Standardization versus customization

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Standardization versus customization

Available under Creative Commons-ShareAlike 4. Price, as is the case with certain other elements in the marketing mix, appears to have meaning to many buyers that goes beyond a simple utilitarian statement. Such meaning is often referred to as the psychological aspect of pricing.

Inferring quality from price is a common example of the psychological aspect.

Standardization versus customization

From a cost-of-production, raw material, or workmanship perspective, this may or may not be the case. The seller may be able to secure the higher price by nonprice means such as offering alterations and credit or the benefit to the buyer may be in meeting some psychological need such as ego enhancement.

In some situations, the higher price may oe paid simply due to lack of information or lack of comparative shopping skills. For some products or services, the quantity demanded may actually rise to some extent as price is increased.

This might be the case with an item such as a fur coat. Such a pricing strategy is called prestige pricing. Products and services frequently have customary prices in the minds of consumers.

A customary price is one that customers identify with particular items. For example, for many decades a five-stick package of chewing gum cost USD 0.

Candy bars now cost 60 cents or more, a customary price for a standard-sized bar. Manufacturers tend to adjust their wholesale prices to permit retailers in using customary pricing.

However, as we have witnessed during the past decade, prices have changed so often that customary prices are weakened. Another manifestation of the psychological aspects of pricing is the use of odd prices.

For a long time marketing people have attempted to explain why odd prices are used. It seems to make little difference whether one pays USD Perhaps one of the most often heard explanations concerns the psychological impact of odd prices on customers.

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Odd prices, on the other hand, appear to represent bargains or savings and therefore encourage buying. There seems to be some movement toward even pricing; however, odd pricing is still very common. A somewhat related pricing strategy is combination pricing.

Examples are two-for-one, buy-one-get-one-free. Consumers tend to react very positively to these pricing techniques.Standardization and Customization- A Global Debate Dr. Jyotsna Hirmukhe XMBA Batch 4 Standardization versus adaptation is the extent to which each marketing mix element can be executed in the same or different ways in various country markets.

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In this article, the author suggests that the standardization versus customization issue in international marketing has important or-ganizational aspects that are often neglected in the literature. The author parts from the traditional culture and economies of scale approaches by.

Introduction Standardization is Important It helps if the standard annoys everyone in some way so everyone feels they are on the same playing field. UNLV Theses, Dissertations, Professional Papers, and Capstones Fall Customization vs.

standardization in global hotel expansion Nenad Praporski.

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Survival: It is apparent that most managers wish to pursue strategies that enable their organizations to continue in operation for the long term. So survival is one major objective pursued by most executives. For a commercial firm, the price paid by the buyer generates the firm's revenue.

Standardization Vs Customization | Brand Mana(GE)ment