1. Customerization
Definition
The process that occurs when
a business customizes products or services by using feedback obtained from
its clients. A company uses a more advanced form of customerization when it can
tailor its products, services and communication on an individualized basis according
to specific customer preferences.
Mass customization
Definition
Production of personalized or custom-tailored goods or services to meet consumers'
diverse and changing needs at near massproduction prices. Enabled
by technologies such as computerization, internet, product modularization, and lean
production, it portends the ultimate stage in market segmentation where
every customer can have exactly what he or she wants.
disintermediation
Definitions
1. Finance: Elimination of financial intermediaries (banks, brokers, finance houses)
between the suppliers of funds (savers/investors) and the users of funds
(borrowers/investees). Disintermediation occurs when inflation rates are high but
bank interest rates are stagnant (usually due to government control), and the bank
depositors can get better returns by investing in mutual funds or in securities. When
interest rates start to rise, the investors turn again into depositors
and reintermediation occurs.
2. Internet: Elimination (by the online sources) of the
traditional middleman the intermediary between the seller and the buyer (such as
an agent, broker, or reseller), or between the source and the recipient
of information (such as an agency, official, or gate keeper).
Industry Convergence
