One of the most important activities of entrepreneurs is identifying their customers. This includes understanding when consumers are most likely to adopt new goods, and how consumers are classified. 1. The five basic types of consumers are listed below. Identify the order in which people adopt new goods by ranking the consumer types from 1 (first adopters) to 5 (last adopters). Early adopters Early majority Laggards Innovators Late majority 2. Choose the appropriate consumer type that corresponds with the following descriptions. High-income people who have inherited their wealth. Future oriented Below-average-income wage earners Present (security) oriented High-income people who have incomes from salary and investment Highest professionals, including merchants and financiers Present oriented Average-income wage earners Middle managers and owners of medium-sized businesses Above-average-income wage earners Present oriented, but worried about the impact of time Unskilled labor Skilled labor Owners of small businesses; non-managerial office and union managers Tradition-oriented people who often live in the past

Explanation:

First we have to understand what is a consumer. A consumer is that person who purchases a goods or services for personal use.

1. Early adopters. (first adopters)

2. Innovators. (first adopters)

3. Early Majority. (first adopters)

4. Late majority. ( Last adopters)

5. Laggard. ( Last adopters)

2. a. High-income people who have inherited their wealth. ( Laggard)

b. Future oriented Below-average-income wage earners ( Innovators)

c. Present (security) oriented High-income people who have incomes from salary and investment. ( Late majority)

d. Highest professionals, including merchants and financiers. ( Last majority )

e. Present oriented Average-income wage earners. ( Early adopters)

f. Middle managers and owners of medium-sized businesses. ( Early Majority)

g. Above-average-income wage earners. ( early adopters)

h. Present oriented, but worried about the impact of time. (Late majority)

I. Unskilled labor Skilled labor. (Innovators)

J. Owners of small businesses; non-managerial office and union managers. ( early adopters)

K. Tradition-oriented people who often live in the past. (Laggard)

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