Buyer Decision Process for New Product

Before going to the buyer decision we have to know what is new product. New product is a good, service or idea that is perceived by some potential customer as new.
Now we discuss the buyer decision process for new products.
STAGE IN THE ADOPTION PROCESS: Adoption process is the mental process through which an individual passes first hearing about an innovation to final adoption. Consumers go through five stages in the process of adopting a new product. These are-
• Awareness: The consumer becomes aware of information about it.
• Interest: The consumer considers whether trying the new products make sense.
• Evaluation: The consumer considers whether trying the new product make sense.
• Trial: The consumer tries the new product on a small scale to improve his or her estimate of its value.
• Adoption: The consumer decide to make full and regular use of the new product.
INDIVIDUAL DIFFERENCES IN INNOVATIVENESS: People differ greatly in their readiness to try new products. People can be classified into five adopter categories. They are discussed below.
• Innovators: Innovators are venture some. They try new products at some risk.
• Early Adopters: Early adopters are guided by respect. They are opinion leaders in their communities and adopt new product early but carefully.
• Early Majority: Early majority are deliberates. Although they are rarely leaders. They adopt new product before the average person.
• Late Majority: Late majority are skeptical. They adopt an innovation only after a majority of people have tried it.
• Laggards: Laggards are tradition bound. They suspicious only when it has become something of a tradition itself.
INFLUENCE OF PRODUCT CHARACTERISTICS ON RATE OF ADOPTION: The characteristics of the new product affect its rate of adoption. Some produc bathbi on overnight, whereas others take a long time to gain acceptance. Five characteristics are important in influencing an innovation's rate of adoption. They are discussed below:
• Relative Advantage: Relative advantage is the degree to which the innovation appears superior to existing products.
• Compatibility: Compatibility is the degree to which the innovation fits the values and experiences of potential consumers.
• Complexity: Complexity is the degree to which the innovation is difficult to understand or use.
• Divisibility: Divisiblity is the degree to which the innovation may be tried on a limited basis.
• Communicability: Communicability is the degree to which the result of using the innovation can be observed or described to others.
• The new product marketer has to research all these factors when developing the new product and its marketing program.