Question

Where is this product in terms of the product life cycle and the diffusion of innovation curve?

a. Decline and Late Majority
b. Growth and Early Majority
c. Introduction and Innovators
d. Decline and Laggards
Explain your answer using course concepts:

Answer 1

The product is in the introduction stage of the product life cycle and is targeted towards the innovators group in the diffusion of innovation curve.

Step-by-step explanation:

Based on the information provided, we can determine that the product is in the introduction stage of the product life cycle and is targeted towards the innovators group in the diffusion of innovation curve.

In the product life cycle, the introduction stage is characterized by low sales, as the product is being introduced to the market. The innovators group, as described by Everett Rogers' diffusion of innovation curve, represents the initial group of consumers who adopt a new product or idea.

In this stage, the product is being launched and trying to gain market acceptance. It is being primarily adopted by the innovators who are typically more open to new ideas and willing to take risks. As it gains traction and moves into the growth stage, it will start to attract a larger audience, including the early majority.