The modern business world is all about change. Companies must stay on their toes and must be able to adapt to the times. In the past change occurred but it was not so drastic since technological advances were occurring at a slower pace. In today's age technology has made for a totally different business environment.
Since the entire world is almost connected, global business must cater to an entire world demand instead of concentrating on different markets. Even the most desolate places and people in the world are craving for the products that the developed nations have. Due to the extensive explosion of technological advances people all around the world want the same products they see and hear about on TV or the Internet. No longer can a corporation sell a high quality product to developed nations. These occupants of the lesser-developed nations know about the product and have certain expectations that must be met. .
Corporations sell standardized products in the same way everywhere-autos, steel, chemicals, petroleum, cement, agricultural commodities and equipment, industrial and commercial construction, banking and insurance services, computers, semiconductors, transport, electronic instruments, pharmaceuticals, and telecommunications (Bartlett, 181).
Even though the world's tastes are becoming similar, I still think it is critical for global corporations to cater to the specific countries" needs where they are doing business. There are many different cultures in this world and it is essential for corporations to adjust their products and services to accommodate to the cultures of their customers. In order for organizations to realize whether or not they should change their product will be found out through extensive research. They must find out the needs, wants, and preferences of their customers and properly adjust their product to the results of their research.
According to Levitt, customer's preferences around the world are becoming homogenized.
