Keeping a product generic as long as possible before customizing it is known as __________.

The concept of keeping a product generic for as long as possible before customization is known as postponement. This strategy allows companies to delay the final customization of a product until there is actual demand, thus enabling them to respond more effectively to customer preferences and market changes. By holding off on specific adaptations, businesses can reduce excess inventory of finished goods that may not sell, optimize production processes, and improve overall efficiency in the supply chain.

This approach leverages the advantages of generic products while maintaining flexibility to cater to specific customer needs or market changes. Consequently, postponement is an essential strategy for balancing standardization and customization, minimizing risks associated with demand uncertainty.

Other options like customization refer to modifying products to meet specific customer needs from the outset, which contrasts with the delay strategies inherent in postponement. Standardization focuses on making a product uniform to increase efficiency, while diversification involves spreading products across different categories or markets, which does not relate to the practice of keeping products generic until later stages.