The Globalization of Markets - 6962 Words

The globalization of markets Theodore Levitt The worldwide success of a growing list of products that have become household names is evidence that consumers the world over, despite deep-rooted cultural differences, are becoming more and more alike - or, as the author puts it, homogenized. In consequence, he contends, the traditional MNCs strategy of tailoring its products to the needs of multiple markets may put it at a severe disadvantage vis-a-vis competitors who apply marketing imagination to the task of developing advanced, functional, reliable standardized products, at the right price, on a global scale. A powerful force drives the world toward a converging commonality, and that force is technology. It has proletarianized†¦show more content†¦The worlds needs and desires have been irrevocably homogenized. This makes the multinational corporation obsolete and the global corporation absolute. The Republic of Technology Daniel J. Boorstin, author of the monumental trilogy The Americans, characterized our age as drive n by the Republic of Technology [whose] supreme law . . . is convergence, the tendency for everything to become more like everything else. In business, this trend has pushed markets toward global commonality. Corporations sell standardized products in the same way everywhere autos, steel, chemicals, petroleum, cement, agricultural commodities and equipment, industrial and commercial construction, banking and insurance services, computers, semiconductors, transport, electronic instruments, pharmaceuticals and telecommunications, to mention some of the obvious. Nor is the sweeping gale of globalization confined to these raw materials or high-tech products, where the universal language of customers and users facilitates standardization. The transforming winds whipped up by the proletarianization of communication and travel enter every crevice of life. Commercially, nothing confirms this as much as the success of McDonalds from the Champs Elysees to the Ginza, of Coca-Cola in Bahrain an d Pepsi-Cola in Moscow,Show MoreRelatedGlobalization of Markets776 Words   |  4 PagesGLOBALIZATION OF MARKETS Theodore Levitt is often considered to be the first to recognize the trend towards globalization and states that: â€Å"companies must learn to operate as if the world were one large market – ignoring superficial regional and national differences†¦Ã¢â‚¬  In addition, he argues that the companies that do not adapt to the new global realities will become the victims of those that do. Theodore Levitt’s 1983 article about the globalization of markets is one of the most discussedRead MoreGlobalization and the Art Market605 Words   |  3 Pages2015 Globalization and the Art Market The expression globalization is universal and loose. In any case, it is important to consider what it implies for the craftsmanship market and the most extensive circle of aesthetic creation. According to Manfred B. Steger’s book, Globalization: A Very Short Introduction, the term globalization refers to the â€Å"expansion and intensification of social relations and consciousness across world-time and world-space† (Steger). In other words, globalization appliesRead MoreThe Globalization Of Market Needs Essay1251 Words   |  6 PagesThe globalisation of markets need to be understood and effective barriers to imitation need to be established. The differentiation strategy can focus on either a broad or narrow segment of consumers. This strategy comes about when neither the cost leadership nor the differentiation strategy is able to sustain the broader segment focused on. This strategy is then adopted to identify and serve a niche or focus market competitively. 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As trade becomesRead MoreUnderstanding The Financial Market And Globalization1529 Words   |  7 PagesUNDERGRADUATE STUDENT RESEARCH PAPER Understanding the Financial Market and Globalization in India Prepared By Dionne Benard FIN4604005_2014f_81778 International Finance Fall 2014 Understanding the Financial Market and Globalization in India Abstract The research paper is a brief study that explains the different factors that play a key role in growth international financial market in India. We also took a brief look at what the RBI (Reserve Bank of India) and their role inRead MoreEffects of Globalization on Labor Markets3510 Words   |  14 PagesThe Globalization of Labor Markets Abstract The following pages focus on analyzing the effects of globalization on labor markets, which is an important international business topic. The Introduction presents the points of view used in addressing this issue. 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