Definition
Product or service design philosophy that limits complexity by building variations of a common platform using customization only late in the process.
Examples
An example would be building various models of a refrigerator that all have the same cabinet, mechanics, liner, and door, and which are differentiated late in the process by adding different shelves and interior components.
Another example would be cell phones, which are differentiated by different colored "skins" which are snapped in place on the finished product - or different calling plans and features that are ordered for the same base phone.