We use numerous products in our day to day life. Some products are related to our basic necessities while some are amenities that make our lives comfortable. Besides satisfying the utility, we also want products to be durable. But in many cases the actual lifetime of a product can be less than the expected. Many may opine this as inefficient use of resources. However, I tend to believe that manufacturers sometimes compromise with the longevity of products to maintain the cost and also to ensure continuous demand.
In case of many products, to make those longer lasting, the production process requires either more resources or relatively scarce resources. Both of the options may cause additional costs. As a result, the final product may have a price which is out of the range of a large group of buyers.
There are some products which are purchased only when the earlier one is not usuable anymore. In such cases, extremely durable products may lower the growth in overall market demand over time as there would be limited number of consumers who might need a new product.
Technological products get updated in a higher frequency than other products. Such products become obsolete when newer technologies are introduced. As a result, optimal durability ensures regular upgradation.
Purchasing products certainly involve money spent by the buyer. For this, the durability of a product should be such that satisfies most of the customers, if not everyone. On the other hand, this should also be cost efficient and financially viable for the producers.
We
use
numerous
products
in our
day to day
life.
Some
products
are related
to our
basic necessities
while
some
are amenities that
make
our
lives
comfortable.
Besides
satisfying the utility, we
also
want
products
to be durable.
But
in
many
cases the actual lifetime of a
product
can be less than the
expected
.
Many may
opine this as inefficient
use
of resources.
However
, I tend to believe that manufacturers
sometimes
compromise with the longevity of
products
to maintain the cost and
also
to ensure continuous demand.
In case of
many
products
, to
make
those longer lasting, the production process requires either more resources or
relatively
scarce resources. Both of the options may cause additional costs.
As a result
, the final
product
may have a price which is out of the range of a large group of buyers.
There are
some
products
which are
purchased
only
when the earlier one is not
usuable
anymore. In such cases,
extremely
durable
products
may lower the growth in
overall
market demand over time as there would
be limited
number of consumers who might need a new product.
Technological
products
get
updated in a higher frequency than other
products
. Such
products
become obsolete when newer technologies
are introduced
.
As a result
, optimal durability ensures regular
upgradation
.
Purchasing
products
certainly
involve money spent by the buyer. For this, the durability of a
product
should be such that satisfies most of the customers, if not everyone.
On the other hand
, this should
also
be
cost efficient
and
financially
viable for the producers.