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The Globalization of Markets Book by Levitt
Summary
The process of globalization has affected modern economic relationships on a range of levels, including changes in the market system. In his article, Theodore Levitt reviews the effects that globalization has had on markets. Providing an interesting retrospect into the market relationships in the early 90ies, the article indicates the trend toward multiculturalism and the increasing importance of diversity in the global economy as the key factors spurring globalization (Levitt 98).
Standardization
In his article, Levitt renders the concept of standardization, which he defines as the tool for creating uniform quality requirements and, thus delivering the products of the necessary quality to the target population (Levitt 98). The specified concept helps to make the brand product homogenous and appeal to as wide a demographic as possible (Robbins and Judge 143; Mehta et al. 641). In addition, Levitt justifies his assumption by claiming that a market segment is rarely unique (Levitt 96). Thus, strategies for appealing to the selected audience need to remain standardized (Rosenbloom et al. 51).
Article Discussion
Despite having been written in 1983, the article provides a very insightful way of looking at globalization. Specifically, Levitt predicted a range of trends that would occur in the global market, including the need to appeal to different types of customers (Levitt 98). On the whole, the assertions that Levitt makes seem quite legitimate. However, when considering Levitts concept of standardization, one might need to explore whether the author conflates the concepts of standardization and brand integrity. Catering to the needs of diverse audiences is an essential requirement of the global market, which the article seems to omit (Kashani 96).
Work Cited
Kashani, Kamran, and John A. Quelch. Can Sales Promotion Go Global? Business Horizons, vol. 33, no. 3, 1990, pp. 37-43.
Levitt, Theodore. Globalization of Markets. Harvard Business Review, 1983 (May-June), pp. 92-102.
Mehta, Rajiv, et al. Leadership and Cooperation in Marketing Channels: A Comparative Empirical Analysis of the U.S., Finland, and Poland. International Marketing Review, vol. 18, no. 6, 2001, pp. 633-666.
Robbins, Stephen P., and Timothy A. Judge. Organizational Behavior. 16th ed. Pearson Higher Education AU, 2014. VitalSource Bookshelf E-book, Web.
Rosenbloom, Bert, et al. Global Marketing Channels and the Standardization Controversy. Journal of Global Marketing, vol. 11, no. 1, 1997, pp. 49-64.
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