Types of buyers for new products
- Early Adopters
- Early majority
- Late Majority
This group of buyers read journals and magazines extensively to keep themselves updated with innovative ideas, latest technologies, and new products. They like to experiment with anything new representing the latest technologies. They may influence other buyers in their same group, but they are the smallest group of early buyers. They represent about 2 percent of any market.
This group of people adopt a new product after seeing it used successfully by innovators and adopters. They are more conservative but open to new ideas, active in community, less technology-driven than innovators and early adopters. They represent 34 percent of any market.
This group of people adopt a new product only after seeing that the majority of the population already has. They wait until prices fall and product is universally accepted. People of this group are typically old, less affluent, less educated, fairly conservative, and less socially active than innovators, adopters, and early majority. They also represent 34 percent of any market.
The people of this group are excessive traditionalists. They adopt product when the price is at its bottom, competition is intense, or product become an absolute need. They are very conservative, oldest, and least educated. They represent 16 percent of any market.
General classification of consumers
- Personal Consumers
- Organisational Consumers
- Impulse Consumers
- Need-based Consumers
- Discount Driven Consumers
- Habitual Consumers
This type of consumer is an individual consumer who buy products or services for own use, or for family, or for household use. Finished products are purchased by personal consumer and the purchases are done in small quantities.
This type of consumer can be a business, government, profit or non-profit organisation, or agency who purchases goods or services for organisation to function or for resale purpose. Purchases are done in the form of raw-materials that are processed to finished goods and offered for sale to other consumers.
This type of consumer do unplanned purchases. Purchasing a particular product was not a priority, but when the consumer encounter that product, he makes swift buying decision. Impulse consumer purchase what seems good at the time.
Need Based Consumer
This type of consumer has a specific intention to purchase a particular type of product. Need-based Consumer is driven by a specific need. He makes buying decision when he actually need that product and not any other time.
Discount Driven Consumers
This type of consumers do purchases when they get some lucrative offer or discount. Their buying decision is highly based on offers or discounts.
Person who is habitual to the usage or consumption of a kind of product is called habitual consumer. For example - person who smoke.