Question

when I think of a "standardized" product, as opposed to one adapted to the local market, what comes to my mind is… a banana! What can you tell us about a “banana” being a “standardized” product? Please explain.

Answer 1

Standardized products can be defined as products having similar and unique features inherited across the market. For example, we are using Apple's I-phones then its features, utilities etc. can be found to equal across the different markets.

Banana is a fruit found almost in similar taste, color, aroma, features and nutritional properties so we can call it standardized properties. A person can feel same taste in USA, Europe, Asia and other places of world. Any other products processed with it as an ingredient will have similar flavour. Traders can easily do business with little bit variety of Bananas in the world market. In terms of consumer, they will identify it anywhere or in whatsoever the marketplace.

In business sense, companies might deal in standardized products strategy so that sales turnover can be boost in global market. Such standardized segment provides same benefits even in a different business market. Product design based on local market may have many challenges and cost related issues. Both have different issues and challenges.