Your company is intending to launch a new product, and your line manager is worried that the product will not “cross the chasm” and he asked you to prepare a presentation regarding the product adoption lifecycle. as such, descripe with the aid of the diagram the five (5) stages of the product adoption lifecycle.

Your company is intending to launch a new product, and your line manager is worried that the product will not “cross the chasm” and he asked you to prepare a presentation regarding the product adoption lifecycle. as such, descripe with the aid of the diagram the five (5) stages of the product adoption lifecycle.

 

answer:

Product adoption life cycle is a phenomena that describes how a new product gets accepted or adoted in a market through various stages. This complete adoption takes place of a new product when the product undergoes several stages that are chronological in order and gets accepted. The stages could be drawn up as a normal distribution curve or a bell shaped like curve.

Over this bell shaped, all five stages are distributed. These stages descrive various demographics and pyschological charecteristics of the group of acceptors of each stage.

Stage 1: When a product is first launcch, the market does not accept it easily. There are only approximately 25% of total market that try and accept it because of their more rsik oriented and curious behavior, who are known as innnovators.

Stagge 2: Then later there are early adopters, who constitute approixmately 13% of total market, accept the product when the product strats getting face in market. They are less prosperous, tended to be community leaders and are young.

Stagge 3: Early majority are that major part of the market that now adopt the new product. They are more conservative but open to new ideas, active in community and influence to neighbours.

Stage 4: We have a grioup of late majority as well who adopt the product when it startes getting place in market and can be seeen everywhere and can be easily accessible. They are older, less educated, fairly conservative and less socially active.

Stage 5: Lastly comes laggards to accept the product. They tend to be very conservative, oldest and least educated.

 

 

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