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The article on “Globalization of Markets” by Theodore Levitt encompasses subject matters of differentiating the effectiveness and efficiency of Global and Multinational corporations while taking into account a primordial factor, technology, which dictates dynamic trends within the lives of people. Technology has been of great benefit and aid in the areas of communication, travel, transport and production. It paved way for many people to seek or desire more advancement for modernity – their commonality of preference. In such effect, Levitt stressed the essentiality of the emergence of global markets being advantageous in lieu of Multinational corporations. The idea pursued in global markets primarily expresses the standardization of products in assurance of an appropriate value received by consumers that is low price, superior in quality, and reliability and adequate suitability. In this manner, with the help of technology, “alleviation of life’s burden and the expansion of discretionary time and spending power” are very much attained while “offering meanings with deeper wisdom”. Multinational corporations, however, relatively experiences high costs by which they would have to adjust and adapt to preferences and practices of a certain market segment. As a result, it is perceived to be something that affects the activities to be performed by a company in areas such as marketing, distributions, promotions and the like. In comparison, through the presence of global markets, opportunities may arise in the economic scale in terms of division of labor and specialization in production. This then allows people and nations to optimize their conditions through trade. Global markets not only benefits the world economically nor does it only seek to heighten sales and expand brand patronage but it focally sets back to the basics of a selling premise; of purpose and end also serving the needs or necessity of individuals whereby creating and keeping a customer for that matter.
Reference: Globalization of Markets by Theodore Levitt
Reference: Globalization of Markets by Theodore Levitt