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Globalization and structural changes in Korean manufacturing

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From Mass Production to Mass Customization
Ø Mass customization is defined as “producing goods and services to meet individual customer’s needs with near mass production efficiency” (Tseng and Jiao 1996).
ü Traditionally, mass production demonstrates an advantage in highvolume production, where the actual volume can defray the costs of huge investments in equipment, tooling, engineering, and training. ü On the other hand, satisfying each individual customer’s needs can often be translated into higher value. ü With the increasing flexibility built into modern manufacturing systems and programmability in computing and communication technologies, companies with low to medium production volumes can gain an edge over competitors by implementing mass customization.
4
Manufacturing and Global Value Chains
Ø International production, trade and investment are increasingly organized within so-called global value chains, with a strong trend towards the international dispersion of value chain activities such as design, production, marketing, distribution, etc. (Koen de Backer, 2012)
ü As labor-intensive, low value-added activities have increasingly been relocated, the number of manufacturing jobs in emerging countries has significantly expanded. This growth is sometimes perceived to have come at the expense of job losses in OECD manufacturing industries. ü Imports have become increasingly important for exports. This has significant implications how countries should look at national


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Title Globalization and structural changes in Korean manufacturing
Similar Titles
Material Type Proceedings
Author(English)

Ahn, Sanghoon

Publisher

[Seoul]:Korea Development Institute

Date 2012-10
Pages 71
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Manufacturing
Holding KDI; KDI School of Public Policy and Management