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 ?
As she attempts to convey her perceptions to the listeners, the orator invokes Black Speak in order to communicate and illuminate a "truth." The invocation of Black Speak acts to link the orator to the shared cultural experiences and consciousness of the listener and connect the listener to the purposeful subversion and aversion of standardized language and culture.
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The standardized packaging regulations would come into effect in the UK on Friday, the 20th May 2016.
Not only do current standardized tests poorly reflect good educational values, but they also reflect flawed educational design by failing to test relevant knowledge and skills.
We have previously shown that standardized cost estimates for acute hospital stays are significantly different from actual payments to hospitals due to the adjustments Medicare makes to hospital provider payments described above, even though both are based on DRG payment weights (Schousboe et al.
One core issue in education -- standardized testing -- seems to be galvanizing educators to rise up in a common bond of resistance.
The Chief of Staff of the Army directed the formation of the Army Mission Essential Task List (METL) Review Board (AMRB) in 2007 to establish and maintain a Standardized METL for like-type HQDA designated Army brigade and higher echelon units.

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