Question

Why the shape of product life cycle is similar to that of adoption of innovations?

Answer 1

Shape of product life cycle is as similar to adoption of innovation curve as it is categorically segregated into early adopters, innovators, early majority, late majority and laggards.

Here the innovation quotient firstly rises exponentially from inniavtors to early majority stage and then peaks out and then starts declining gradually till the laggard stage, thus exhibiting similar curve of product life cycle where stages are Introduction, griwth, maturity and decline.

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