Leadership and Management Theories

This study material provides an overview of leadership and management theories, with a focus on the concept of globalization and Theodore Levitt's theory. It analyzes the feasibility and positive outcomes of globalization, as well as the strategies used by multinational companies in various markets. The material also discusses the impact of technology and tertiary services on globalization. Suitable for students studying business and management courses.

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Leadership and Management Theories

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Introduction
Globalization has played an important role in terms of the integration of the economies of
countries along with the economy of the world. It is primarily concerned with the expansion of
companies at the international level accordingly by entering into the national markets of various
countries and expanding their business accordingly by the virtue of the policies related to
Foreign Direct Investment. The aspects pertaining to deregulation also plays an important role in
globalization which implies the cutting of red-tape and the opening of the floodgates for the
foreign companies to enter into the markets for business and expand accordingly as per the
policies. The aspect of globalization has resulted in the formation and establishment of
multinational corporations to a huge level thereby leading to the growth of the economy of the
respective countries to a massive extent by the virtue of the attraction of a huge number of
customers in the local market in question. As a result, globalization is one of the most important
driving factors relating to the economic development of the countries in question thereby leading
to the promotion of international trade accordingly. It has also resulted in relations between
countries with regard to business. The main aim of the essay is to present an overview of the
concept of globalization. The views and opinions of the notable American economist Theodore
Levitt would be analyzed in the desired manner thereby resulting in the understanding of the
etymological aspect of globalization (Milanovic, 2016). The factors pertaining to the feasibility
of globalization would also be taken into account as far as the positive outcomes of globalization
in the long run are concerned. The aspect pertaining to competitiveness amongst multinational
companies in various markets would also be analyzed accordingly as far as the standards of the
products and services of multinational entities which are acceptable at the global level are
concerned. It would help in the delving into the modus operandi of multinational entities at
various markets in a proper and appropriate manner (Pease, Paliwoda and Slater, 2015). The
various strategies pertaining to market expansion of the multinational companies may also be
taken into consideration with reference to analysis as far as the respective country is concerned
thereby analyzing the factors at various levels accordingly. The relevant theories and ideas
pertaining to globalization may also be taken into account and analyzed accordingly with
reference to the development of the economy of the world at the desired level. The aspect
pertaining to technological advancement and related tertiary services may also be considered
with regard to the concept of globalization of markets accordingly. Finally, an appropriate

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conclusion would be provided thereby presenting the summary of the aspect pertaining to the
globalization of markets with regard to the views and opinions of Theodore Levitt which would
help in the analysis in an effective and efficient manner.
Theodore Levitt’s Theory of Globalization
As opined by Kloosterman, Mamadouh and Terhorst (2018), "The Globalization of Markets"
was written by Theodore Levitt more than two decades ago in the Harvard Business Review on
the crucial topic of conducting business across national boundaries. Theodore Levitt was widely
popular for his way of thinking on business management and the way managers work. According
to Channon and Jalland (2016), technology has been a primary factor for changes in the Global
and multinational corporations which indicates that changes in the recent years. The flow of
information across the globe has enabled people to know more of the world, the kind of people,
their preferences, tastes and lifestyle (Fischbacher-Smith and Smith, 2015). This has made
people a global citizen. However, this thinking does not align with many citizens as they
consider technology to be disruptive and converging the world. Even when globalization has
provided with plethora of benefits, there are people consider it to be threat to human identity and
the way of living. In a way, as opined by Beck (2018), globalization has enabled people to take
advantage of the global economy as a person sitting in one country is able to use the products
manufactured by another country. Globalization has facilitated the drive to utilize global
products such as companies like Toyota, Zara, Samsung, Apple and McDonald's have created a
global presence. As suggested by Rahman, Uddin and Lodorfos (2017), there are no more
political or geographic barriers for companies to enter into a new market and their value can be
measured by the services they provide. People are living in a global era and it has provided them
with many opportunities. As identified by Dixon and Sybrandy (2015), Proletarianized is one of
the arguments made by Theodore Levitt stating that technology has fragmented the workforce. It
has also impacted on the global transport and communication networks. People desire for global
products and that has encouraged multinational organizations to cater to their needs.
Multinational corporations are supposed to be adaptive in nature (Crane and Matten, 2016).
According to the viewpoint of Levitt, multinational corporations in the modern era are shrinking
and therefore he identified strategies that would make organizations of multinational to global.
People look for good quality of products which is not too much to ask for. The market and

