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22. According to marketing and consumer behavior theory, which category of buyers (approximately 16%) purchase innovations...

22. According to marketing and consumer behavior theory, which category of buyers (approximately 16%) purchase innovations during the decline stage of PLC? What is the related theory? Explain.

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The right answer is laggards. There are five categories of consumers in terms of adopting innovations. These are innovators, early adopters, early majority, late majority, and laggards. Out of them, the laggards are the last group of consumers to adopt a technology. Laggards constitute around 16% of the entire consumer group and they adopt an innovation in the decline stage of product life cycle i.e. when the sales of the product are going down because of availability of other better products.

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