Technology Adoption Life Cycle || Strategic Management

Whenever a new technology is used in order to create a better products or services to the people, it typically goes through a life cycle of its own.And this cycle is called the technology adoption life cycle.
There are five customer groups that are going to want to buy the product consequently.
The first group are the innovators. they are tech savvy people that are willing to try out any new technology that comes out. Then the pragmatist early adopters are going to start using the product. These people often look for potential in products. Then the early majority and late majority will come in.Not all companies can reach this stage and goes bust before reaching the early majority group. That is because they often neglect the fact that the majority of people are mostly unforgiving of any negative qualities and they want the fully completed version of the product in their hands.
And lastly, the laggards are going to jump in after everyone to try out the products. Laggards are most likely to resist changes in technology.

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Timestamps:

Intro to Technology Adoption Life Cycle - 0:22
Innovators - 1:59
Early Adopters - 2:38
Early Majority - 3:16
Late Majority - 3:54
Laggards - 4:29
Early Market vs Mainstream Market - 5:15
Chasm - 5:44
Bonus Content - 6:40

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