HTM 235 Summer

A process in which participants create and share information with one another to reach a mutual understanding

The means by which messages get from one individual to another

The process by which an innovation is communicated through certain channels over time among the members of a social system

An idea, practice, or object that is percieved as NEW by an individual or other unit of adoption

Consists of all the potential customers sharing a particular need/want who might be willing and able to engage in exchange to satisfy that need/want

A social and managerial process by which individuals and groups obtain what they need/want through creating, offering and exchanging products of value with others

The process of planning and executing the conception, pricing, promotion, and distribution of products to create exchanges with target groups that satisfy the customer aand organizational objectives

• A process of reducing larger groups or markets into smaller subdivisions who share a particular want/demand
• IDENTIFIABLE
• MEASURABLE

• Demographics (age)
• Geographics (location)
• Behavioral (preference)
• Psychographic (personality)
• Benefits
• Time

focuses on a specific segment, may use multiple segments

The combination/relationship between the selected target markets and the appropriate marketing mix

• Promotion
• Place
• Price
• Product

Customers grouped together according to how quickly they adopt a new product

• Innovation
• Social System
• Communication
• Time

Well informed risk takers who are willing to try an unproven product. 2.5%

Based on the positive response form innovators, they begin to purchase a product. Educated opinion leaders. 13.5%

Careful consumers that tend to avoid risk. Purchase product once it has been proven by the early adopters. Rely on recomendations. 34%

Somewhat skeptical consumers. Only purchase product after it has become common place. 34%

consumers who resist change. May not purchase product until traditional alternatives are no longer available. 16%

• Introduction
• Take off/Growth
• Maturity
• Decline