When it comes to innovative products such as smart phones, older generations have a tendency to be risk-averse; they prefer to stick to what they know. Many older consumers still look for phones that only make calls, are relatively large and have big keypad numbers. According to the diffusion of innovations theory, this most risk-averse group of consumers for new products are:

Question

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describe the product life cycle, new product development and the product adoption process. Laggards are the last adopters. They are often wary of new products and ideas, and generally prefer products that are familiar (see figure 7.5).

When It Comes to Innovative Products Such as Smart Phones