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demand for standardized products has been growing and people have become aware of
standardized products available globally. Therefore, De Mooij (2018) suggests that the market
for standardized products must be kept global in order to maintain market position and brand
image. However, as Olins (2017) has opined that catering to the needs of each and every person
is not always possible by global companies. But, Levitt identified the solution of offering more
or less standardized products at comparatively lower prices which will suffice the demands of
global customers. Since people tend to opt for high quality products at optimum prices, Global
markets must facilitate the same. This ended the concept of customization of products and the
emergence of standardized markets took place. As highlighted by Hou (2018), Levitt also
proposed the strategy that price is one of the important factors for people buying products. As
consumer spending capacity has increased, people are able to spend on the things they like. It is a
proven fact that consumers are motivated to purchase high quality of products at reasonable
price.
Theodore, as suggested by Baker (2016), Levitt also proposed certain marketing concepts which
highlights that companies must be aware of the exact necessities of its customers. The key to a
successful global corporation is adapting to the changes in the nearby environment and
differentiating the products and services from its competitors in order to sustain the global
competition. Even when there are issues, global corporations must try to revamp its strategies
and move further looking for better opportunities (Smith, 2017). In the last two decades,
companies attempting to conduct business globally have been seeing the growth trend rising
upwards. There have been several issues companies have faced while going global, there are
numerous ways to overcome such issues for companies facing global competition (Steger, 2017).
In addition to that, there have been numerous questions arising on how businesses survive in the
global market and what are the implications of the issues associated with them. According to the
nature of the business and the country of operation, companies can formulate their strategies. But
according to the opinions of Levitt, having a unified strategy will lead to lesser chances of
ambiguity in the decisions taken. Deresky (2017) has opined that today, majority of companies
are willing to operate globally and with the advancements in communication and transportation
technologies, they are able to identify ways to create that position in the global market. As global
markets have become homogeneous, it has increased the demands for global products from all
over the world. People are more likely to purchase products which are globally popular chased

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by other people. This means that, people from different parts of the world demand for the same
products and this becomes an important reason for companies to innovating and catering to the
demands of its customers. As per the vision of Theodore Levitt, individual country markets are
more likely to be inoperative and replaced by global organizations selling standardized products
at affordable prices. Any global corporation has an added advantage if they are able to produce
high quality products at lower price. As suggested by Abramovich (2018), today's customers are
willing to pay more for high quality products rather than purchasing low cost products.
Companies that produce a portfolio of products, with multiple products under the brand, rather
than producing a single standardized product are able to share their expenses on the investments
on technologies and distributions channels. In the opinion of Levitt, a company will be able to
succeed in the market only when it has a strong distribution network and invests in cross-
subsidized products and markets. Keeping up an optimum pricing throughout the globe helps
global corporations to grow rapidly thereby creating a huge customer base as well as attracting
potential customers in global countries (Papastergiadis, 2018). This also has an added benefit of
targeting markets that exercise aggressive lower pricing of its products to attract customers.
However, Levitt also believes that the production of a single standardized product through a
single standardized marketing program is an optimum global strategy (Pieterse, 2019). Currently,
the future of the global corporations is shining high. Global corporations have the ability to
produce high quality products at a lower cost than its competitors due to economies of scale in
production, distribution, management and marketing. It has been observed that in the era of
homogenized demand, companies have lost its branding abilities since customers are not able to
connect with the standardized products referred to them in form of mass marketing efforts. It
takes lot of efforts to cater to the needs of the global customers. Global corporations often have
to utilize centralized decision making, therefore many of the companies did not create a presence
in the market (Dholakia and Atik, 2016). The argument for positive and negative effects of
globalization of markets will continue. But people will also still continue to buy either high
quality or low quality products depending upon the technology used and communication channel
used. Levitt both praised and criticized globalization. He did not anticipate the impact of
globalization on some of the markets which will turned out to be against globalization even after
the benefits it aims at providing. Globalization has transformed nations like China and Russia.

