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There's a new kid on the block: products that grow.
In a Harvard Business Review article titled "How to Win in a Changing World," Vijay Govindarajan and coauthors lay out a series of steps companies can take to position themselves for success in a world where "flexibility, durability, and environmentalism" are more important than ever, and in which products that grow offer "more value than products that aren't designed to change."
Examples of products that grow include smart fridges that can adapt to ever-changing weather conditions; cars that can be controlled from the comfort of your own home; and, of course, the Little Red Wagon.
"Today all kinds of products adapt and change to suit users' evolving needs," the authors write.
"At the same time they help companies forge deeper customer connections, respond quickly to market changes, and continually innovate."
In short, products that grow offer more value than products that aren't designed to change.
"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," the authors write.
Click for their full article.
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