Adoption and innovation of new products can be explained using the diffusion of innovations theorem that explicitly describes the factors that are at play in the process of adoption of innovations. There are five steps that are cited by marketing researchers to hold different degrees of influence on the rates of absorption of innovations in the market (The 5 Steps to Adopting an Innovation). The first factor is awareness, where the population has to be made aware of the existence of the innovation, with information at this stage being scanty and the audience is passive with little interest in the innovation. The second step is the interest phase, where interested members of the audience are interested in the innovation and hence, they actively seek for information on the technology in their environment and outside their scope. The third stage is the evaluation stage where the audience examines the collected data and the role the innovation is likely to have on their lives. After evaluation, persons are tempted the test the innovation to know whether it is helpful and if it meets their expectations in this fourth stage called trial period. In case the people like the innovation, they will adopt it in the final stage of absorption known as adoption phase.
In the case of Smart Shirt by Hexoskin, the product is a continuous innovation as so far, they have released different sizes of the shirts into the market, and more are expected in the future with improved capabilities. The target market of the Smart Shirt is mainly athletes and individuals who wish to monitor their body processes such as heart rate and blood pressure (Hawver). The health value of the products makes them exciting products. The risk involved in adopting the Smart Shirts is the lack of interest in the products as people still workout and perform other athletic activities without the shirts. The cost of the shirts is a huge barrier and lowering the cost would encourage more people to test the products.
Creating interest and awareness are two of the most challenging stages that are prohibiting the adoption of Smart Shirts. The firm has not invested enough in the major marketing media to ensure that they create awareness of their products to the general population. The cost of acquiring the products also affects interests of the population in them.
Works Cited
"3. The 5 Steps To Adopting An Innovation". SpreadingScience. N.p., 2009. Web. 27 May 2016.
Hawver, Mark. "CE Week Spotlight: Hexoskin Garments Boast Sensors To Track Health Stats". Tech Times. N.p., 2014. Web. 27 May 2016. http://www.techtimes.com/articles/9271/20140626/ce-week-hexoskin-athletic-garments-fitted-with-sensors-track-health-stats.htm
