A brief introduction and know how globalization and standardization of
markets through expressing different view points and examples in living
world of globalization of markets.
First of all , we will understand the meaning of Globalization:
According to the International Monetary Fund defines Globalization as "the
growing economic interdependence of countries worldwide through
increasing volume and variety of cross-border transactions in goods and
services, free international capital flows, and more rapid and widespread
diffusion of technology". Meanwhile, The International Forum on
Globalization defines it as "the present worldwide drive toward a globalize
economic system dominated by supranational corporate trade and banking
institutions that are not accountable to democratic processes or national
governments."Nowadays, people are not limited to their origins and cultural
or places of business. As, the Technological changes have occurred in the
international commercial arena , people are seeking best possible
alternatives of the product, at the most economic price.
Some of the
statesman of the marketing world have argued that worldwide marketplace
has because so homogenized that multinational companies are able to
market there standardized products and services all over the world.
Secondly, we can understand what does Standardization
means,"Standardization , in the context related to technologies and
industries, is the process of establishing a standard among
competing entities in a market, where this will bring benefits without hurting
competition. Despite the important benefits of standardization, which could
be seen from a company's vast expansions in global arena, there are also
many short comes to the application of standardized marketing practices
and policies. In my view point, the writer of the globalization of markets
explains that : When the global seller or businessman sells his or her
product at much lower Cost in the international market , he or she would
have a better go and approach towards...