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Levitt also agrees to the fact that branding has created a convergence in consumer preferences on
such a larger global scale.
Global marketing strategy comprises of a global product which can be defined as global if the
company is able to market that product markets with any kind of marketing technique.
Companies like Starbucks, Coca-Cola and McDonald's heavily invest on their marketing
strategies and people recognize these brands globally as they have reached each and every corner
of the world. But it is not necessary that the products needed to be sold in every market. The
world market demand is increasing in the recent times making it evident companies need to
modify their products and differentiate them from its competitors. The producers and consumers
of the products of the company. The producers receive the benefit of a large production at lower
costs whereas the consumers receive a high quality products at affordable prices. The Global
market has a plethora of options for the consumers to select. Some of the products provide
benefits to the customers and become an instant product in the market. However, not every
product is able to create its Global presence (Ritzer and Dean, 2015). According to the report of
CGMA (2019), a product can be considered as a global product only when it has the ability to
provide some benefits to the customers and there are no close substitute available for the product.
Businesses have evolved in the recent years and it is easy to recognize the progress made by few
of the global corporations. As identified by Gehani (2016), companies like Coca-Cola and Apple
have multiple product offerings and the products and services are spread all around the world.
There are several companies willing to become multinational and transnational by looking at the
opportunities associated with it. For instance, Coca Cola operates has a centralized control but it
operates manufacturing plants in other countries with approximately 80% of the profits generated
from overseas sales (Kayabaº, Boyraz and Derdiyok, 2017). Honda is another company which is
in Japan but has its largest single manufacturing factory in US. It is a fact that multinational
Enterprises are one of the key drivers for the economic development of a country. As highlighted
by Gilpin (2018), in 1990s, there was a major economic setbacks in countries like Japan and
Taiwan due to which numerous anti-globalization rallies were conducted. But conducting these
anti-globalization rallies a not a solution to the prevailing issues faced by the world. Therefore,
globalization can be possible only when multinational enterprises are willing to operate globally.
As mentioned earlier, technology has been a key driver for the Global success of businesses.
Technology has enabled people to get information on any product available in the market.

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Companies operating in the E-Commerce sector are able to connect with people around the globe
thereby building a larger customer base. Customers are now free to prefer products that not
available in their country by the advent of technology. Without any national or regional
preference, companies will be able to target multiple customers at the same time. Companies will
not be able to sell their previous products without any modification in any of the developed or
developing countries because people are already aware of the technology and benefits derived
from the product.
There is a fine line between Global corporations and multinational enterprises. But as suggested
by Buckley and Casson (2016), Multinational Enterprises operates in many countries and makes
products according to the preferences of that country. The pricing is also adjusted according to
the country's level of spending. On the contrary, Global corporations operate in majority of
countries or only in major countries with same marketing and selling strategy throughout the
world. Comparatively the prices are also fixed making it easier for customers to recognize the
product at anywhere in the world.
As opined by Buckley and Casson (2016), foreign direct investments can be a feasible option for
companies to take control of the assets in other countries. Another way which companies can tap
into global market is by licensing or franchising. Mergers or strategic alliances can be a good
option if companies are looking for entering into the global market. Through strategic alliances,
companies in alliance allow each other assess the home market of the other company and the
company in the home market will be able to market the products the help of the host country.
This enables companies to share the risk between the host and guest company. Companies like
KFC and McDonalds although approach to its customers globally with unified strategies but they
have adapted themselves according to the country they are operating (Baylis, Smith and Owens,
2017). The taste and preference of people in will be completely different from people living in
United States. Fast food chains like KFC have different restaurants for specifically Japanese food
in different parts of the country rather than operating in only one area. These changes have
increased the demands in Japan leading to immense popularity from the people of Japan. Apart
from that, Schlossberg (2015) has identified that McDonald's has specific menu according to the
country of operation. Such as the original Mac burger is served differently countries like India,
Iran and Saudi Arabia. This kind of differentiation in product variety has enabled the company to

