Answer to Question #256504 in Marketing for Penny

Question

Any innovation, or new product takes time to spread through the market place. Discuss the categories of adopters as part of the consideration for the marketers in your business as they prepare for bringingCBD oil products into the south African market. Discuss any product lifecycle phase you believe in the CBD oil market is currently in within the south African market.

Answer 1

(a)   The following are categories of adopters as part of the consideration for the marketers in your business as they prepare for bringing CBD oil products into the South African market; Innovators who are the individuals who adopt new technology or ideas simply because they are new. The second group of adopters is early adopters which is a group that tends to create opinions, which propel trends. They are not unlike innovators in how quickly they take on new technologies and ideas but are more concerned about their reputation as being ahead of the curve.

Another adopter is early majority which states that if an idea or other innovation enters this group, it tends to be widely adopted before long. This group makes decisions based on utility and practical benefits over coolness. Lastly is the late majority which shares some traits with the early majority but is more cautious before committing, needing more hand-holding as they adopt.

(b)  A product lifecycle phase that CBD oil market is currently in within the South African market is introduction phase. This phase of the cycle could be the most expensive for a company launching a new product, but it plays an important role.