The production of more product variety without a large cost penalty is known as:
A) market concentration.
B) market segmentation.
C) focus differentiation.
D) mass production.
E) mass customization.

Question

Quizplus · Accepted Answer

Mass customization is the production of a large variety of products without incurring a significant cost penalty, as it uses flexible manufacturing and information technology systems to quickly and efficiently produce small batches of customized products. Market concentration refers to the dominance of a few companies in a particular market, while market segmentation involves dividing a market into smaller groups with similar needs and characteristics. Focus differentiation is a business strategy where a company targets a specific market niche with a unique product or service. Mass production, on the other hand, is the production of large quantities of the same product using assembly line methods.

The Production of More Product Variety Without a Large Cost