Standardization FAQs:

Q: Is standardization close to the solution for a coordination problem?

A: Yes, and a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions.

Q: Is standardization important because rival and incompatible approaches competing in the marketplace can slow or even kill the growth of the technology?

A: Yes, The shift to a modularized architecture as a result of standardization brings increased flexibility, rapid introduction of new products, and the ability to more closely meet individual customer's needs.

Q: Is standardization realized?

A: Yes, and further benefits that accrue to consumers as a result of using the standard are driven mostly by the quality of the technologies underlying that standard.

Q: Is standardization implemented greatly when companies release new products to market?

A: Yes.