Holistic Perspective of Standardization Strategies

Abstract

Industry has become increasingly interested in assessing its economic efficiency, and thus is more interested in the role of standardization. Standardization is a premise of international communication improvement and the information transfer increase directly connected with the results of technological development. Standardization represents a way to confer superior value to product through price, quality, and distribution. Standardization brings confidence to consumer regarding certain producer's offer. Globalization has dramatically changed the international business environment. Systematic and reliable results can only be attained on a common basis. Since there is greater pressure on industry to rationalize, the costs and benefits of standardization must be examined from both economic and strategic viewpoint. This paper through grounded theory approach aims to analyze not only the economic benefits to the various stakeholders but also develop a holistic perspective of standardization strategies in the current environment.