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Word Count: 425
The Globalization of Markets Theodore Levitt writes Companies must learn to operate as if the world were one large market-ignoring superficial regional and national differences in the Harvard Business review He further states that there are differences in national and international preferences Gone are the days when a company could sell last years models or lesser versions of advanced products in the less developed world and gone are the days when price margins and profits abroad were generally higher than at home He says that Technology became a powerful force that drives the world toward a converging commonality Corporations sell standardized products in the same way everywhere-autos steel chemicals and etc And technological advancements lead to a new commercial reality-the emergence of global markets for standardized consumer products on a previously unimagined scale of magnitude He says that Global competition spells the end to domestic market domination Even small local markets which used to be protected from distant competitors feel the pressure Companies that do not adapt to these new global realities will fall victim to those that do He than defines and compares the multinational and global corporations According to the author the multinational corporation knows a lot about a great many countries and adapts to supposed differences On the other hand the global corporation knows everything about one great thing He says It knows about the absolute need to be competitive on a world-wide basis as well as nationally and seeks constantly to drive down prices by standardizing what it sells and how it operates And he concludes that between the two Global Corporation is absolute and Multinational Corporation is obsolete At the end the author says that there is one very important factor for the corporation and that is in what it produces and how it sells He says Everything else derives and is subsidiary to these activities Than he suggests that innovations are the best strategy to get and
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