What is mass customization?

Mass customization refers to the strategy of producing goods and services that meet individual customer's needs while still maintaining a relatively low cost per unit. This approach allows for a variety of customized products to be offered, enabling businesses to tailor their offerings to specific consumer preferences without incurring the high costs typically associated with custom manufacturing.

By focusing on the ability to provide a variety of customized products at relatively low unit costs, companies can appeal to a wider customer base and increase customer satisfaction. This model leverages advanced technologies and flexible manufacturing processes that can adapt to changing consumer demands.

The other options, while related to production strategies, do not accurately define mass customization. For example, producing standardized products at lower costs focuses on uniformity and efficiency rather than customization. Unique features for broad markets may indicate some level of customization, but it doesn't capture the essence of mass customization since it lacks the emphasis on cost efficiency. Lastly, high volume, low variety production contrasts sharply with the principles of mass customization, as it suggests a focus on uniformity over variety that is not characteristic of this strategy.