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understand the customer preferences but it also has kept its standardized product in the menu. As
opined by Epstein (2018), operating globally can be difficult at times as the strategies are to be
formulated keeping in mind the preferences of each country. However, regional strategies can be
far more beneficial which can bridge the gap between local and global initiatives. The ultimate
motive of every company is to create a global presence, generate profits local and global market
and create a larger customer base who recognize the products at any place in the world. As
suggested by Ansoff, et. al. (2018), formulating strategies require companies to be creative and
flexible which will enable them to modify their strategies according to the region and preferences
of customers. Companies embracing regional strategies also requires to embrace the market,
suppliers, investors, competitors and resources available (Coleman, 2016). Even when the
company is operating globally, it should be conscious about the opportunities available to them
prepare contingency plans in case of any unforeseen circumstance. As suggested by Ting-
Toomey and Dorjee (2018), the managers of the companies must be aware of the similarities and
differences across national boundaries. This can be useful for identifying the opportunities and
accordingly frame goals for the company.
However Kelly and Köpsell (2010) suggest that even after 20 years of Theodore Levitt’s theory
on Globalization came out, many have criticized his opinions that technology and new media has
shrank the world and the preferences of people have changed and converged making the market
into a single global market. These global markets would be dominated only by the successful
brands of the world. But since he mentions that he was mistaken, he never seems to mention
about global brand. Rather Levitt in his essay has mentioned about global companies and not
about global brands. He intended to focus on how technologies connect with humans and their
needs and significantly it impacts the organizations. As suggested by Garrett (2017), technology
is the driving force which has enabled people from every cast, religion or culture embrace its
benefits. The modern facilities available in the modern world have touched each and every
human being (Hitt, Ireland and Hoskisson, 2016). Humans have embraced the power and
benefits of technology due to its alluring attractions. On the contrary, it has been observed that
companies operating in old styles and using old strategies to sustain the market, they have to
incur high expenses. But these practices have moreover resulted in removing duplication, and
improving buying synergies. Globalizing brands carry associated benefits to it where
organizations are able to identify better opportunities in the global market (Stiglitz, 2017).

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However, this can be difficult at times when customer preferences are focusing on getting
technologies but at a lower price. This can be difficult for companies to provide as technologies
keep changing. But the disadvantage is whenever there is a connection between the culture, and
identity, a single answer cannot be deciphered. The brand managers’ job gets increased when
there is a culture clash and the possibilities of people having multiple preferences rise (Velthuis
and Curioni, 2015). Managers have to focus on the both the company as well as the fulfilling the
demands of customers. Therefore, Globalization is highly important trend but it is to be kept in
mind that globalization is not the only trend.
Two ideas of globalization
The two main ideas with which the concept pertaining to globalization functions imply the trends
in the scenario in question and the factors pertaining to the facilitation of a person in order to the
solving of the issues in manner which involves rationalism as far as the application of the
required logic is concerned. The aspect pertaining to trends in terms of globalization involves
the market scenario which helps in the identification and determination of factors related to
globalization accordingly. It implies the collaboration of markets in terms of goods and services
ant the global level accordingly with regard to the carrying out of cross border transactions. The
trends are also influenced by various kinds of Free Trade Agreements between countries as far as
the development of relations with regard to the aspect of international trade is concerned. As a
result, globalization helps in the transcending of boundaries accordingly. The history relating to
globalization also has a huge influence with reference to the trends in globalization although
there is a huge difference between the globalization of the earlier times and the globalization of
modern times accordingly (Canniford and Bajde 2015). Earlier, the aspect pertaining to industrial
revolution played an important role in terms of globalization. In the recent past, many countries
have adopted policies relating to the facilitation of the ease of the entry of the multinational
companies into their own markets and expand rapidly as far as the increase in the amount
pertaining to Foreign Direct Investment is concerned. As a result, the concept of business
tourism has grown in rapid manner accordingly as far as contracts related to Mergers and
Acquisitions along with Joint Venture between business entities based in different countries are
concerned thereby implying the compliance with regulatory framework accordingly as far as is
international trade is concerned. In this aspect, the World Trade Organization plays an important

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role with regard to the supervision of the trends involved in globalization as far as the
formulation of different norms, policies and standards are concerned (Brewer and Young, 2017).
Technology is also involved in the aspect pertaining to globalization as far as the trends in the
scenario are concerned. Additionally, the aspect pertaining to Integrated Marketing
Communication has also played an extremely essential role with regard to the globalization as far
as mass media and news media are concerned accordingly primarily by the virtue of internet and
satellite television. It further implies that the various channels of communication have led to the
reduction of gaps with regard to long-distance communication accordingly. Furthermore, Coca-
colonization has also been an important factor with regard to globalization as far as the
expansion of Coca-Cola into the national markets in many countries is concerned. The eminent
economist Theodore Levitt opines that as far as the current trends are concerned, there are no
preferred target markets as far as the geographic and demographic factors are concerned with
reference to the aspect of globalization in an effective and efficient manner. The aspect of
administration also plays an important role with reference to having a massive impact on
globalization as far as the trends are concerned. It implies the policies which support
globalization to a certain level as far as the political modus operandi is concerned. The cultural
factors would also have an essential role to play as far as the traditions and customs of the people
of the country or region are concerned thereby taking account of the aspect of appealing and
attracting of the potential purchasers in the respective market taking account of their needs and
demands along with the factors pertaining to pricing of the products to suit the preferences of the
customers accordingly (Sukumaran, Gupta, R. and Jithendranathan 2015). The political stability
of the country is one of the key things in order to influence the aspect of globalization
accordingly as far as the normal trends are concerned. It implies that a country which is
politically instable due to its various kinds of internal issues cannot attract foreign business into
their markets as far as the risks are concerned which may result in the thwarting of their
prospects related to the undertaking of activities pertaining to business in the country in question.
The expansion of the business of a multinational company is also hampered as a result of
regressive economic policies as far as bureaucracy is concerned. As a result, it is imperative from
the trends of Communist countries that the aspect pertaining to globalization is totally
unwelcome thereby restricting global companies to enter into the national markets of those
countries accordingly. Furthermore, countries emphasizing socialist economic policies also do

