Adoption of Innovations

Students of innovation and the impact of it, have talked about five categories of readiness to adopt an innovation: In Answers.com, the following quote:

Classification of consumers according to their readiness to purchase a product. There are five adopter categories: innovators, early adopters, early majority, late majority, and laggards. The innovators are the first users of a product, representing 2.5% of the target market. Innovators are considered to be venturesome people willing to take risks. Early adopters, who enjoy leadership, prestige, and who tend to be opinion leaders, represent 13.5% of the target market. The first part of the mass market to purchase is the early majority. Although rarely leaders, these consumers usually adopt new ideas before the average person and they represent 34% of the target market. The late majority also represents 34% of the target market. This group of people is usually skeptical of change and will adopt an innovation only after a majority has tried it. The laggards represent 16% of the target market and are the last to purchase. They are usually price conscious, suspicious of change, tradition bound, and conservative by nature. See also diffusion of innovation.

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