Final answer:
The Diffusion of Innovation model, conceived by Everett Rogers, outlines the spread of new products and ideas through different stages of adoption, from Innovators to Laggards, using examples such as gadgets, telemedicine, smartphones, and social media.
Step-by-step explanation:
The Diffusion of Innovation model describes how a new product or idea spreads through a population or social system. The model, created by Everett Rogers, identifies five stages:
- Innovators: They are the first ones to adopt the innovation. An example would be tech enthusiasts who buy the latest electronic gadgets as soon as they hit the market.
- Early Adopters: This group has a higher degree of opinion leadership compared to later adopters. Professionals who use new technology to maintain a competitive edge, like doctors incorporating telemedicine, fall into this category.
- Early Majority: These adopters take a more deliberate approach to adopting innovations. For instance, many consumers began using smartphones only after they became more user-friendly and affordable.
- Late Majority: Skeptical and cautious, this group adopts the innovation after the majority. An example is individuals adopting social media platforms long after they have become mainstream.
- Laggards: They are the last to adopt an innovation, often due to economic constraints or resistance to change. For example, some users continue to use feature phones despite the widespread use of smartphones.
This model helps businesses gauge the adoption and market penetration of new products. While not every product follows this exact pattern, it offers a framework for understanding consumer behavior and the spread of innovations.