What are the advantages for global standardization?

What are the advantages for global standardization?

  Customer Centre

What are the advantages for global standardization?

Rapid advances in communication technologies and transportation facilitated the world market to homogenize and homogenizing products with the taste of consumers, according to the requirement of customers would have huge benefits to the firms which ultimately lead to financial gain such as saving in overall cost, economies of scale in marketing, production and activities which are related to standardization and cost benefited could be reinvested in the research and development.

New technology could be tapped from around the world. For example, McDonald and Coke used their savings of cost and offered a lower price for their products and they could able to gain small profit with that they could target a wide number of customers.