is important to learn different stages a consumer goes through in making buying decisions. Stages in Adoption Process

Consumers go through five stages in the process of adopting a new product: 1.Awareness: The consumer becomes aware of the new product, but lacks information about it. 2.Interest: The consumer seeks information about the new product. 3.Evaluation: The consumer considers whether trying the new product makes sense. 4.Trial: The consumer tries the new product on a small scale to improve his or her estimate its value. 5.Adoption: The consumer decides to make full and regular use of new product. This model suggests that the new-product marketer should think about how to help consumers move through these stages. Individual differences in Innovativeness

People differ greatly in their readiness to try new products. In each product area, there are “consumption pioneers” and early adopters. Other individuals adopt new products much later.

Time of Adoption of New Innovations

The five adopters groups have differing values. Innovators are venturesome—they try new ideas at some risk. Early adopters are guided by respect—they are opinion leaders in their communities and adopt new ideas early but carefully. The early majority is deliberate—although they rarely are leaders, they adopt new ideas before average person. The late majority is skeptical—they adopt an innovation only after a majority of people have tried it....
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