Final answer:
The group of adopters who are concerned about social acceptance and look for cutting-edge or fashionable products to enhance their social standing are known as the Early Adopters, not the Late Majority. These individuals are influencers within their social circles and want to be on the forefront of new trends, unlike the more conservative Late Majority.
Step-by-step explanation:
The group of adopters who are concerned about social acceptance and thus choose products they believe will make them appear cutting-edge or fashionable are not characterized as the Late Majority. Instead, this behavior is typically associated with the Early Adopters. Early Adopters are individuals who seek to adopt innovations early in the lifecycle but after a smaller group known as 'Innovators' has already tested them. These individuals value being perceived as trend-setters within their communities and are often willing to take risks on new products or technologies to maintain this social standing.
Moreover, following the Technology Adoption Lifecycle by Everett Rogers, the Early Adopters come before the Early Majority and certainly before the Late Majority, who are more skeptical and slower to adopt new innovations. The concept of conformity is also relevant here, as it involves aligning with social norms to gain acceptance, whereas the notion of the bandwagon fallacy is used by advertisers to exploit this very trend of following popular opinion or trends.