Explain the classification of customers based on different adoption characteristics seen during different

stages of a product's lifecycle.

What will be an ideal response?

The type of customer we target varies depending on the life cycle stage because different individuals show different
adoption characteristics. The introduction stage attracts innovators (the very first to try the product or service, often
pioneering types who relish innovation) and early adopters (among the earliest to try the new product or service).
The growth stage transitions from the early adopters to the early majority (people who value the product or
service's benefits, but are unwilling to suffer the defects often inherent in early models). The maturity stage
corresponds to late majority customers (conservative individuals who wait for products to reach full maturity
before purchasing). The decline stage is characterized by a transition from late majority customers to laggards, who
are highly conservative and risk-averse, and are often niche markets who perceive that no substitute exists.