Obsolescence refers to the process by which a product, service, or technology becomes outdated or no longer useful. This can happen due to advancements in technology, changes in consumer preferences, or the introduction of newer alternatives. For example, the rise of smartphones has led to the obsolescence of traditional flip phones. There are different types of obsolescence, including functional obsolescence, where a product is no longer effective, and perceived obsolescence, where consumers feel the need to upgrade even if their current item still works. Understanding obsolescence helps businesses and consumers make informed decisions about purchases and investments.