Standardization Of Products :
Standardization refers to the process of setting up basic measures or standards to which the products must conform and taking steps to ensure that the goods actually produced adhere to these standards. In standardization, the product contains certain desirable qualities like durability, safety, utility and special features such as design, weight, colour and size. Standardization facilitates the purchasing and selling of the products. Goods are sold by description. In India, ISI mark issued by die Bureau of Indian Standard guarantees the quality of the product.
Benefits of Standardization are :
1. They facilitate buying and selling of goods by sample or description. When goods are of standardised quality, customers do not insist on detailed inspection.
2. Standardised goods sell better and fetch a better price to the seller because customers have more faith in them.
3. Standardised goods enjoy a wider market.
4. Standardisation help in raising finance because standardised products enjoy a ready market and they are readily accepted as a collateral security for granting loans.
