Conclusion
Innovation is the key to product progress.
Without innovation consumers, who are constantly looking for something new and exciting, will get bored of the products offered and eventually start looking for a better alternative.
Yes, it's true that all consumers don't adopt this manner of jumping from one new product top the next latest new product. But in today's increasingly competitive and innovative world we must understand that the number of consumers who are constantly in search for a better deal has increased drastically. It is also true that there exists a category of people who stay loyal to their old products regardless of whether it has or hasn't changed. And there also exists a category of people who are loyal to a product as long as it stays the way it has been since they have been using it.
The latter category is normally of people who are very old in age and are unwilling to accept that things change and we need to move on to greener pastures.
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