- Late Majority
The last sizable segment of a population to adopt an innovative technology. The late majority accounts for roughly 34% of the population, and will adopt a new product only after seeing that the majority of the population already has. People in this segment are typically older, less affluent and less educated than segments that more readily adopt innovating products.
Populations in innovation adoption are broken into five primary segments: innovators (the first to adopt an innovation), early adopters, early majority, late majority and laggards. Companies evaluate how their products will fare by taking into account the time it will take for more than 50% of the market to adopt a new product. It may take a long time for the majority to adopt groundbreaking products.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
late majority — ➔ majority1 * * * late majority UK US noun [S] ► MARKETING the large group of consumers who buy or use new products only after others have tried them first: »The late majority tends to be poorer, ignores advertising, and listens closely to… … Financial and business terms
late majority — /ˌleɪt mə dʒɒrɪti/ noun a category of buyers of a product who buy it later than the early majority but before the laggards … Marketing dictionary in english
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majority — ▪ I. majority ma‧jor‧i‧ty 1 [məˈdʒɒrti ǁ məˈdʒɔː , məˈdʒɑː ] noun majorities PLURALFORM 1. [singular] most of the people or things in a particular group: • Some franchisees quit, but the majority are still hanging on. majority of … Financial and business terms
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