Standardized Product

Standardized Product

Summary of Standardized Product

A product marketed worldwide without substantial variation in the product's composition or appearance. Product standardization helps in achieving significant economies of scale. See differentiated product.

(Main Author: William J. Miller)

Standardized Product and International Trade Economy

In relation to international trade economy, Christopher Mark (1993) provided the following definition of Standardized Product: A product marketed internationally without significant changes in its composition or characteristics from one country to another. Product standardization can be a factor in achieving economies of scale.