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 ?
He said a technical team deployed by PISI discovered that there is widespread use of substandard bars and angle bars in the construction of residential houses and public structures such as public markets and bridges.
The director said motor vehicle examiners deputed on highways and roads in all districts were examining all public transport vehicles to remove substandard gas cylinders.
Pervasive smuggling of substandard products not only put our people's safety at risk.
Cola also noted that most of the substandard rebars found sold in the domestic market were produced by steel makers using induction furnace (IF), which mostly came from China.
On top of substandard rebars, the Pisi report named seven hardwares that allegedly break consumer protection laws, by selling 8mm rebars as 9mm rebars.
Aboloma noted that the office would also go a long way to checkmating the influx of substandard goods in the State.
Ngo said that those who are usually victimized are the C and D markets or the poor, as the substandard products are priced very low.
CTO also directed Shaheen Squad-I and II to continue the drive against substandard cylinders unless good quality gas cylinders many not be installed at each and every PSV running on the roads of provincial metropolis.
GUJRANWALA -- The ACE seized on Monday Rs9 million from a contractor who used substandard material in the construction of Shakargarh-Zafarwal Road while security worth Rs10m was confiscated.
PISI urges DTI to monitor sales of steel bars !-- -- Louella Desiderio (The Philippine Star) - January 21, 2019 - 12:00am MANILA, Philippines The Philippine Iron and Steel Institute (PISI) is urging the DTI to monitor and issue show cause orders against stores selling substandard reinforcing steel bars in Southern Luzon.
ISLAMABAD -- Deputy Commissioner lower Dir captain retired Sarmad Saleem Akram here Wednesday issued directives banning sale and transportation of substandard ice cream, beverages, chips, cold drinks and operation of its factories (involved in making of substandard food items) in territorial limits of District Dir Lower for 30 days under 144Cr/ PC.
The Philippine Iron and Steel Institute (PISI) has again called on the government to stop the proliferation of substandard and uncertified steel bars in the country.