standardization

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standardization

  1. the limitation of a firm's product and component range as a means of controlling production and marketing costs. By limiting the PRODUCT RANGE a firm can mass-produce each product and achieve ECONOMIES OF SCALE through long production runs, but forgoes potential sales by serving only a limited number of market segments. However it may be possible to cut production costs while maintaining product VARIETY through standardization and interchangeability of components. Standardization serves to reduce the variety of finished product stocks or materials and component stocks held, simplifying purchasing and STOCK CONTROL. Compare CUSTOMIZATION.
  2. see ORGANIZATION.

standardization

the limitation of a firm's product range as a means of achieving low-cost production and marketing. By restricting its product range, a firm may be able to mass-produce each product and secure ECONOMIES OF SCALE through long production runs. In reducing its product range, however, the firm may forgo greater sales and profit potential by limiting the number of MARKET SEGMENTS its products are sold in. Thus, as part of their PRODUCT DIFFERENTIATION policies, firms often need to ‘trade off cost and VARIETY considerations.
References in periodicals archive ?
Non-Standard Finance's revenue in the first half jumped 16% year on year to GBP87.1 million from GBP75.1 million.
The general consensus appears to be that employers gain from using non-standard employment contracts at the expense of their employees.
For risks accumulating more than eight points, there is no mandate that a carrier accept or renew the policy, but the carrier may provide insurance to that risk if it desires to do so--at even higher rates than the non-standard rates filed for voluntary risks of one through eight points.
Mickens [9] presented the idea of non-standard finite difference model by removing instabilities which were the deficiency of standard finite difference scheme.
Non-standard bitumen has been traded through channels other than IME, Panahian concluded.
The procedure has a visual climb over airport (VCOA) to mitigate the non-standard climb gradient when the controlling obstacle is more than 3nm from the departure end of runway.
Under the assistance of Micron in process technology and funding, Inotera is operating smoothly, while Nanya Technology has made substantial achievement in the development of non-standard products, including memories for set-top box and 8GB mobile-memory chips for application in 4G smart phones and tablet PCs.
Earlier this year, HQDA G-4 published an ALARACT message on maintenance of Non-Standard Equipment (NS-E).
In the draft conclusions of the final eurozone summit of 26 October, the leaders say that "We fully support the ECB in its actions to ensure price stability in the euro area, including its non-standard measures in the current exceptional financial market environment." However, Merkel said that: "This sentence, the way it is in the communique now, is not accepted by Germany".
Precarious work is mainly found among non-standard employment relationships, including part-time and contractual work, self-employment, temp-agency work and employment created by temporary migrant Labour schemes.
Furthermore, the major part of employment gains was related to non-standard employment, especially in the form of part-time work, fixed-term contracts, temp-agency work and self -employment.
The Non-Standard Aviation System is a division of SAMD which performs System and Security Assistance Management roles in support of assigned aviation systems in over forty countries.

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