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.
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