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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in classic literature ?
Again he was ab- sorbed in his duties as agent of the Standard Oil Company.
"Of course I make more money with the Standard Oil Company and I'm only telling you," he added.
Two hundred heavily-armed cavalry rode behind the Audley standard, while close at their heels came the Duke of Lancaster with a glittering train, heralds tabarded with the royal arms riding three deep upon cream-colored chargers in front of him.
* Standard Oil and Rockefeller--see upcoming footnote: "Rockefeller began as a member .
There is no more deviation in the moral standard than in the standard of height or bulk.
Either the value of land, or the number of the people, may serve as a standard. The state of agriculture and the populousness of a country have been considered as nearly connected with each other.
The terms of sale were lowered by him to the standard fixed by Mr.
As I succeeded with my writing, my standard of living rose and my horizon broadened.
as I served Charles I., and I feel assured that God, who listens to us, who sees us, who alone reads in your heart, shut from all human eyes, -- I am assured God will give you a happy eternal life after a happy death.' But to General Monk, to the illustrious man of whose standard I believe I have taken measure, I say: `My lord, there is for you in the history of peoples and kings a brilliant place, an immortal, imperishable glory, if alone, without any other interest but the good of your country and the interests of justice, you become the supporter of your king.
Perhaps Charles Strickland was dull judged by a standard that demanded above all things verbal scintillation; but his intelligence was adequate to his surroundings, and that is a passport, not only to reasonable success, but still more to happiness.
Part of which heaps, are to be with standards of little bushes pricked upon their top, and part without.
And at that moment, though the day was still, a light gust of wind blowing over the army slightly stirred the streamers on the lances and the unfolded standards fluttered against their staffs.

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