Design products that won’t become obsolete: Consumers change and grow. Your offerings should, too.
By: Govindarajan,Vijay Eapen,Tojin T. and Finkenstadt, Daniel J
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Material type: 
BookPublisher: Harvard Business Review Description: 102(6), Nov-Dec, 2024: p.96-103.
In:
Harvard Business ReviewSummary: Today all kinds of products adapt and change to suit users’ evolving needs. Toys can be reconfigured to suit children of varying abilities; Teslas receive software upgrades that regularly improve their performance; tunable eyeglass lenses can adjust for changes in vision. These “products that grow,” as the authors call them, last longer, so they save consumers money and promote sustainability. At the same time they help companies forge deeper customer connections, respond quickly to market changes, and continually innovate. This article outlines the consumer challenges that products that grow address, such as age-related developments, technological change, and shifting learning needs. It then describes how companies use software and hardware to build such products. The authors go on to outline models for capturing value with them: premium pricing, charges for upgrades, complementary products, monetizing maintenance, brand communities, and resale and modification. In a market that increasingly emphasizes flexibility, durability, and environmentalism, companies that make the shift from static offerings to products that grow will position themselves for success.- Reproduced
https://hbr.org/2024/11/design-products-that-wont-become-obsolete
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
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Articles
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Indian Institute of Public Administration | 102(6), Nov-Dec, 2024: p.96-103 | Available | AR133987 |
Today all kinds of products adapt and change to suit users’ evolving needs. Toys can be reconfigured to suit children of varying abilities; Teslas receive software upgrades that regularly improve their performance; tunable eyeglass lenses can adjust for changes in vision. These “products that grow,” as the authors call them, last longer, so they save consumers money and promote sustainability. At the same time they help companies forge deeper customer connections, respond quickly to market changes, and continually innovate. This article outlines the consumer challenges that products that grow address, such as age-related developments, technological change, and shifting learning needs. It then describes how companies use software and hardware to build such products. The authors go on to outline models for capturing value with them: premium pricing, charges for upgrades, complementary products, monetizing maintenance, brand communities, and resale and modification. In a market that increasingly emphasizes flexibility, durability, and environmentalism, companies that make the shift from static offerings to products that grow will position themselves for success.- Reproduced
https://hbr.org/2024/11/design-products-that-wont-become-obsolete
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