The smallest group of early buyers are the innovators. They read journals and magazines extensively, are more frequently exposed to innovative ideas, and are the "techies" of the marketplace, being willing to experiment with anything new. They have a high degree of self-confidence and are turned on by new widgets representing the latest technology. If your product turns them on, they are sold. If they are resellers, they can readily develop their own program to sell to their own customers. They may influence other buyers in their same group, but their purchases do not lead to a widespread trend. They are also the smallest group of potential buyers, representing only 2 percent of your market.
2. AdoptersThe next group is the early adopters. This group represents true opinion leaders who set examples by their decisions. They are respected change agents and are willing to try a new product if it will significantly improve their lifestyle or allow a quantum improvement for their business. They need to understand the benefits and will seek out references from other satisfied users before making a purchase. They typically represent about 15 percent of your market.
3. Early majorityThe next group is the early majority. This group is slower to try new products, entering into the market only after their peers have actively embraced the product. They are far more pragmatic and less technology-driven than the previous groups. They are looking for modest productivity improvement, and they care about the longevity and reputation of the company providing the product. They usually represent 39 percent of the market.
4. Late majorityNext is the late majority. This group makes its purchases late in the cycle, often after the innovators and early adapters have moved on to new product forms. They wait until prices fall and the product has become the universally accepted solution. They are most concerned with low cost and customer support, and they rely on the mass media for purchasing information. They represent another 39 percent of the market.
5. Excessive traditionalistsFinally come the laggards, who are excessive traditionalists. They wait until price has bottomed out, competition is intense, and the product has become an absolute need. They tend to purchase products the other groups would consider obsolete. If they are in the approval cycle for new products in a business, they will try to block the purchase of products the other groups might buy. Luckily, they represent only 5 percent of any market.
Accordingly, companies with new products must adapt their selling strategies according to the groups they are trying to reach. The innovators for the easy sale. Next are the early adopters with a benefits-oriented approach, followed by the early majority seeking a pragmatic, zero-risk solution, and finally the late majority seeking low-cost and strong support after the sale. If you plan to continually operate a company with leading-edge products, the laggards are probably not worth the effort of a specific marketing campaign.
What are the marketing implications for different customer and product types in industrial marketing?
Industrial Marekting: The Products marketing to the Industries may be techincal or non tech is call as Industrial Marketing Consumer Marketing: The marketing of products required by common person mainly OTS prodcuts is called Consumer marketing
As & when the principles , knowledge and practice of marketing is cut across all industries ,to market effectively in industrial market ....Industrial marketing is required ...
It is a place where buyers and sellers meet and do transaction.
a waste of time
What are the marketing implications for different customer and product types in industrial marketing?
Consumer and industrial buyers are two distinct types of buyers with different characteristics that define their purchasing behavior. Here are some distinguishing features of consumer and industrial buyer characteristics: Motivation: Consumer buyers are motivated by personal needs, desires, and preferences, while industrial buyers are motivated by rational and practical considerations, such as cost, efficiency, and reliability. Size of the purchase: Consumer purchases are generally smaller in size and value than industrial purchases, which are typically more significant investments that involve larger volumes and higher costs. Decision-making process: The consumer decision-making process is often more emotional and based on personal preferences, while the industrial decision-making process is more complex and typically involves multiple stakeholders and a formal evaluation criteria. Relationship between the buyer and seller: Consumer buyers typically have a transactional relationship with sellers, while industrial buyers often develop long-term partnerships with suppliers for mutual benefit. Level of expertise: Industrial buyers usually have a higher level of expertise and technical knowledge about the products and services they are purchasing, while consumer buyers usually have a lower level of technical knowledge. Use of negotiation: Industrial buyers often negotiate with suppliers to secure the best price and terms, while consumer buyers may not typically negotiate for most consumer goods. In conclusion, consumer and industrial buyers exhibit different characteristics that differentiate their purchasing behaviors. Understanding these differences is beneficial for businesses that cater to both consumers and industrial buyers to tailor their marketing strategies and sales processes accordingly.
Industrial Marekting: The Products marketing to the Industries may be techincal or non tech is call as Industrial Marketing Consumer Marketing: The marketing of products required by common person mainly OTS prodcuts is called Consumer marketing
As & when the principles , knowledge and practice of marketing is cut across all industries ,to market effectively in industrial market ....Industrial marketing is required ...
George Risley has written: 'Modern industrial marketing' -- subject(s): Industrial marketing, Management, Marketing
compare marketing activities before and after the industrial revolution.
There are various benefits of direct marketing to both he buyer and seller. Sellers can choose their market and buyers can easily purchase products.
It is a place where buyers and sellers meet and do transaction.
Industrial types of equipment such as Nissan forklifts can be purchased from dealers. The site nissanforklift helps potential buyers find local dealers.
Industrial marketing is marketing from one business to another. So you need it because without it some business's wouldn't have the goods/supplies they needed.
By nothing :p
Industrial marketing involves the planning, sale, and service of products used for commercial or business purposes.