Final answer:
Laggards are the last group of consumers to adopt a new product, according to Everett Rogers's diffusion of innovations model. Factors contributing to their hesitation may include deliberate obsolescence from manufacturers and misleading advertising tactics like the bandwagon fallacy. The Technology Adoption Lifecycle is a model that describes the adoption rate of innovations among different consumer groups.
Step-by-step explanation:
The term laggards used in the context of product adoption refers to a group of consumers that are last to adopt an innovation or a new product. According to sociologist Everett Rogers's model of the diffusion of innovations, consumers can be categorized into different groups based on how quickly they adopt new technology or products. This includes innovators, early adopters, early majority, late majority, and laggards. Laggards tend to be resistant to change and may never adopt a product, They might be influenced by factors such as traditional values, lower levels of social awkwardness, and financial constraints.
Manufacturers can sometimes contribute to consumer hesitancy by developing products with short life spans, which can cause frustration and skepticism about the longevity and value of new innovations. Poor design decisions made at the beginning of a product's development can also detract from its ability to meet consumer needs effectively. Furthermore, advertisers may use the bandwagon fallacy to create a false impression that 'everyone' is buying a product, in an attempt to encourage adoption by more consumers.
The Technology Adoption Lifecycle graph illustrates how different consumer groups, including laggards, behave over time as a new product gains market share towards complete saturation within a society. While this model is a useful tool for understanding consumer behavior, not every product follows this pattern precisely. It is a general framework which can help businesses and marketers to strategize product launches and understand potential market dynamics.