The Benefits of Growing Products in Business

Many companies make money by selling goods that need to be constantly replaced; think fast fashion, or tech devices that come out in new versions each year. But according to Vijay Govindarajan, professor at Dartmouth's Tuck School of Business, smart organizations are increasingly eschewing that strategy for one focused on products that grow with the consumer through creative design or software updates. He shares several examples and explains how this approach can deliver more value for the buyer – and for the business – over the long term. Govindarajan is the coauthor of the HBR article "Design Products That Won't Become Obsolete."