The class did an excellent job in identifying and relating to the buying motives. In order to understand how marketing works, we must understand why people buy. The buying motives serve as a platform for marketers to reach its consumers with their message.
There is another aspect of buying we need to learn and understand. It is the Innovation Adoption Curve. There is no right or wrong category to be. All groups are important to the Innovation Adoption Curve.
Basically, it categorizes buyers into five groups.
- Innovators: 2.5% (Risk takers and are willing to take a chance and have the resources)
- Early Adopters: 13.5% (Are selective on which types of technology they use. They are considered “The ones to check with” concerning new products).
- Early Majority: 34% (Take their time before adopting a new idea. They are wiling to embrace a new technology as long as they understand how it fits in there life).
- Late Majority: 34% (Adopt in reaction to peer pressure, emerging norm, or economic necessity. Most of the uncertainty has been researched before they adopt).
- Laggards: 16% (Are traditional and make decisions based on past experiences. They are often economically unable to take risks on new ideas).
The percentages represent the population of people participating in an event or product by category. Consider the I phone, there were some people that ran out and had to have it right away (Innovators). Others waited until several people purchased to see what all it could do (Early Adopters). Others, even waited longer until all the applications came out and realized they could use this technology in their daily use (Early Majority). Some came in due to peer pressure, everyone has one and have read/seen about it (Late Adapters). Still, people are out there who have recently or have never owned an I phone (Laggards).
Same applies to other products/services.
What are you? Put your category in the subject line of the Post.
Describe a product or service that you used that put you in that category. Read through post before posting. You can not use someone else’s example.
Here is mine:
Redbox. My kids have been using Redbox for a few years. When it first came out, I thought this will last a short while and be gone. As time went on, they were popping up everywhere. You could rent new movies at convenient locations. You could even reserve the movie for a particular night.
I usually tend to be a Laggard in things. I am the last one to get an I phone, new technology, or service.