iPhone 5C Dissertation Chapter - Literature Review - 3300 Words

The Effect of Consumer Innovativeness on Adoption of IPhone 5C (Dissertation Review Sample) Content: The Effect of Consumer Innovativeness on Adoption of Smartphone Name:Institution:Instructor:Subject: Date: Chapter 2: Literature Review Introduction The digital environment is presently evolving at a very high rate. New products in the market are currently experiencing a shorter life cycle owing to the magnificent development and application of modern technologies. In this regard, in order to maintain and still increase the market share, business entities ought to improve their ultimate competitiveness by developing new products that satisfy the diverse consumer demands. According to Schmidt Calantone (2002), nearly 50% of the sales and profits of businesses fundamentally originate from products that have been manufactured or developed within a period of five years. Consequently, a number of companies stake their commercial survival on the development of key products that are significantly unique. In view of that, the success of new products in the market is crit ical to the development of a given business. However, the development of innovative products entails numerous risks that if not handled with definitive care, may result to an entitys corporate extinction. Hoffmann Soyez (2010) ascertained that the rate of failure of innovativeness is very high accounting to about 80% in certain companies. This is largely because; the development and marketing of a given product often requires significant time and money. Eccentrically enough, failure of a newly developed commodity to hit the market results to massive losses in terms of cost. Therefore, it is vital for businesses to gain considerable customer recognition of their developed products immediately they are introduced in the market in order to maximize profits and reduce the product life cycle. Based upon the above realities, this writing applies the New Product Adoption Theory to ascertain the effects of consumer innovativeness on the Adoption of the Smartphone.Consumer Innovativeness Consumer innovativeness attributes its roots in the Diffusion of Innovations Theory. In essence, Rogers Shoemaker (1971) defined Consumer Innovativeness as the degree to which an individual is earlier in adopting new ideas than the average member of his or her social system. Generally, consumers with high innovativeness levels are characterized by a number of factors. These are; [1] readiness to comply with changes involving concepts and things, [2] capability to manipulate others to take on the new concepts and things, [3] ability to meaningfully solve issues and make pertinent decisions in a company or social system, and [4] the rate as well as the extent of time involved in the adoption of the abovementioned transformations in a purposeful relationship. Prior studies on innovations have exposed that innovative consumers often endow other consumers with information and suggestions pertaining to new products. Largely enough, their opinions influence other consumers and for that re ason new products are typically accepted in the market. As Midgley Dowling (1978) perceive the definition of consumer innovativeness given by Rogers Shoemaker (1971) as merely an operationalzed meaning, Steenkamp, Hofstede, Wedel (1999) assert that consumer innovativeness is principally the predisposition of a consumer to purchase new and different products as well as brands instead of remaining with prior choices and consumption trends. As noted in prior sections, the rate of failure of the diffusion of new products is awfully high, and for that reason the cost of organizational collapse is significantly high. To reduce the peril related to diffusion failures, marketers have the obligation to address the demands of innovative consumers. It is important to note that, the principle client of any diffusion process is the consumer and therefore all innovations should be centered on towards ascertaining their satisfaction. Arguably, the adoption of new products by innovative consu mers in public often triggers the buying power of the same products by other consumers. From earlier studies, it was established that the adoption of innovative products focuses on two main aspects. First, it focuses on the demographic variables effects on the adoption of innovative products. Researcher with this school of thought, have empirically prove validated that consumer innovators are considerably different from other general consumers. Second, it focuses on consumer innovativeness to establish consumer innovators. In this, it is argued that innate consumer innovativeness does not depend on a particular product, but rather it is concerned with an individuals unsystematic and unobservable inclination towards innovations and is pertinent across product classes (Im, Bayus, Mason, 