Posted in Marketing and Strategy Terms, Total Reads: 576
Laggards are the group of consumers who do not like change & are not willing to try new & different things. These types of people are very concerned about cost & reliability of the particular product. They represent about 16% of the population of the consumers.
There are certain characteristics of laggards which are important from marketing point of view. These are the people who don’t’ have large amount of money, have low level of education. They have low status in society & lack mobility. Their financial condition doesn’t allow them to spend on new & innovative products & hence they wait until the price of the product is down & they can afford it. They are not usually interested in very high end product but a product with credibility & a one which is simple to use.