In economics, invention refers to the development of entirely new technologies or methods of production, distinguishing it from innovation which focuses on improving existing technologies and methods.
Mass customization refers to the methods used to produce customized goods and services on a large scale. Combining elements of mass production with individualized customization, it's a key strategy in contemporary business that enhances customer satisfaction while maintaining cost efficiency.
A small facility that produces a modest number of units, designed to prove or test methods that may be used in full-scale plants. A pilot plant reduces the investment risk in unproven production methods.
Repetitive manufacturing is a method of production where the same products are continually and repetitiously manufactured. This method is ideal for mass production and supports hard manufacturing with significant fixed cost investments. Products such as appliances and automobiles are typically produced this way.
