Question

Levitt, T. (1983) ‘Globalisation of markets’, Harvard Business Review, May–June, 92–102.

The article is about 35 years old, do you think the author’s recommendation for standardization is still valid today? Or has advancement in technology altered the sphere the of international trade. Defend your answer with suitable examples.

Answer 1

The advancement in technology altered the sphere the of international trade, the reason provided below:

1. The company export their products to different countries to increase the competitive advantage of the company in the market.

2. Competition is high as where low cost focus by the industry towards their trading.

3. There will be different resources in each country towards trading as they would focus to improve on the advanced technology.

4. Different category of goods increases the profit of the industry which can be achieved only by technological aspect.

5. The variety products will be introduced within the same industry and it will be delivered to their customer to satisfy their needs and wants.

6. Economic stability is high through innovation trading system as where the technology impact had increased the profit of the organization.