Mass Customization Means Using the Principles of Mass Production to Appeal

question 65

True/False

Mass customization means using the principles of mass production to appeal to the unique needs of individual customers and smaller segments of the market.

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Definitions:

Substitute

A product or service that can be used in place of another to satisfy similar needs or desires.

Equilibrium

A state in which market supply and demand balance each other, resulting in stable prices and quantities.

Demand Decreases

A situation where the quantity of a product or service sought by buyers is less than it was previously, often leading to lower prices.

Supply Increases

Supply increases refer to a situation in which the availability of a product or service in the market rises, which can be due to factors such as improved production methods or increased raw material availability.