Final answer:
The market segmentation debate of the 1970s was framed as 'Global convergence versus local divergence,' reflecting the tension between standardized marketing strategies versus localized adaptation.
Step-by-step explanation:
In the 1970s, the market segmentation argument in global marketing was framed as "Global convergence versus local divergence." This debate encapsulated the challenge faced by businesses in understanding whether they should adapt their products and marketing strategies to different geographical markets.
Whether there was a shift towards a unified global market, in which one-size-fits-all marketing strategies were viable. The technological advancements and the globalization process have interconnected to redefine market dynamics. Enhanced communication technologies, such as the internet, have allowed even local retail businesses to face competition on a global scale.
However, the appropriate degree of product differentiation and customization remains a point of contention among economists, with some calling the expense of heavy advertising and extreme product differentiation socially wasteful, while others defend the consumer benefits that result from a variety of product offerings.