chapter 3 - Bentham Science

160 Applications of Spreadsheets in Education The Amazing Power of a Simple Tool Kros and Nadler
Fig. (9.1): Product life cycle.
During the introduction stage of the PLC the firm’s primary goal is to get the technology into the
customers’ hands. Growth during the introduction stage of the PLC is generally slow. The second
or growth stage of the PLC is characterized by its rapid growth as consumers accept the product.
During the maturity stage of the PLC sales reach the maximum point and the rate of adoption begins
to fall. In the final stage of the PLC (decline) sales begin to decline significantly as customer needs
change and they begin adopting newer technologies [1].
An important aspect of the PLC is the rate at which consumers adopt a given product or technology.
There are five categories of adopters. These categories include innovators, early adopters,
early majority, late majority, and laggards.
1. Innovators comprise approximately 2.5% of adopters. This group is generally younger and
more accepting of new technologies.
2. The second category of adopters is commonly referred to as early adopters. Early adopters
make up approximately 13.5% and are important because they are known for seeking out new
technologies.
3. The third category (early majority) accounts for 34% of the market. The early majority are
known for being neither the first or last to adopt a new product or technology. Products or
technologies that have gained acceptance by early majority can no longer be considered new
as their presence is a known quantity.