When an organization introduces a new product, people do not all begin the adoption process at the same time, nor do they move through the process at the same speed.
1. innovators are the first adopters of new products. they enjoy trying new things and tend to beventuresome.
2. early adopters are the careful choosers of new products. they are viewed as the people to checkwith by people in the remaining adopter categories.
3. early majority are those people adopting new products just before the average person. they aredeliberate and cautious in trying new products.
4. late majority includes skeptics who adopt new products when they feel it is necessary.
5. laggards are the last adopters. they distrust new products, and when they finally adopt theinnovation, it may have been replaced by a new product

Product Life Cycle

Explanation:

Product Life Cycle can be define as the life expectation of the product. Every product has fives (5) stages in it's life cycle. They are (1) Product Development  Or Development Stage (2) Introduction Stage (3) Growth Stage (4) Maturity Stage (5) Decline Stage.

Product Development: During this stage the product goes through research and development, it is yet to be introduced to the market.

Introduction Stage: At this stage, the product is introduced to the market for sale, and it is bought by innovators. Innovators are usually enthusiast, who love trying out new product.

Growth Stage: During this stage the product receives acceptance in the market, hence it now bought by early adopters, who makes a buying decision after careful selection.

Maturity Stage:   At this stage the product reaches it's highest market demand, sales turn over is also high, hence the doubters, in other words late majority (individuals who buys the product only when they have a strong need of the product), also participate in buying the product, as the product demand is fast rising to a point, where it begins to decline.

Decline: Here the product is gradually fading out from the market, as sales begins to decline, the laggards, eventually buys the product.

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