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not encourage globalization to a huge level accordingly (Potrafke, 2015). Globalization is also
viewed by critics as the modern form of colonialism in the economic aspects as it has led to the
thwarting of the local companies and brands to a huge level thereby leading to the exploitation of
local talent and market accordingly which may lead to the aspect of unemployment to a huge
level. However, it has also led to the aspect pertaining to the encouragement of
entrepreneurialism of local talent as far as the case of Coca-Cola in India is concerned. As a
result, it is implied that globalization leads to the generation of employment opportunities to a
certain level accordingly at the country in question thereby leading to the possible economic
growth and reduction of poverty (Hirst and Thompson, 2019). It is imperative form the views of
Theodore Levitt that global companies are to be preferred instead of multinational companies as
far as globalization is concerned since the global companies would aid in the economic growth
of the country in question by the virtue of the analysis of the demands of the customers in the
local market as far as the delving into the aspect of consumer psychology is concerned
accordingly. It further implies that the product marketed by the company must appeal to the local
customers that it is manufactured in the country in question and not imported from the country
where it has its headquarters taking a cue from the Chinese multinational company Haier.
The providing of an opportunity to person with regard to the discovery or learning of anything
which is novel implies the aspect of heuristic approach pertaining to rationalism and logical
thinking with regard to the meeting of the objectives in question in an ultimate manner
accordingly. Such heuristic approach has played an extremely important role in an effective and
efficient manner in terms of globalization as far as the application of new ideas with regard to
strategic planning is concerned with reference to the entry of a company into the national market
of another country. The aspect of heuristic approach facilitates the ease of understanding
different parts of the world in a proper and appropriate manner taking account of various factors
as far as globalization is concerned. It also leads to the formulation of ideas with regard to
globalization accordingly as far as the formulation and implementation of innovative strategies in
a planned manner is concerned as a result of gathering information of the country which would
be the target for the entry of the company in question and expanding subsequently in a proper
and appropriate manner after conducting a thorough market research and analysis accordingly.
As a result, it is imperative that a heuristic approach is quite essential with regard to positive
impact over globalization accordingly (Hanson et al., 2016). It also implies the creative aspect of

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globalization accordingly as far as innovation is concerned with regard to the implementation of
new ideas as aforesaid. As a result, the outcomes may depict the results in a different manner
thereby leading to the addressing of the issues in a proper and appropriate manner. The aspect
pertaining to immigration policies of a country imply a heuristic approach as far as
understanding of people from other cultures is concerned (Ghai, 2018). It further states that
multiculturalism plays a vital role with regard to the influencing of globalization to a
considerable extent. However, misuse of immigration policies by immigrants may thwart the
prospects of globalization to a huge level as far as the aspect pertaining to cultural apprehensions
is concerned. In this aspect, the heuristic approach would have the key role to play as far as the
factors relating to the change of ideas are concerned with regard to the meeting of the ultimate
goals and objectives in a proper and appropriate manner thereby leading to the desired outcomes
accordingly. As a result, there should be changes in immigration policies in such a manner that
it implies the welfare of immigrants and the valuation of their contribution accordingly. The
circumstances should be taken into consideration accordingly in order to imply a heuristic
approach with reference to globalization in the desired manner accordingly as far as the
concluding upon a decision is concerned. It must result in a positive impact in the long run as far
as the scenario of the wider public is concerned. The change in the policies of economy of the
country also plays an important role with regard to globalization as far as the undertaking of a
heuristic approach is concerned accordingly. It implies that the aspect pertaining to deregulation
and the decrease of bureaucratic control would help in the aspect of globalization in an effective
and efficient manner thereby providing an incredible platform for global companies to enter into
the respective national market and expand accordingly without any major hurdles and obstacles.
It also implies that there should be modifications of the strategy undertaken by the global
company in question with regard to internationalizing itself accordingly thereby adopting various
strategies depending on the overall scenario of the respective country. Such strategies would vary
from country to country taking account of various factors, most notably politics and economics.
The aspects relating to technology and culture would also imply the heuristic approach to
globalization accordingly as far as the viability of the company to expand its business in the
country is concerned. In this aspect, the concept of brainstorming would also be essential as far
as the conclusion upon decisions through ideas pertaining to globalization is concerned
accordingly. As a result, ideas which are intellectual in nature would result in the positive aspects

