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 ?
For example, only 8 per cent of reports of substandard or falsified products to WHO came from the WHO Western Pacific region, 6 per cent from the Eastern Mediterranean and just 2 per cent from the South-East Asia region.
The CIDG has intensified the campaign against substandard construction materials following the controversy that stemmed from the construction of bunkhouses using substandard items in the reconstruction of Yolanda-affected areas.
A report published in the magazine, on the basis of an analysis over the past five years, says over seven per cent of medicines are substandard.
Although only 4% of the immediate annuities sold in 2004 were substandard annuities, the substandard annuities generated about $600 million in premium revenue in 2004, or about 10% of the total, the researchers write.
However, a company being targeted by firms attempting to create a portfolio of policies with substandard mortality issued on a standard basis may experience substantially higher mortality, and better persistency, on these policies than was assumed during the pricing process.
I read how we continue a long tradition of treating Jews as substandard human beings by siding with the Palestinians in the Middle East struggles, forgetting at our peril the Shoah.
Adversely rated credits (also known as criticized credits) are the total of loans classified substandard, doubtful, and loss--and loans rated special mention.
The new tool also lists standard survey dates and reports complaint investigation(s), enforcement actions, jeopardy findings, substandard quality of care, payment denial, and admission freezes.
6 million judgment last July against the association, saying it had falsely accused the contractor of doing substandard work with substandard materials, of hiring unlicensed contractors and of diverting funds from the project.
Practitioners must understand better what makes an audit substandard.
Both ship classification societies and the shipping industry in general have faced increased criticism following highly publicized accidents involving older or substandard vessels.
If the resident does not have on underwear, the nursing assistant assigned should receive a verbal warning for substandard care.