Aacsb analytic blooms understand difficulty 2 medium

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AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 11-01 Identify the reasons firms innovate. Topic: Why Do Firms Create New Products? 131. (p. 231- 234) A good friend of yours wonders why you always seem to have the latest technology, long before anyone else. He then says, "I always want to wait until the bugs have been worked out. It saves me money and aggravation." Use diffusion of innovation theory to explain how you differ as consumers, and what this means to marketers. Student responses should be able to identify how diffusion of innovation works as well as suggesting the differences between innovators and the early majority. Better answers will explain how strategy and tactics will differ depending on which group is the marketing focus. AACSB: Analytic Blooms: Apply
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Difficulty: 2 Medium Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory. Topic: Diffusion of Innovation 132. (p. 233) Many car manufacturers have developed prototypes of alternative energy vehicles like hydrogen-fueled cars. When developing their marketing strategies, how can these firms use the diffusion of innovation curve in the early stages of product development? They need to identify and promote their cars to innovators. They can use what they learned from the early electrical cars, especially the fact that many celebrities bought them, creating significant publicity. Innovators will also include consumers who are heavily involved in following the latest technology, subscribe to auto magazines, attend car shows, and participate in auto technology blogs. AACSB: Analytic Blooms: Apply Difficulty: 3 Hard Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory. Topic: Diffusion of Innovation 133. (p. 233) What is the difference between an innovator and an early adopter? An innovator is the first to try new products. They tend to be risk takers. Early adopters are slightly less risk oriented, and engage in careful review of products before they purchase them. They are often regarded as opinion leaders. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory. Topic: Diffusion of Innovation 134. (p. 233- 234) In approximately 2006, hybrid cars moved from the early adopter to the early majority stage. What did this mean for marketers of hybrid cars? It means sales are taking off because early majority stage typically includes 34 percent of the population. Also, early majority consumers have waited to make sure the earlier models performed as expected. More competitors are entering the market creating price and quality pressure on existing marketers. AACSB: Analytic Blooms: Understand Difficulty: 3 Hard Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory.
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