Two decades after Theodore Levitt’s provocative classic, “The Globalization of Markets,” was published in Harvard Business Review, the relentless homogenization he predicted appears to have begun to stall. Global brands have proven short-lived, while local brands have increasingly won over many consumers. But will that trend reverse? In this piece, the author discusses the transformation of these global trends, the rise of China over Japan, and the impact of growing consumer resentment towards global brands. He concludes that globalization isn’t going anywhere — but what exactly it looks like it bound to evolve, leaving many existing multinational companies playing catch-up.
What became of the golden age of global marketing? Where are the multinational companies churning out standardized products for a world of voracious consumers? A global economic slump and mounting anti-American sentiment put an end to that party. But the multinationals’ retreat to local harbors may leave them ill prepared for what’s about to happen.