2003). Therefore, this investigation actualizes that by establishing consumers with a higher degree of innovativeness, businesses can precisely anticipate the extent of acceptability of their innovati ve products. This will in the long run save time as well as cost in marketing. Individual predisposition is paramount to consumers adoption of innovations. This assertion has highly been mentioned in studies involving brand loyalty, preference, communication, and decision (Hirschman, 1980). Consumer innovativeness has been adequately utilized in psychological studies to expose an individuals innovativeness in the market front (Im, Bayus, Mason, 2003). This is because it highly reflects an innovative predisposition, personality, and cognitive style. Adoption of new products Kotler (1994) ascertained that new products consist of original products, product modifications, new brands, and product improvements that a business develops by means of its own research alongside development efforts. According to Blackwell, Miniard, Engel, (2006) new products are products that are to be introduced into the market or are perceived by the consumers as newer than existing products. A plethora of literature reveals that consumers and businesses have absolutely different perceptions regarding to new products, and that the meaning of new or innovative products varies across disciplines. Essentially, a product that is perceived to be new by consumers may arguably not be new to businesses. The reverse is also true. With regard to consumers, a product they have never seen in the market is perceived to be new. Guiltinan (1994) asserted that new products can be classified into three distinctive groups namely; [1] trial and purchase, [2] innovation adoption alongside diffusion, and [3] customer migration. In the New Product Adoption Model developed by Holak (1988), product attributes, environmental variables, and consumer traits variables affect the intention by consumers to purchase and adopt a given commodity. He further argues that consumers ought to take into account the attributes of the new product as well as their own traits as they evaluate the viability of a new produc t in the market. Basing on the aforementioned Holaks framework, this literature will examine two main factors that affect adoption of new products by consumers. They are; product attributes and consumer traits. Among several consumer traits, this writing will focus on consumer innovativeness after which it will seek to ascertain its effect on the adoption of the IPhone 5C to Smartphone.Measuring Consumer Innovativeness Studies seeking to measure consumer innovativeness often use one of the following three strategies: cross-sectional method, time-of-adoption, or self-report. Each of these methods has its own methodological and theoretical strengths and weaknesses.Time-of-adoption Researchers often take into consideration the time limit that a product takes to fully diffuse and be accepted by consumers. This is from the time of product introduction to the time of product adoption. Products that take a long time before being adopted fully have poor consumer innovativeness than those that that take a shorter period. However, this approach has been highly criticized by a number of proponents based upon methodological and theoretical reasons (Taylor Todd, 1995). Their criticism is grounded on the fact that time-of adoption is basically a temporal aspect and therefore is not related to operational setbacks. Consequently, this strategy has been criticized for its lack of reliability and validity measures. Therefore this method cannot be used to predict future market trends. Cross-sectional method After critics extorted the viability of the prior method, researchers opted for another decisive method. They finally settled for the cross-sectional method of ascertaining consumer innovativeness. Midgley Dowling (1978) defined the cross-sectional method as a strategy used in determining how many of a pre-specified list of new products a particular individual has purchased at a time of the survey. This method has been praised for its ability to provide a reasonable degr ee of construct innate innovativeness. However, this method has also been criticized for its ability to only give a global perspective of innovativeness. Studies seeking to establish a specific domain of innovativeness would arguably not employ this strategy.Self report This method employs a critical SWOT analysis of the innovative product by seeking to ascertain the Strengths, Weaknesses, Opportunities, and Threats of the new product after which recommendations are made about the products innovativeness based upon the acquired self report. Factors influencing Consumer Innovativeness Innovation fundamentally relies on the uniqueness of a product that can foster its adoption in the market industry. Some products diffuse high...

