|Mass customization is the new frontier in business for both manufacturing and service industries. At its core is a tremendous increase in variety and customization without a corresponding increase in costs. At its limit, it is the mass production of individually customized goods and services. At its best, it provides strategic advantage and economic value.
Many implementations of mass customization are operational today, such as software-based product configurators that make it possible to add and/or change functionalities of a core product or to build fully custom enclosures from scratch. This degree of mass customization, however, has only seen limited adoption. If an enterprise's marketing department offers individual products (atomic market fragmentation) it doesn't often mean that a product is produced individually, but rather that similar variants of the same mass-produced item are available. Companies that have succeeded with mass-customization business models tend to supply purely electronic products. However, these are not true "mass customizers" in the original sense, since they do not offer an alternative to mass production of material goods.
Mass customization leverages rapidly falling production costs and serves to offer consumers goods that fit their specific and unique desires. Firms that are able to exploit this opportunity will be able to provide their customers with exactly what they want, and thus gain a competitive edge in the market.
Benefit: Allows firms to provide better products for their customers
-Customer Satisfaction Improvement
-New Revenue Stream
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