Buying the latest version of technology.

Marketing: Forget Early Adopters, These People Like to be Late by: Charlie Wells Jan 27, 2016 TOPICS: Marketing
 
SUMMARY: Not everyone is standing in line for the latest iPhone outside the Apple store. Some consumers are late adopters and resist buying the latest version of technology. The key idea for companies is that this group can provide insights to help create products that are more quickly adopted in the future. They may be late to adopt a technology, but once they do they stay.
 
CLASSROOM APPLICATION: Most are familiar with phrase “early adopters” which makes this story interesting because of its focus on late adopters. This term could be used to describe 16% of the population with another 34% in the laggard category. Late adopters are skeptical about marketing and value the core attributes of products. The good news for companies is that once they are convinced about a product, they will stay for a long time. Late adopters can be useful to companies because they can provide product ideas. Understanding what drives late adopters can lead to new versions of products that will be more quickly adopted. The examples from the article provide insight into what motivates late adopters to finally try new products.
 
QUESTIONS:  1. Define the following terms: late adopter, early adopter and late majority. Which category describes you? 2. Compare and contrast the decision process for early as compared to late adopters. 3. Use the examples from the article to discuss how late adopters eventually move on to new products. 4. Discuss the “Lag-User Method” and how it might help companies tap the potential of later adopters. END