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 ?
While it seems logical that a program's technical standards reflect the essential functions of a staff radiographer because that is the end goal of these programs, technical standards should in fact relate to success in the educational program.
Leveraging over 15 years of open systems architecture development, Rockwell Collins continues to build upon its common, flexible and affordable solutions with new products aligned to the FACE Technical Standard, which has been designated as the Army Aviations Common Operating Environment.
The STC meeting also endorsed Abu Dhabi technical standards for inspecting lifting and handling equipment and reviewed the progress and milestones achieved by various working groups in projects that involved the harmonisation of standards, while also shedding light on their anticipated results.
The more we can keep our technical standards open and platform agnostic, the more agile we can remain and that's an advantage for all players in the real estate industry," Perske says.
Japan and Britain agreed on Tuesday to join hands in developing technical standards for a fourth generation of mobile telephone technology, a senior Japanese official said.
consortium is made up of members from educational, commercial, and government organizations collaborating to define technical standards and specifications for interoperability of applications in distributed learning.
An NAB study concluded otherwise, but it was based on technical standards that existing stations can't meet.
Four Media's strategy has been to offer studios and producers a one-stop shop for editing, mixing, language translation and conversion to technical standards used in overseas markets.
The Commissions proposals set the regulatory technical standards (RTS) which investment providers would have to meet to provide greater transparency about investment products and clearer information to investors.
FMW's mission is to provide high quality tailor-made plants according to the latest technical standards.
From the consortium's beginning, the members have squabbled over technical standards, patent ownership and how to divide royalties.

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