 Show Chapter 8 Key 1. The process by which ideas are transformed into new products and services that help firms grow is known as: B - innovation 2. Which of the following is an advantage for product pioneers in new product introductions? B. They become readily recognizable to consumers. 3.The term "diffusion of innovation" refers to the: C. process by which the use of a new product or a service spreads throughout a market group over time and over various categories of adopters. 4.Which of the following terms can be best defined as buyers who want to be the first to have a new product or service? E. Innovators 5. Which of the following groups of the consumer adoption cycle is characterized by buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive? B. Innovators 6.Firms that invest in the latest technology, either to use in their new products or services or to make the firm more efficient, are considered: B. innovators. 7.Innovators are crucial to the success of any new product or service because: C. they help the product or service gain market acceptance. 8.Greg wants to upgrade his personal computer. He consults his friend Vernon because Vernon is highly knowledgeable in this field and always uses the latest technology. According to the diffusion of innovation model, to which of the following groups does Vernon belong? A. Innovators 9.Eric is enthusiastic about online video games. He has extensive knowledge of technical aspects of developing games and usually purchases licensed versions of most games as soon as they are launched. According to the diffusion of innovation model, to which of the following groups of buyers does Eric belong? D. Innovators 10.The category of buyers that waits and purchases a product after careful review is called: C. early adopters. 11.The category of buyers that tends to enjoy novelty and is regarded as opinion leaders for particular product categories and spreads the word are called: A. early adopters. 12.Jeremy is interested in buying a phone that has a music player and provides access to the Internet. After doing a detailed analysis of all the phones in the market that offer these features, he decides to buy a recently released model. Which of the following groups of buyers best represents Jeremy's buying behaviour? B. Early adopters 13.The group of buyers that acts as opinion leaders and is responsible for bringing the early majority, late majority, and laggard groups into a market is the: E. early adopters. 14.Early adopters differ from innovators in that early adopters: D. decide whether a product is worth the cost only after careful review. 15.According to the diffusion of innovation theory, buyers belonging to the early majority group are considered crucial because: C. they affect the profitability of new products and services. 6.Scott wants to buy a cell phone that operates with the Android operating system (OS), but he decides to wait until more cell phone companies release models with the Android OS. This way, a lot of user reviews What is the name of the population group that is last to adopt an innovation?Laggards are traditionalists and the last to adopt an innovation. Possessing almost no opinion leadership, laggards are localite to the point of being isolates compared to the other adopter categories. They are fixated on the past, and all decisions must be made in terms of previous generations.
Who are innovators customers?What is Innovators? Innovators are risk taking customer and they seek changes, and are the first to buy a new product. Innovators are the first one to buy a new product. Innovators try the product in the initial introduction phase of its life cycle, before any other customer.
What are the 5 categories of adopters?The 5 adopter categories, in order of their speed of uptake, are:. Innovators.. Early Adopters.. Early Majority.. Late Majority.. Laggards.. Which category of consumers is the last to adopt or try a new product?Laggards. Laggards are last to arrive at the adoption party and their arrival is typically a sign that a product is entering decline. Laggards value traditional methods of doing things and highly averse to change and risk.
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The latest group of customers in the market using a product innovation is called
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