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Some innovations are truly spectacular, but consumers are slow or just refuse to adopt. In fact, over 70% of all new products fail in the marketplace—and innovative, new products fail at an even higher rate.
Why is this the case? And, how do companies overcome this?
This document discusses the psychology of product adoption. Topics include Prospect Theory, Endowment Effect, Loss Aversion, Give and Get Dynamics, Innovator's Curse, Product-Behavior Value Matrix, among other topics. It distills these concepts into Six Product Launch Strategies.
This presentation has instructional slides and examples.
The foundation of this consumer adoption discussion is around the difference between objective gains and losses vs. subjective gains and losses. This fundamental consumer bias results in psychological switching costs, in addition to economic ones. Studies have shown that, psychologically, losses loom larger than gains by two to three times.
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Source: Best Practices in Product Launch Strategy, Consumer Behavior, Product Strategy, Product Adoption PowerPoint Slides: Psychology of Product Adoption PowerPoint (PPT) Presentation, PPT Lab
ABOUT THE AUTHOR: PPT LAB
PPT Lab is a presentation design firm specializing in business frameworks and PowerPoint templates. All of our documents are of the same quality produced by top-tier consulting firms and utilize the Consulting Presentation Framework.
Our documents are available exclusively on Flevy.
File Type: PowerPoint (ppt)
File Size: 598.5 KB
Number of Slides: 46 (includes cover, transition, & marketing slides)
Related Topic(s): Product Launch Strategy Consumer Behavior Product Strategy Product Adoption
This business document is categorized under the function(s): Strategy, Marketing, & Sales
It applies to All Industries
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Apr 28, 2013
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