Adoption Curve in business and Management

It’s a technology life-cycle that tells us where we are in the market according to the technology. Additionally from the business point of view, our position in the market. If we have different products then according to each product and if we are service-based then adaptation and usability of the technology. Similarly, overall a simplified calculation also tells where we actually are in this curve. All the parts of the Adoption curve in business and management play an important part in growth and improvisation.

Management’s responsibility is to see the position of the company, product, or services in the adoption curve. As well as to improve the strategy, technology, business model, and all financial part of the company.

Innovators (helps businesses and management to create market gap)

In the market Innovators are those who just started a new technology. Sometimes, just launched a new technology. Simple words, the people or the company who has made the innovation. Innovators many times doesn’t able to survive because of a couple of reasons

1. Govt. rules and regulations could effect that technology or tech based products.
2. Adaptation of that technology and improvement cycle according to the market and demand.
3. Lack of knowledge about management, execution and people.
4. Proper business model and marketing to launch that innovation.

Early adopters

These people and companies play a key part in the market. Those who are in this part actually adopt the innovation or acquire the innovations. Additionally, maximum time they are the early majorities. Several ways they adopt that technologies

1. They brought the innovations from the innovators to execute.
2. Various types of business model, patent buying etc. is being applied by them
3. Appropreate manpwer of the team and company learn quickly that technology.
4. Even, sometime they make same type of technology to execute in the market.

Some other important part they have to see when they are in this position

1. Proper analysis of the market and marketing for fast execution.
2. Proper strategy to execute that technology and proper business model to create great brand value and loyalty.
3. Customer ecentricity regarding that technology and the product and services through that technolgy.

Results they can achieve

1. Acquire more customer as because they are the first person or company who have that innovation.
2. They can generate money in the market by selling their product and services.
3. They can create their brand loyalty and can expand their business.

Early majorities in the adoption curve in business and management

Early majorities are the money makers in the adoption curve in business and management. They have a huge market share and brand loyalty. As well as they are the masters of that innovation or technology. Similarly, they have adopted the market, created a market gap, generated brand loyalty and they are giving value to the customers. They are in this place by doing these points

1. Proper analysis of the market and customers need.
2. Making improvement every time with proper execution and marketing.
3. Solving problems of their clients efficiently and rapidly of their customers.

These people and companies actually dominate the markets. Hence, they actually run their business for a very long time. In the same way, with the profit, they can also invest in other businesses to earn more profit.

Late majorites in the adoption curve

Sometimes late majorities also make money through their unique strategy, As well as, being a late majority is also an advantage. Apart from these late majorities stays for a very small amount of time in the market. Similarly, they also become laggards in fewest times. If they follow some basic and fundamental techniques they earn amazing profits.

1. Great business model with a market gap.
2. A unique value or problem solving improvement has been made.
3. New product or service with this technology launch by using another product or serivices’s market share and brand loyalty.

Maximum time they don’t survive but that doesn’t mean do nothing. As well as, we should remember slow entry, late entry, late execution could be harmful.

Laggards role in the adoption Curve in business and Management

They are the last ones. By watching others they have come to the market. Similarly, they don’t have any value which people or customers really want. For, example, those who haven’t innovated or adapted new technology are also in this place. As well as, don’t have any knowledge about the market. That’s why can’t earn a profit. Finally, the business becomes dead and money becomes drowned.