Money-Saving Tips After Youve Paid Tuition

HomeSurviveParentingMoney Saving Tips After You’ve Dealt with TuitionThis page may contain affiliate links.Dec 1, 2019Getting merit aid and appropriate financial assistance can help with tuition and even room and board. But there are more ways you can save during the college process. From getting the best deals on textbooks to taking summer classes, and knowing which credits will or will not transfer these things and more will help ensure your student graduates in 4 years. Here’s what you need to know about saving money in college Save Money on Textbooks Textbooks are unbelievably expensive, and the professor always requests that you use the newest edition. Fortunately, there are many ways to save money on books. Find out from online reviews or from the professor if anything has really changed between editions. You can usually get a one-step older edition for significantly cheaper than the new book. Consider buying used online. Used books at the University bookstore won’t be as cheap as high-quality used books from Amazon, eBay, and other sites. Be sure to check which edition you’re buying! You may be able to rent textbooks from Amazon, Chegg, and other sites. CampusBooks is a great site that allows you to compare rental prices. Getting an electronic version of a textbook may be less expensive (and less burdensome!) than a physical copy. Don’t be fooled by book buybacks. The only one making money on a book buyback is the bookstore, who buys the book from students for pennies on the dollar and then sells it used for almost as much as the new price. Research Your Child’s Major It’s so important to work with your student to review the suggested course load for the major he or she is considering. Majors like math, medicine, and business can be rigorous and may require a specific focus starting in the freshman year. You might also want to consider the lifetime earning potential of said major, and if necessary, reevaluate, If your child is choosing a major that requires a very structured course schedule that must be completed in four years, be sure this is communicated to your student’s advisor up front. The advisor can become an ally in keeping your student on track and encouraging him or her to not drop or withdraw from needed classes. Focus on Transferrable Credits Almost a third of all college students will transfer to a different school during their college career. There are just some things about the college experience that a student can’t know until they are on campus. If your child is miserable at school, homesick, or simply changes majors, it can be a good idea for them to change to a more appropriate school. As a result, it’s important for freshman year and even the sophomore semesters to be filled with general education classes that are easy to transfer. Electives may be fun, but they don’t do much good in keeping your student on track if they end up needing to transfer. Help your child focus on fulfilling general education requirements first. Remind them that if they finish a dreaded subject, they don’t have to worry about it ever again! Keep Track of Your Child’s Progress It’s important to remember that you, your student, and your child’s advisor are all on the same team. The goal is to finish the degree in four years so that you can minimize tuition and your student can launch into their post-college life. As a result, you may want to check in from time to time. Due to the Family Educational Rights and Privacy Act (FERPA), the school will not be able to share financial or academic information with you about your child unless your child signs a wavier. Yes, even if you’re paying for the education! It’s a good idea to take time during the orientation visit and take your child to the financial aid office and registrar, so that he or she can sign both the financial FERPA waiver and the academic FERPA waiver. This way, you can have access to your childs records and contact the school to ask how things are going with their education and budgeting. You can find out if your student has dropped classes or if they’re charging their student account up too high. This is a great way to check in if you have a gut feeling something isn’t quite right. However, avoid being the meddling parent who tries to control their child – it will almost certainly backfire Summer Courses For some students, taking classes over the summer makes sense. If they have a rigorous major, or if they want to fast-track their education and graduate early, summer sessions can be a great investment. Unfortunately, some students try to procrastinate on courses they don’t enjoy by assuring their parents that they will take them at a community college in the summer. There are two concerns here. First, if they don’t want to take math in the fall, they sure won’t want to take it when all their friends are out having fun in the summer! The second concern is that if the courses are not done at their college, but rather at a community college or other institution, transferring the credits is not always straightforward. Ask lots of questions during orientation about how to transfer credit from other schools’ summer sessions. Find out if the student needs written permission to complete a class away from campus. Make sure that your child will get the full credits they need, rather than just getting two credits toward a four-credit requirement! Asking these questions in advance will save you the hassle and heartache that comes from realizing you paid for a community college course that doesn’t meet the requirements. Not only are you out the money, your student still has to take the class at his or her college. Be Wise but Flexible When your child is 18 you can’t know what all will transpire during college. However, by taking the steps above, you will save money and be better prepared for changes. A focus on transferable general credits during the first year or two can make a huge difference if your student doesn’t fit in or enjoy the school and needs to transfer. Saving money on textbooks can save you thousands of dollars. And most of all, graduating in four years saves you and your child money, time, and frustration. Connect With Other Parents Figuring Out How To Pay For College JOIN OUR FACEBOOK GROUP PAYING FOR COLLEGE 101 SaveSave SaveSave SaveSave SaveSaveSaveSave SaveSave SaveSaveSaveSave SaveSave SaveSave SaveSave SaveSave SaveSave Matthew Schwartz View all posts CATEGORIES College LifeCollege SavingsFreshman yearParentingSurvive TAGS College TextbooksCollege TransfersFERPATransferring CreditsNEWER POST5 Myths About How To Pay For CollegeOLDER POSTMaking Sense of Your Financial Aid Award Letters