Globalization

By | 02/11/2019

A large number of companies have become disenchanted with the markets in the global space as they are being saturated. They are left to answer questions on how they can customize their products to meet the new demands and the new items in demand by the consumers (Levitt 1). Most organization are discouraged by the increasing competition in the international markets. The rapid advancement in technology has resulted in an increased demand for products and services due to the increased spread of information globally. It results in the development of international markets and hence the demand for standardized products and services for consumers.

The international marketplace has been characterized by increased smuggling of used vehicles, electronic gadgets, western-made clothes, pirated music and movies and cosmetics. They are moved to places attributed as primitive and where these products do not reach. In Iran, there was an uprising of fashionable men thirsty for blood with western made modern weapons. Soldiers in the Biafra war were seen carrying blood swords and bottles of Coca-Cola (Levitt 1). The above activities evidenced the existence of thriving underground trade. It was a characteristic suggesting the desire by global markets to secure advanced products and services for minimum and lower costs.

An organization that reduces its prices and increases its reliability and quality with the maintenance of suitability of the consumer would thrive in the global market with an increase in customers. Large companies in a bid to adapt to this principle develop product lines and many channels for distribution instead of developing a single version of a product (Pettinger 1). This is due to differentiation in local, neighborhood, regional, and ethnic variances in the metropolitan regions. Global markets have increasingly become subject to the aspect of price in the demand of equivalents.

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