Final answer:
Mass customization is the ability to create custom products or services on-demand, providing personalized items efficiently at a scale similar to mass-produced goods.
Step-by-step explanation:
Mass customization refers to the ability to create custom products or services on-demand, tailored to the individual needs or preferences of each customer. This concept is distinct from mass production, where the focus is on large volumes of uniform products. Instead, mass customization combines the efficiency of mass production with the personalization of custom-made goods. It leverages advanced manufacturing technologies, like modular production systems or 3D printing, to offer a wide range of product configurations and options that are assembled or finished according to specific customer requests. An example might be a furniture company that allows customers to choose various aspects of a chair's design, such as color, material, and leg style, while still being able to produce it at a scale and cost similar to mass-produced items.