The design and development of a product to meet the specific requirements of a single customer. Because of the high cost and time required to produce a unique product, most firms prefer to provide a product that consists of a set of standard features, some of which have been modified. Many cars, for example, are available in several different body styles, colours, and trim combinations. In addition, optional extras are specified to enable buyers to customize their purchases.
Subjects: Business and Management — Economics.