An Integrative Economic Indication of Personalization and Mass Customization

Mass customization gives the impression in which firms interact one to one with masses of customers and then design the service to the needs of customers. Take an example of the Banking sector. The system of financial service is geared for the entire segment of customers but during the provisions of financial services the Bank manager may design the portfolio of the consumer according to his or her needs and give individual advice to a customer. It is the marketing principle of modern times and focuses on relationship with customers more than ever before and also uniquely reaching out to more people than ever before..Mass customization is the process through which firms interact one to one with masses of customers to design a service specifically to satisfy the individual’s needs. In the service sector the concept of mass customization takes on a great deal of importance. It leads the customers to feel that the solution being offered not for specific problems where as in mass customization the consumer feels his specific needs are being met. The service provider can either decide to provide individualized service and marketing programs to the needs and Preferences of individual customers.
Mass customization gives the impression in which firms interact one to one with masses of customers and then design the service to the needs of customers. Take an example of the Banking sector. The system of financial service is geared for the entire segment of customers but during the provisions of financial services the Bank manager may design the portfolio of the consumer according to his or her needs and give individual advice to a customer. It is the marketing principle of modern times and focuses on relationship with customers more than ever before and also uniquely reaching out to more people than ever before..Mass customization is the process through which firms interact one to one with masses of customers to design a service specifically to satisfy the individual’s needs. In the service sector the concept of mass customization takes on a great deal of importance. In this context personalization is mentioned to be one valuable solution, as : personalization is about building customer loyalty by building meaningful one-to-one relationship; by understanding the needs of each individual and helping satisfy a goal that efficiently and knowledgeably codes each individual need in a given context . Furthermore the individualization of products and services decreases product equivalence and therefore leads to an increased differentiation from competitors facilitating a unique positioning within the market space.