Mass Customisation is the customisation and personalisation of products and services for individual customers at a mass production price. The concept was first conceived by Stan Davis in Future Perfect. It was then further developed by Joseph Pine in his book Mass Customization - The New Frontier in Business Competition . See External Resources.
Traditionally customisation and low cost have been mutually exclusive. Mass production provided low cost but at the expense of uniformity. Customisation was the product of designers and craftsman. Its expense generally made it the preserve of the rich. To-day, new interactive technologies, like the Internet, allow customers to interact with a company and specify their unique requirements which are then manufactured by automated systems.Whilst this may at first seem complicated and beyond the average consumer, there are various ways to hide the technical details. In some cases the process will be handled by your staff, a third party, or intermediary.
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Joseph Pine's latest work, together with James H. Gilmore, concerns the Experience Economy, a stage of economic offering beyond goods and services. If you think there is plenty of challenges with SIM then just wait until you read about the Experience Economy - and it doesn't just apply to Walt Disney; it can also apply to financial services.
Ladies and Gentlemen, please step this way to the Experience Economy.
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