Introduction of Globalization and Standardization of Markets

Essay by essaysucker April 2006

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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...