Final answer:
Mass customization is the strategy of providing personalized products or services with the efficiency and cost structure of mass production, utilizing advanced manufacturing techniques and information technology.
Step-by-step explanation:
Mass customization is the ability to offer individually tailored products or services using the same production resources as bulk production. This strategy blends the personalization of custom-made products with the low unit costs associated with mass production. It relies heavily on modern manufacturing techniques and information technology to produce goods that meet individual customer's needs without significant increases in production cost and time. Companies employ various strategies to achieve mass customization, such as modular designs where different components can be assembled in different combinations, or using digital manufacturing technologies like 3D printing that allows for quick changes in design without the need for new tooling. For instance, a shoe company might use mass customization to manufacture running shoes that meet the specific size, style, and comfort preferences of each customer while maintaining the efficiencies of mass shoe production.