ual consumer goes through when learning about and purchasing a new product. The process consists of these stages:

1. Knowledge: A person learns of a product's existence and gains some understanding of how it functions.

2. Persuasion: A person forms a favorable or unfavorable attitude about a product.

3. Decision: A person engages in actions that lead to a choice to adopt or reject a product.

4. Implementation: A person uses a product.

5. Confirmation: A person seeks reinforcement and may reverse a decision if exposed to conflicting messages.

You can download excellent powerpoint slides on Marketing Strategy and Marketing Management HERE.

The rate (speed) of adoption depends on consumer traits, the product, and the firm's marketing effort. Adoption will be faster if consumers have high discretionary income and are willing to try new offerings; the product presents little physical, social, or financial risk; the product has an advantage over other items already on the market; the product is a modification of an existing idea and not a major innovation; the product is compatible with current consumer life-styles; the attributes of the product can be easily communicated; the importance of the product is low; the product can be tried in small quantities; mass advertising and distribution are used; the product is consumed quickly; or the product is easy to use.

The diffusion process describes the manner in which different members of the target market often accept and purchase a product. It spans the time from product introduction until market saturation:

1. Innovators are the first consumers to buy a new product. They are venturesome, willing to accept risk, socially aggressive, communicative, and cosmopolitan. It is necessary to determine which innovators are opinion leaders?those who influence others to purchase. This group represents 2.5 per cent of the target market.

2. Early adopters are the next consumers to buy a new product. They enjoy the leadership, prestige, and respect that early purchases bring. These consumers tend to be opinion leaders. They adopt new ideas but use discretion. This group represents 13.5 per cent of the market.

3. The early majority is the first part of the mass market to buy a product. They have status in their social class and are outgoing, communicative, and attentive to information cues. This group represents 34 per cent of the target market.

4. The late majority is the second part of the mass market to buy a product. They are less cosmopolitan and responsive to change. The late majority includes people with lower economic and social status, those past middle age, and skeptics. This group represents 34 per cent of the market.

5. Laggards are last to purchase. They are price conscious, suspicious of change, low in income and status, tradition bound, and conservative. Laggards do not adopt a product until it reaches maturity. Some firms ignore them because it can be difficult to market a product to this small group. However, a market segmenter may do well by concentrating on products for laggards. This group represents 16 per cent of the market.

Reference:

Joel R. Evans and Barry Berman, Marketing in the 21st Century, Atomic Dog Publishing. You can obtain this excellent book here

You can download excellent powerpoint slides on Marketing Strategy and Marketing Management HERE.