Final answer:
The customer's behavior of waiting for trends to be established and relying on feedback from friends before trying new products is characteristic of a 'Laggard' on the Technology Adoption Lifecycle. The correct answer is option 3.
Step-by-step explanation:
The behavior of the customer who usually waits to see what the latest trends will be and is reluctant to try new products until friends have done so and reported on them is described by sociologists in the model developed by Everett Rogers. This model categorizes adopters of new technology or products into different segments ranging from Innovators, to Early Adopters, to the Early Majority, Late Majority, and the Laggards. Based on the description, this consumer fits into the Laggard category because they are hesitant to adopt new products until they have become mainstream and proven by others within their social circle.
On the Technology Adoption Lifecycle, Laggards represent the last group to adopt an innovation. These individuals usually have an aversion to change and need to see that many others have already adopted the product and can vouch for its usefulness before they feel secure enough to make a purchase. Advertisers may sometimes use the bandwagon fallacy to appeal to this group by suggesting that 'everyone is buying' a product in the hopes that it will encourage Laggards to also buy it.
Understanding the behaviors and motivations of different customer types is crucial for businesses, as this knowledge can aid in crafting targeted marketing strategies and product development plans. This particular customer's behavior is guided by social norms and the information available, which can be imperfect or unclear and thus influence their buying decisions. Every purchase they make is based on the satisfaction they believe it will provide, and they are particularly cautious due to concerns about making a regretful decision. Therefore, they rely heavily on the opinions and experiences of their peers to inform their purchases.
The correct option for the behavior of this customer is 3) Laggard.