4.2 Innovation adoption by consumers

The patterns of adoption of innovative products and services by potential consumers is one of the most important factors defining effective communication and marketing strategy. It is impossible to plan an effective marketing and demand generation plan without taking into consideration of this process.

Innovators, early adopters, late adopters, early majority and late majority are specific target audience groups that are characteristic of different stages of the product life cycle. When creating a marketing strategy, it is important to understand which part of the audience you should be addressing at the moment, how many of them there are, and their preferences and fears.

In this section, you will get acquainted with the characteristics of the target audience at each stage of the product innovation life cycle and will be able to determine the appropriate communication strategy for your project.

Expected outcomes:

• You will gain a general knowledge of systems theory necessary to describe processes in the field of dissemination of information in social systems.
• You will learn the specifics of the target audience for different stages of the product life cycle.
• You will take the first step towards putting together your promotion and marketing plan in you practical assignment.

In order to watch lectures and get access to the practical part, you need to purchase the course