Question

What is the significance of the concept of market or customer homogeneity as it pertains to global product standardization? Properly use the concepts of globalization, localization and standardization, Theodore Levitt and cost control in your answer.

Answer 1

Solution:

Now we discussed about the significance of the concept of market or customer homogeneity as it pertains to global product standardization. In market or customer homogeneity pertains to a market where similar products and services are offered by an array of sellers and suppliers.The customer have a variety and options to choose from in a homogeneous market.

This can be attributed to the concept of products standardization as almost all products and services are a like in the homogeneous market, with a few tweaks in the featured offered.A homogeneous market can be considered as the local context of global concept of standardization.

The concept of standardization  aims at achieving the economics of scale at a global context. Localization leads to variability in product development based on he local consumers preference, but then the economy of scale is usually compromised.

Hence market homogeneity can be considered as the local attribute to achieve global product standardization.

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