DEFINITION of '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.

BREAKING DOWN 'Late Majority'

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.

RELATED TERMS
  1. Early Majority

    The first sizable segment of a population to adopt an innovative ...
  2. Rate Of Adoption

    The number of members of a society who start using a new technology ...
  3. Adopter Categories

    Classification of individuals based on their willingness to try ...
  4. Early Adopter

    An individual or business who uses a new product or technology ...
  5. Qualified Adoption Expenses - QAE

    The necessary costs paid to adopt a child younger than 18 years ...
  6. Diffusion Of Innovations Theory

    A hypothesis outlining how new technological and other advancements ...
Related Articles
  1. Financial Advisor

    Adoption: How to Plan Financially for One

    Here are some tips to address the financial implications of adopting a child.
  2. Investing

    Why China is not a Threat to the U.S.

    Learn about China's competitive position with respect to four areas of innovation. Discover the challenges the country faces in competing in these areas.
  3. Small Business

    How Market Segments Work

    A market segment is a group of people who share similar qualities.
  4. Trading

    Why America's Advantage Is Innovation (CHKP, GHDX)

    Learn about the reasons why America has an advantage in regards to innovation. Discover three key innovation themes that are likely to experience growth.
  5. Managing Wealth

    Americans Are Getting Richer...Kind Of

    Americans are getting richer – the number of affluent households is growing – but the rate is slower now than it was before the Great Recession.
  6. Small Business

    Market Segmentation

    Market segmentation is a process marketers us to group similar consumers together. Why do they do this?
  7. Investing

    Which Is Better: Dominance Or Innovation?

    Find out how to assess and evaluate both these values in the market and your portfolio.
  8. Insights

    4 Global Economic Issues of an Aging Population

    Discover why dramatic increases in life expectancy is creating significant socioeconomic challenges for many advanced industrialized nations.
  9. Insights

    These Companies Are Poised for Growth as Global Population Growth Comes Online

    While there are many concerns about population growth putting pressure on natural resources such as water and energy, these increased demands can spell profits for certain companies that can ...
  10. Small Business

    The Most Innovative Entrepreneurs Of 2015

    Investopedia provides a list of the most innovative entrepreneurs with the potential to make it big in 2015.
RELATED FAQS
  1. What is the relationship between research and development and innovation?

    Understand what research and development is and why a company or person would want to conduct it. Learn about how it can ... Read Answer >>
  2. What can demographics tell us about present and future consumption trends and economic ...

    Learn what demographics reveals about present and future consumption trends and economic cycles. Demographics is the study ... Read Answer >>
  3. What is the average annual dividend yield of companies in the food and beverage sector?

    Examine the average annual dividend yield for the food and beverages sector as a whole, along with considering variations ... Read Answer >>
  4. What category of retailers will perform most strongly when the economy is doing well?

    Learn why volatile market segments such as automotive and building supplies tend to perform the best among the retail sector ... Read Answer >>
  5. What are the disadvantages of using a simple random sample to approximate a larger ...

    Learn what a simple random sample is, how researchers use it as a statistical tool and the disadvantages it carries when ... Read Answer >>
Hot Definitions
  1. Federal Direct Loan Program

    A program that provides low-interest loans to postsecondary students and their parents. The William D. Ford Federal Direct ...
  2. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  3. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  4. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  5. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  6. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
Trading Center