The Classifications of Innovators, Early Adopters, Early Majority, Late Majority

question 97

Multiple Choice

The classifications of innovators, early adopters, early majority, late majority, and laggards are all based upon

• A)how frequently a consumer uses a product.
• B)the number and strength of competitors.
• C)when consumers begin buying a new product.
• D)the time it takes to educate a consumer in the use of a new technology.
• E)how quickly consumers respond to an advertising message or campaign.

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Definitions:

Joint Cost

The costs incurred in producing products up to a split-off point in a process that yields multiple products, typically allocated among the products based on some reasonable method.

Split-off

A point in the manufacturing process where multiple products are generated from a common input.

Opportunity Cost

The potential benefit lost when choosing one alternative over another.

Excess Capacity

The amount by which current production capabilities exceed the current demand for a company's products or services.