Diffusion of Innovation

A customer is a person who buys goods or services from a store or business. There are different kinds of customer and they preferred different goods and items. There are mainly 5 types of customer. They are innovator, early adopter, early majority, late majority or laggard. They are different while purchasing item. Income, interest and taking risk do matter for different types of people.
Innovator- Innovator is a person or an organization who is one of the first to introduce into reality something better than before. They introduce new things in the market. There are few numbers of innovator in the world in comparison with other types of people.
Early Adopter- These people starts using a product or technology as soon as it becomes available in the market. They want to buy item before their friends and family. Generally they have a good income and good family background. They want to be first to buy products of their interest. People who waited on a long line out of apple store to get the new iPhone are example of early adopter. They want to get it as soon as possible and can spend a lot of money for that.
Early majority- This type of people buy new products after seeing it used successfully by either "innovators" and "early adopters" that they know personally. They are less educated
than innovators but want new product to use. The early majority tends to be roughly 34% of the population Late majority- They will adopt a new product only after seeing that the majority of the population already has. People in this segment are typically older, less affluent and less educated than segments that more readily adopt innovating products. They also cover roughly about 34% of the population.
Laggards- The minority group about 16% of the population falls in this category. This is the last group to adopt new product. These people have less income or they are usually old and not a big fan of new product in the market.

As income directly relates with the purchasing power I guess I fall under late majority. I am a college student with part time job. I have my other basic priorities to fulfill my needs rather than having a new product. I guess most of the college student falls in this group unless they have a good family income. And also I know the price of phone or any other new product will go down after certain time. I would rather wait for some months so that I can get it in low price. Recently I purchased IPhone 5 Unlocked which can be used in any GSM SIM Card and it was a cheap one. They already developed iPhone 5S, 5C, 6 and 6+ and the price are so high. The current value of iPhone 6+ is sound $800 while I purchased iphone5 around $250 which helps me to save money for other stuff to buy. For the people like me who have a low income, we
have more things to do than having a new product when it comes to the market. We can wait for some more time to get it in a cheaper price.

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Written by Buku