SMART SOLUTION FOR OPTIMIZED MASS CUSTOMIZATION PROCESS IN SMART PHONE INDUSTRY
Journal: PEOPLE: International Journal of Social Sciences (Vol.8, No. 3)Publication Date: 2022-11-15
Authors : Dixit Abhinav; Dixit Ankita; Kaur Harpreet; Singh Jaideep; Guleri Karan;
Page : 107-119
Keywords : Mass Customization; Smart Phones; Mass Production; Customization; Make-To-Order (MTO); Economies of Scale (EOS); SMOTE Algorithm;
Abstract
The concept of mass customization envisages a firm pursuing differentiation vis-à-vis its competitors in the form of its customized solutions to the consumers, and at the same time adopting cost-effective measures to bring down the cost of production of those solutions. Mass customization has proved to be a path-breaking approach in many industries like fashion, footwear and computer. In this paper, we aim to cover the possibilities of mass customization in the smartphone industry at the hardware, software as well as OS level. We will also cover how, by implementing mass customization, smartphone companies can save costs of finished goods inventories, and at the same time, increase consumers' willingness to pay by providing them with customized solutions. This paper proposes a smart solution for implementing mass customization through mathematical formulation and aims to detect the optimized groups and cost estimation.
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