The document discusses the consumer adoption process, also known as the diffusion of innovations. It describes the six main stages consumers go through when adopting a new product or service: 1) Awareness, where consumers first learn about the product's existence; 2) Interest, when consumers search for more information; 3) Evaluation, where consumers assess the product's benefits and compare alternatives; 4) Trial, when consumers experience the product; 5) Adoption or rejection decision, when consumers decide whether to continue using the product; and 6) Different categories of adopters, from innovators to laggards, who adopt the product at different points in its lifecycle.

1. DEMAND AND SUPPLY FACTORS
UNDERSTANDING CUSTOMER
ADOPTION PROCESS

3. MEANING
The business dictionary defines the consumer
adoption process as the product adoption
process. This term is also known similarly as the
diffusion of innovations. A company produces a
product or service and announces it to the
market. At that point the consumer adoption
process begins. This is where the consumer
decides to become a new customer and
purchase or reject the product.

6. AWARENESS
 The
first stage, Awareness, is most
important and is also where marketers put
a lot of effort and money. If consumers
are not aware that the product or service
exists, how can the company expect the
consumers to buy it?

7. INTEREST
 The
second stage is Interest. This stage is
when the consumer becomes aware of the
product and searches out information. A
popular of searching out information is
method the internet.

8. EVALUATION
 In
this stage, the consumer has enough
knowledge about the product and he
considers its relative benefits and
evaluates it in terms of various factors as
cost, competitors’ offering, etc.

9. TRAIL
This is the stage when the consumer
experiences the product and judges whether
the claims are correct or not. Trials can be
generated by sampling or by the consumer
himself buying the product. Many new
brands aim to reach this stage as soon as
possible.

10. ADOPTION OR REJECTION
DECISION
This is the stage when the consumer has made
up her mind whether to remain with the
product or switch back to her earlier
product.

13. EARLY ADOPTERS

The early adopters are very quick to respond
to new product launches and innovative
offers from the marketers. Such people are
always willing to try new ideas.

14. EARLY MAJORITY

The early majority keenly observes the
innovators and finds out whether the new
product or innovations offer any value and
have stood the test of times. If the product
proves to be useful and is said to be a good
offer, that is novel and different from other
products- the product will witness a surge in
demand.

15. LATE MAJORITY

The late majority tends to buy the product
later than the average individual. They are
slow to catch on to the popularity of new
products, services or ideas. Marketing will
still enjoy the advantage of mass
consumption , but it begins to end after a
while.

16. LAGGARDS

Laggards are not the trendsetters. They do
not even follow the large majority quickly.
They are the last ones to get into the ship.
For marketers, there is a profit to be made
from these consumers.