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of globalization in an incredible manner accordingly a far as the expertise and experience of the
person formulating the ideas is concerned. Such an aspect would help in the identification and
determination of the factors which are feasible for globalization taking in to consideration the
scenario concerned accordingly (Krugman, 2017). The knowledge of the country where the
company plans to establish and set up its business and expand subsequently would play the key
role as far as globalization is concerned. As a result, it would help in the establishment of the
global company into the country in the desired manner accordingly. The products and services of
the company is to be marketed into the country in such a manner that the local customers
understand them in a lucid manner accordingly. It would lead to the attraction and appealing of
more and more customers thereby resulting in the generation of huge amount of profits and
revenues accordingly. The strategy pertaining to pricing would also follow a heuristic approach
as far as the products and services of the company in question is concerned with reference to the
marketing into the country in the desired manner accordingly. It would lead to the expansion of
the business of the company in the respective country in the desired manner accordingly. The
company must strategize itself in such a manner by the undertaking of heuristic approach if it
wants to carve a niche of itself at the national market of the country in question as far as the
respective industry is concerned along with the overall scenario of the country in terms of doing
business accordingly in a proper and appropriate manner. However, the company must not
indulge in the activities related to malpractices as far as deception or misrepresentation is
concerned thereby resulting in red-herring accordingly.
Conclusion
It can be concluded by stating that the aspect of globalization has been analyzed in a proper and
appropriate manner as inferred form the discourse above. It has also identified the various
aspects pertaining to globalization as far as the feasible factors are concerned accordingly. The
opinions of the eminent American economist Theodore Levitt has also been taken into account
and analyzed in an effective and efficient manner accordingly thereby implying the etymological
aspect pertaining to globalization accordingly (Eriksen, 2018). The aspects related to the
policies of the countries with regard to globalization has also been taken into account as far as
the concept of deregulation is concerned with regard to the cutting of the red tape thereby lifting
all kinds of barriers, restrictions and limitations with reference to trade at the international level

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accordingly. The aspect pertaining to the supervision by the World Trade Organization has also
been taken into consideration accordingly as far as the drafting and execution of Free Trade
Agreements are concerned accordingly. Additionally, the aspects with reference to the
agreements related to Joint Venture and Mergers and Acquisitions have also been taken into
account with reference to the analysis in terms of the collaboration between the companies
operating in different companies as far as the formation of partnerships and subsidiaries are
concerned accordingly taking account of the economic factors and policies in a proper and
appropriate manner. The ideas of globalization such as the analysis of the trends pertaining to
the scenario in question and the undertaking of a heuristic approach have also been analyzed in
an effective and efficient manner accordingly as far as the positive and favorable outcomes
pertaining to the activities related to globalization are concerned accordingly thereby taking into
consideration the feasible factors with regard to globalization along with the formulation and
implementation of the strategies in a proper and appropriate manner with reference to the novel
ideas accordingly. The aspect pertaining to the stability of the country has also been discussed
and demonstrated accordingly with reference to the market entry of foreign companies and
expansion of such companies into the national market of the respective country in the desired
manner accordingly. The aspect of the Communist countries have also been described and
explained in the desired manner with reference to the restrictions and limitations with regard to
globalization accordingly. The role of social media and mass media with regard to news have
also been described in the desired manner with reference to the reduction of communication gaps
thereby implying the concept of Integrated Marketing Communication in a proper and
appropriate manner accordingly with regard to the bridging of the gaps by the virtue of long
distance communication as far as globalization is concerned. In a nutshell, the aspect of
globalization in terms of markets have been analyzed in the desired manner accordingly as far as
the views and opinions of Theodore Levitt are concerned.

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