Technology Life Cycle

All new technologies goes through a technology adoption life cycle in which certain market groups adopt the product before others are willing to do so. Here is each of the market groups: Innovators, early adopters, early majority, late majority, and laggards.
Innovators in a general sense, is a person or an organization who is one of the first to introduce into reality something better than before. That often opens up a new area for others and achieves an innovation. They pursue new technology aggressively, learning about and evaluating new products in an effort to be first. They’re also relatively few in numbers—so for marketers, they represent a major key to the marketing campaign. Next down the list, early adopters are visionaries, not technologists. They are found at ease when imagining, understanding, and appreciating the advantage of new technology. When it comes to high-tech products, they’re looking for vital breakthroughs, not minor improvements. They rely on their own intuition and vision to make their buying decisions, which make them the key to opening up a high-tech market group. Following, early majority customers are centered on the linking of practice and theory. The early majority know many of the upcoming inventions are just passing fads. They let the early adopters test the new technologies and post their experience with it to establish solid references. Approximately one-third of the adoption life cycle is early majority that is why this market group is the key to substantial profits and growth. Next, late majority adopters are conservative. They’re content to be followers, and often are not comfortable in their ability to handle new technology. They tend to wait until something has become standardized and seen a lot of support. Like the Early majority the late majority comprise about one-third of the entire buying population. This makes for high profitability, while its profits decrease as the produce matures, so do the