What is the strategy of delaying modifications to a product called?

The strategy of delaying modifications to a product is known as postponement. This approach involves waiting to finalize product features or configurations until closer to the point of sale. The primary benefit of postponement is that it allows companies to remain flexible and respond more effectively to customer demands and preferences.

By deferring the customization of a product until after the order is received, businesses can better align their offerings with specific consumer needs without overcommitting to inventory that may not sell. This strategy can also reduce waste and help manage costs by minimizing the need for excess inventory with various modifications and adaptations.

In contrast, preemption refers to taking action to prevent others from gaining a competitive advantage, sequencing relates to the order in which processes or tasks are executed, and customization generally implies altering a product to meet specific customer requirements without the delay aspect associated with postponement. Thus, postponement is distinctively characterized by its emphasis on delaying modifications until demand is clearly established.