Planned Obsolescence – Are you being cheated as a consumer?

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Have you heard about the concept of ‘Planned obsolescence’. Mankind had sent people to space and moon and what do you think? Can’t we make products that can really last for a lifetime? “Here comes the concept of planned obsolescence to ensure everlasting profit to them, and for us the consumers, shelling out our hard-earned money constantly to ensure their profit” Planned obsolescence is a policy of making a product by setting a limited life. With such a deliberate design, it will become obsolete after a certain a period and the consumer has no other choice than purchasing new. Those who bring down the time gap between repeated purchasing makes the most benefit. Now you know why your cell phone becomes non-functional in a couple of years to run for new !! Am I correct??