As technology and consumer preferences advance, some products become outdated and lose their place in the market. This is known as product obsolescence. In this post, we'll dive deeper into what product obsolescence means, why it happens, and how businesses can combat it.

What is Product Obsolescence?

Product obsolescence occurs when a product becomes out of date or irrelevant due to advancements in technology or changes in consumer preferences. It could also happen because the company decides to discontinue that particular product.

Why Does Product Obsolescence Occur?

There are various reasons for which a product can become obsolete:

• Technological Advancements: Newer technologies with better features than existing ones.
• Changes In Consumer Preferences: Shifts in consumer trends lead to a reduced demand for certain types of products.
• Innovations And Improvements: A newer version of a previously successful product often makes older versions look outdated.
• Discontinuance Of Raw Materials Or Components Used To Manufacture The Products
• Competition From Substitute Products

Types Of Product Obsoleteness:

Here are some different ways that companies categorize different types of product obsoleteness:

Technical Obsolence:

This refers to when new technological advancements make existing products seem old-generation.

Tactical Or Style Obsolence:

When customer's demand shifts from one generation style-based looks like design or color.

Planned-Obsolecense:

Another type of observed on manufacturing side .planned-obsolecense referred as scheduled-product-up gradation that forces you buy replacement parts.

Coping Strategies For Businesses

It’s important for businesses dealing with any sort of physical products must have coping mechanisms available against such produt attrition ,such as:

1. Make Long-Lasting High-Quality Products,
2. Continuously Innovation upgradation
   3.Extend product life through alternative uses
   4.Reduce dependency on products by offering alternatives
   5.Amend warranties and return policies

Summary

Product obsolescence is a fact of life for many businesses. Keeping up with the latest trends and consumer mindset changes can be quite challenging, but it’s important to develop strategies that will help combat this issue. It's worth developing counterstrategies against technical,double-planed or other types of obsolences in order to stay ahead.

References:

• "Designing Sustainable Packaging" by Scott Boylston
• "Sustainable Supply Chains: A Research-Based Textbook on Operations and Strategy," by Yann Bouchery, Robert Klassen, Constantin Blome.
• Technology Dynamics And Product Obsolescence, Albert Tano University Of Liverpool Press,
• Moore, Adam (2010), Brilliant Business Ideas paperback edition : Pearson Education Limited.
• James G.Speight , "Handbook of Industrial Hydrocarbon Processes"- Gulf Publishing Company.