Specialization refers to the process of focusing on a limited scope of goods or services to gain greater efficiency. It is a method of production whereby an entity focuses on producing a limited range of products or services to become more efficient. Specialization can refer to a companys strategy to focus on producing a very limited range of products or services to gain maximum productivity, expertise, and leadership in the targeted field. It can also refer to an agreement within a community, organization, or larger group in which each member best suited for a specific activity assumes responsibility for its successful execution.
Specialization is the opposite of diversification, which is when a company spreads from its core activity into new areas. It is the focus of company training programs, personal career ambitions, and choices in education. For example, a person who excels in math but is not a good writer may focus on subjects that rely heavily on mathematics and become a mathematician, engineer, physicist, etc. .
In summary, specialization is a technique that involves focusing on one product or a limited scope of products to become more efficient. It is a strategy developed by a business to focus on the production of a very limited range of products or services to gain maximum productivity, expertise, and leadership in the targeted field.
