Theodore Levitt 's The Globalization Of Markets Article Analysis
The central theme in Theodore Levitt’s The Globalization of Markets article focuses on how the idea of globalization and technology are changing the way consumers react towards a company’s product. Levitt argues that technology has “...made isolated places and impoverished peoples eager for modernity’s allurements” (Levitt, 1983). People are changing their product consumption and want something that everyone else has, instead of being restricted to hand-me-downs. For example, if every person in the United States has an iPhone 6S, then it will be more than likely that a country in South America will want the same exact product, instead of a downgraded product like the iPhone 4S. These consumer preferences change the way companies market their brand and products. Levitt also argues that the “...world’s needs and desires have been irrevocably homogenized” (Levitt, 1983), which means providing consumers with numerous choices (can buy goods locally, globally, regional, or online). Instead of treating each country as an individual market, corporations need to forgo their narrow-minded thinking and treat the world as one big market. Having that kind of mindset, as Levitt says, will offer “...better or more preferred products in such combinations of ways, means, places, and at such prices that prospects prefer doing business with the company rather than with others” (Levitt, 1983).
A good strength in this article was Levitt’s differentiation…