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 periodicals archive ?
Tetra Pak Standardisation units with continuous protein control are currently being tested with a customer in Finland.
reiterated that Nigeria would learn about Bridging the Standardisation Gaps, develop the right skills for standards-making at ITU-T community, join the activities in the regions and participate in the standardisation work of ITU-T as well as partner with recognised bodies to help bridge the standardisatyion gap.
With standardisation of agreements, the regulator has clearly defined the roles and responsibilities of each party.
ANEC, which represents consumers at European level, welcomes this approach, highlighting the report's aim to provide a permanent legal base for the financing of weaker stakeholder groups in the European standardisation system, including consumers, and to set expectations for their future positioning in European standardisation organisations.
- Sustainable industrial policy: Standardisation is important in enabling the uptake of eco-innovation and environmental technologies.
The new line consists of a 40,000 l/h Tetra Therm Lacta for yoghurt milk pasteurisation, a 4,000 l/h Tetra Therm Lacta for cream pasteurisation, a Tetra Centri 818 hermetic separator, and a cream standardisation unit.
IFCC Working Group for Standardisation of hCG Measurements: progress report.
Hisham Aljundi Doha The Central Municipal Council (CMC) has recommended a revision of the GCC standardisation regulation for imported goods and suggested local standardisations instead.
The workshop on January 20-21 and attended by trainees from national standardisation authorities and the relevant bodies, aimed to boost skills and techniques for monitoring and assessing the impact of policies and legislations on the community and business sector as part of the GCC Standardisation Authority integrated training programme.
It had asked these operators and the mobile sector association (GSMA) to provide information on these standardisation issues to make sure that the major telecoms firms were not using standards in this area for strategic purposes, ie to shut out other companies, in breach of guidelines on horizontal cooperation agreements.

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