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The buyer decision process for new products (MKT) - Coggle Diagram
The buyer decision process for new products
(MKT)
1. Awareness
Aware but lack in4
2. Interest
Seek in4
3. Evaluation
consider whether trying the new products makes sense
4. Trial
Try new products on small scale --> improve estimate of its value
5. Adoption
Make full & regular use
5 adopter groups
Innovators
Try new ideas at some risk
Take advantage of special promotion
Early adopters
opinion leaders
Adopt new ideas early but carefully
Early majority
Adopt before the average person
Late majority
Adopt after many people have tried it
Laggards
suspicious of changes
Adopt when it become something tradition itself
5 characteristics influence an innovation's rate of adoption
Relative advantage
the degree the innovation appears superior to existing products
Compatibility
Innovation fits the values & experiences of consumers
Complexity
Innovation difficult to understand/use
Divisibility
Degree to which the innovation may be tried on a limited basis
Communicability
Results of using the innovation can be observed or described to others
Others characteristics
Initial & ongoing costs
Risk & uncertainty
Social approval