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Globalization of Markets - Book Report/Review Example

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Globalization of Markets

Therefore, while the study is framed by classical international marketing and business theory, it extends beyond the stated to propose a globalisation marketing theory.
Levitt's research relies on secondary data, observation and statistical evidence pertaining to the globalisation of markets via technological innovation and the emergence of global products. He does not define his research strategy, nor does he clearly specify his data sources. This, however, does not detract from the value of his study as what emerges is a highly valuable and well-articulated explanation of an emergent market phenomenon.
Levitt concludes that the world has become flat and that corporate entities must tailor their marketing strategies for greater consistency with this new reality. As he contends, the flattening of the world/globalisation, has led to the evolution of the global consumer, with the implication being that consumer preferences are no longer determined by geography and culture. In addition, emergent technologies have transformed economic realities in such a way that national borders are increasingly porous, thereby facilitating the transnational flow of goods and services. It is contingent upon companies to address the new reality, as accurately described and defined by Levitt, if they are to remain competitive within the parameters of a globalised economy while, at the same time, exploit the economic potentials of this reality.
Limitations and future research direction
Levitt's article, as may have been deduced from the preceding, emerges as a definitive introduction to globalisation and its impact on international business operations. Levitt provides a precise and concise definition and discussion of this new reality, alongside a prescript for business and marketing strategies therein. He, however, leaves open the question of consumer perceptions of this new reality and whether indeed, tastes have become more transnationally homogenized. This would be a rich area for future research.
Background of the paper
Levitt's seminal article on the imperatives for, and rational behind, long-term market planning, was first published in the 1960 and since that time, has been reprinted in excess of a quarter of a million times. This stands as a testament to the importance of "Marketing Myopia," where Levitt sheds light on corporate tendencies to overlook changing marketing realities, seize opportunities for market growth and, in short, atrophy.
Conceptual framework and theory
Levitt does not adhere to a defined conceptual framework nor does he draw upon specified theories to present his argument. Nevertheless, it is possible to identify his theoretical framework as based on market evolution theory.
Main conclusions and contribution to marketing literature and practice
Business entities have long operated under the assumption that exponential population growth will ensure the continued growth of markets. Not only does Levitt debunk what he calls the "population myth" but goes on to warn that companies have failed to design and implement marketing strategies which would ensure the positive exploitation of existent markets. Indeed, through the ...Show more

Summary

In the "Globalisation of Markets," Theodore Levitt raises the question of corporate behaviour within a globalised market place. The study derives its impetus from the phenomenon of the internationalisation and unification of global markets and clarifies the challenges and opportunities which confront corporations therein.
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Globalization of Markets essay example
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