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 ?
* Establishment of an effective protocol for common definitions, in order to "standardize language and terms used in reference to solid waste and plastics."
"Test Method for Intrinsic Absorptive Rate and Capacity of Bibulous Paper Products (Using Demand Wettability)." This test method provides a standardize approach to the evaluation of the absorptive rate and capacity of bibulous paper It determines the liquid sorption (rate and capacity) of bibulous paper, paper board, and paper products using volumetric principles.
Criteria included ease of use, strengths of a model estimating system, and ability to standardize a system within an agency that spans multiple sites and administers thousands of projects.
(*.) 5$ = Seiri (sort), seiton (set in order), seiso (shine), seiketsu (standardize), shitsuke (sustain).
ezVAR helps computer professionals find, index, and standardize relevant sales and technical information across the sites of key manufacturers in the networking and telecommunications markets.
It took a long time for the U.K., and for ISO, to standardize the ODR curemeter, although the instrument came into almost universal use quite quickly.
124's accounting and reporting requirements, which standardize the accounting for investments of all NPOs and limit the accounting options for endowment funds (see page 93).

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