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Which of the following is the second step in the consumer decision process?
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5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Willingness to Pay and Consumer Surplus
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The first group to adopt new products are called _______.
A
early majority
B
laggards
C
innovators
D
late adopters
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Understand the concept of the 'diffusion of innovation' theory, which categorizes consumers based on when they adopt a new product or technology.
Recall the common categories in this theory: innovators, early adopters, early majority, late majority, and laggards.
Identify that the first group to adopt new products are called 'innovators' because they are willing to take risks and try new ideas before others.
Recognize that 'early majority' and 'late adopters' come after innovators, and 'laggards' are the last to adopt.
Conclude that the correct term for the first group to adopt new products is 'innovators'.
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