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 ?
Ensure a unique line of conduct on Software Defined Radio (SDR) standardisation matters
According to the provisions inscribed in Regulation 1025/2012 on European standardisation, the Commission launched its call for the creation of a platform aimed at representing SMEs in the standardisation process in May 2013.
Lead markets: Standardisation is one of the key elements for the success of the lead market initiative (communication of 8 January), which aims to accelerate the emergence of innovative market areas such as eHealth, sustainable construction, recycling and renewable energy.
The draft regulation, adopted on 1 June 2011, is meant to speed up, simplify and modernise the standardisation process.
It is noteworthy that the information requested by the Commission concerns, in particular, the standardisation of services in terms of advertisement and payment via smartphones.
He urges the Commission as well as the member states and European and national standardisation bodies to reinforce the position of the current European standardisation system with a view to supporting the legislation and policies of the European Union.
The feasibility studies focus on the identification of activities where European standardisation is needed and can be started following the end of the projects.
Lead markets: Standardisation is one of the key elements for the success of the lead market initiative (communication of 8 January, see Europolitics 3443), which aims to accelerate the emergence of innovative market areas such as eHealth, sustainable construction, recycling and renewable energy.
On 15 January, the Bulgarian Institute for Standardisation (BDS) became the 30th national member of the European Committee for Standardization (CEN).
The problem, according to Koos Van Elk, of EIM Business & Policy Research, is that SMEs and craft businesses 'persist in the belief that standardisation is a matter for large multinationals.
63-year-old Briton Mike Kelly was appointed President of the European Committee for Standardisation (CEN) at an extraordinary General Assembly on May 5 in Brussels.

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