Question

In your own words, explain BRIEFLY "how has Theodore Levitt changed our world of global business ?"

Subject: Global business decision making.

Answer 1

Theodore levitt was a former professor at Harvard Business School. He published an editorial "Marketing Myopia" in the Harvard Business Review in which he described narrow approach of the business executives of renowned companies. He made a comparative evaluation of two broad industries i.e., railroad and automobiles industries and described that strict business driven attitude of executives of railroad industry has adversely affected their customer base and many customers shifted to automobile industry for better transportation services. Levitt also described the globalization of business in his next journal "The Globalization of markets" in Harvard Business review published in 1983. In that journal, he described that technological advancement and social transformation helped two FMCG gaints Coca-Cola and Mcdonalds to sell their products in various countries of the world. He also mentioned that regional preferences of people are fast disappearing and validated this with Mcdonald''s sale of products in traditional market of India. Theodore has written several articles on business and marketing but his article "Globalization of market" became very popular in which he clearly described about emergence of global market, multinational companies and worldwide change in people's tastes, preferences and choices. He in that journal also described that advanced production, marketing and supply technologies helped large companies to produce customized products at low costs.