customization

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customization

the adaption of a good or service to meet the particular requirements of a specific customer or group of customers. Extreme customization involves the design, and production of a different product for each customer, which tends to be expensive. In order to achieve cost savings associated with ECONOMIES OF SCALE firms may prefer to produce a limited range of standardized products (see STANDARDIZATION). As a compromise firms often seek to produce a single standardized product which can then be varied slightly through customization to meet broadly the requirements of different groups of buyers. See MARKET SEGMENTATION, PRODUCT RANGE.
References in periodicals archive ?
The previous video campaign without personalization had only reached 20 percent.
BANKING AND CREDIT NEWS-September 4, 2018--Research says most banks can't deliver on 'Personalization Promise'
Fashion companies can use personalization as a way to outshine their competitors and earn consumer loyalty, by offering one-of-a-kind products that make their customers feel exclusive.
The French group designs, manufactures and commercializes a complete range of personalization and issuance solutions for plastic cards in various markets such as retail, hospitality, banking or public administrations across the globe.
Last year's report revealed "personalization" was top-of-mind for branding and marketing decisionmakers.
And the personalization puzzle just keeps getting more complicated.
Naples, FL, July 21, 2019 --(PR.com)-- The most senior executives from travel's most unique hotel, resort, tour operator and casino brands will kick off a webinar on the most innovative revenue, marketing and CX approaches to personalization to win the customer's loyalty.
Sophisticated marketing personalization is no longer the province of only the largest retailers.
But even then, when many retailers say "personalization," it's more like customization: asking customers what they want, suggesting products that match their desires or offering a menu of options to choose from.
Summary: The leading secure payment provider S2M inaugurates a new card personalization center in Tunisia, reported Moroccan newspaper "Le Matin".
According to Reddit's "personalization preferences," which can be accessed and changed on an individual basis by every user on the site, Reddit by default tracks user activity on Reddit in order to show the user "more relevant advertisements."
More than two-thirds of companies today cite personalization as a top priority, according to a report by Forrester Research, and with good reason: When done well, personalization can enhance loyalty, increase revenue, lower costs, influence customer behavior, and evoke positive emotions in customers by engendering feelings of value, appreciation, and confidence, the research firm found.

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