MKT 100 Lecture Notes - Lecture 7: Observability

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Describe the diffusion of innovation and how mangers can use it to make product line decisions. Explain the stages involved in developing new products and services. Describe the product life cycle and summarize how it is used to make product line decisions. Venturesome: higher educated; use multiple information sources. Laggards: fear of debt; neighbours and friends are information sources. Early adopters: leaders in social settings; slightly above average education. Innovators: who want to be the first to have the new product or service. Early adopters: generally, don"t like to take as much risk as innovators. Early majority: tend to wait bugs are worked put. Late majority: the last group of buyers to enter a new product market. Laggards: consumers who like to avoid change and rely on traditional products until they are no longer available. The easier the benefits are to communicate the faster the product will diffuse. The more complex the product the longer it takes to diffuse.