Mass Customization @ Lutron Electronics

Keywords identified: competition, innovation, specialization, quality, market share, standardization, modularity, customization, economies of scale, economies of scope, commonality, responsiveness, consensus.

With this paper, the authors are trying to depict how Lutron Electronics transformed itself from a one office company to the giant it is now, by realizing the benefits that could be reaped from moving towards mass customization. As time moved on and people started realizing that the mass production philosophy really did not took into account the customers needs, severe competition drove companies to enter a price war to sell their products at the lowest possible costs to stay in the market. Lutron chose to compete in the market with product differentiation (driven by innovation) and the strategy paid off. Initial success with the new strategy helped Lutron build a product platform they could have expanded upon. The decision makers realized that to grow its business the company needs to keep expanding and develop new markets rather than trying to take control of the market share. It was very interesting to read how Lutron used innovation to open new market segments, which they

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Some common words found in the essay are:
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Approximate Word count = 1128
Approximate Pages = 5 (250 words per page double spaced)