Two years ago, I bought a new refrigerator. The old one had been around for 13 years until a design flaw finally caught up. The repairman said he could fix it, but the problem would resurface. I’d be better off buying a new one. Then he suggested not getting one with all the bells and whistles because the more options, the more opportunities to break. So I wasn’t surprised when I started receiving notices for extended warranty plans that are pretty expensive. A signal that after two years, things will start breaking.
The situation presented an interesting question. What are the expectations of people today about how long products will last? And are businesses making products that meet those expectations? How do you make that evaluation in your business?