Mass customerization

In our group discussion, all our group members didn't understand what means by 'Mass Customerization'. I have searched about the meaning of it.


From Wekipedia:

Mass customization, in marketing, manufacturing, and management, is the use of flexible computer-aided manufacturing systems to produce custom output. Those systems combine the low unit costs of mass production processes with the flexibility of individual customization.

"Mass Customization" is the new frontier in business competition for both manufacturing and service industries. At its core is a tremendous increase in variety and customization without a corresponding increase in costs. At its limit, it is the mass production of individually customized goods and services. At its best, it provides strategic advantage and economic value.”
The concept of mass customization is attributed to Stan Davis in Future Perfect[1] and was defined by Tseng and Jiao (2001, p. 685) as "producing goods and services to meet individual customer's needs with near mass production efficiency". Andreas Kaplan and Michael Haenlein concurred, calling it "a strategy that creates value by some form of company-customer interaction at the fabrication and assembly stage of the operations level to create customized products with production cost and monetary price similar to those of mass-produced products".