Both goods and services can be standardized for the mass market or customized to individual needs.

Question

Quizplus · Accepted Answer

Both goods and services can be standardized for the mass market or customized to individual needs depending on the target market or segment. For example, a clothing company may produce a standard line of clothing for the mass market, but also offer custom-made options for individuals who want unique pieces. Similarly, a bank may offer a range of standard financial services to its customers, but also provide personalized financial advice to high net worth clients.

Both Goods and Services Can Be Standardized for the Mass