Relationship Between Product Life Cycle and Innovation Adoption Curve?

Innovation Adoption Curve
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Ebinabo Ofrey
Entrepreneur, Nigeria

Relationship Between Product Life Cycle and Innovation Adoption Curve?

Pls could someone explain the relationship between the PLC and the Innovation Adoption Curve? Thanks.

  ahmed rashad
Management Consultant, Egypt
 

The Relationship Between the Adoption Curve and PLC

It is imperative to to link both the adoption curve and the PLC...
- During the first stage of PLC (introduction) only innovators and early adopters try to purchase or to own.
- Then in the second stage (growth)the early majority who are more risk avoiders try to purchase after seeing the innovators experience with the purchase..
- Then in the third stage (mature) the late majority enters after the product/service has a wide spread and available.
- The laggards who are the most risk avoiders people try to purchase after the products prove its claims and effects.. Also produced in mass production they are the last type of people who will try the product/service in its decline phase.
You as an entrepreneur should consider this link when planning to introduce new services and products. For additional info. Kindly contact me.

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