Ted Levitt’s Concept about Globalization of Markets

Ted Levitt’s Concept about Globalization of Markets

The increased pressures brought by recent advances in technology have created a continued growth in marketing. Businesses are embracing creative ideas, goods, and services that provide noteworthy competitive advantage in the globalization world. In his article entitled, The Globalization of Markets 1983 Theodore Levitt emphasized that marketing success was intimately associated with creative imaginations and thoughts. The main argument in Ted Levitt’s article is that, when companies’ embraces innovation and creativity they are more likely to bring an increased attention and pressure in their marketing function.  Further, Jones & Wadhwani (2007, p. 1) support this article’s concept that companies should learn to operate effectively in the globalization world. Levitt’s article affirms that, technology has created an urgent need for businesses to expound their marketing strategies to succeed in the global competition as discussed by Titus (2007, p. 262).

To capture readers’ attention, the author claims that the most effective companies incorporate superior reliability and quality into their business structures. Globally, Hay (2008, p. 375) support Levitt’s article by arguing that, companies should compete on the aspect of suitable value and the best combinations of quality, price, and reliability for products and services that attract consumers from all over the world. Levitt’s article highlights that the current wave of marketing and globalization has caused most unprecedented characteristics. The changes and improvements wrought by technology have enabled companies to compete with others globally.

Levitt’s argument is that emerging technology has improved transportation, communication, and created new paths for marketing in the global market. Levitt’s article is compelling both in facts and thoughts on how companies managed themselves in 1980s. In a different article, Junarsin (2009, p. 110) claims how most companies concentrates more on reducing their products’ prices instead of utilizing creativity and innovation in their marketing strategies. As argued by Levitt, marketing was the most significant business function that business should have concentrated on to attract consumers both locally and internationally. However, companies satisfied the satisfaction of their own needs at the expense of consumers’ desires. Most managers presumed that marketing means giving consumers what they want instead of understanding what they would like. What the author is saying is that, companies should concentrate more on what customer wants rather than customers themselves. In recent times, the author affirmed that marketers should understand the markets which they sell and distribute their goods. With creativity, innovation, vision, and will, global marketing could be a reality.

In my perspective, I believe Ted Levitt’s prediction about the globalization of markets written in 1983 have come true today. This is because most successful companies have embraced Levitt’s concept that creativity and innovation are key factors in marketing. For years, businesses have generated ideas on how to meet consumers’ needs while converting the first time clients to regular and potential clients.  Today, the world’s desires and needs have become irretrievably homogenized. Indeed, the global and multinational corporations are not the same in that the former operates with definite low relative cost as if the global world was a single entity while the latter operates in various countries and regulate their products and services at a high relative cost. As indicated in the article, companies should learn how to augment their global competitiveness effectively that in turn would enhance growth both in sales and revenues.

 

Bibliography

Hay, M. 2008, “Business schools: a new sense of purpose”, The Journal of Management Development, vol. 27, no. 4, pp. 371-378.

Jones, G. & Wadhwani, R.D. 2007, “Entrepreneurial Theory and the History of Globalization”, Business History Conference, Wilmington, United States, Wilmington, pp. 1.

Junarsin, E. 2009, “Worldwide Globalization and its Impacts on Developing Countries: The Case of Indonesia”, Journal of Global Business Issues, vol. 3, no. 2, pp. 105-121.

Levitt, T. 1983, “ The Globalization of Markets”, Harvard Business Review, 96-102.

Titus, P.A. 2007, “Applied Creativity: The Creative Marketing Breakthrough Model”, Journal of Marketing Education, vol. 29, no. 3, pp. 262-272.

 

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