Depending on the time a company enters the market, a distinction is made between different types of company. The time of market entry can also be a central element of a company’s brand identity. A distinction is made between innovators, early followers, late followers and laggards. A latecomer is therefore a company that only enters the market with a product or service if it already exists – i.e. if these products and services are already anchored in the market and there are people who already use them. This term innovator, early follower, late follower or latecomer can also be used to describe when or how quickly companies respond to new trends and implement them in the company.

Consumers, too, are divided into different types according to when they use the products/services they offer.

The time of first use and thus also the classification of the consumer as a certain “consumer type” is determined by the time at which the product or service came onto the market. This means that a distinction is made between innovators and early adaptors who buy and try out a new product first or at least relatively quickly after it is on the market. The early majority is the broad mass that also buys relatively quickly after market entry, but still waits until the product has been “tested” by innovators and the early adaptors. The late majority and the latecomers only buy when the product has been on the market for a long time, is already somewhat outdated and prices have fallen again.

 

Jan

My name is Jan Puder (LinkedIn profile Jan Puder). I am the founder & CEO of the BusinessTech-Company. Me and the BusinessTech-Company want to push the digital frontier. This is the reason, why I started this website. I want to provide information about digital businesses, especially for Chief Digital Officers.

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