Final answer:
The central argument in global marketing management during the 1970s was between standardization versus adaptation. As globalization and technological advancements unfolded, international market strategies evolved to address the increasing competition and varied consumer preferences across the globe.
Step-by-step explanation:
In the context of global marketing management during the 1970s, the argument between international marketers centered around the concept of standardization versus adaptation. This debate framed the approaches companies should take in targeting consumers internationally. On one side was the push for standardization, suggesting businesses could pursue a global market with a uniform marketing strategy and product offering. On the other side was the argument for adaptation, proposing that companies need to tailor their products and marketing strategies to the specific needs and preferences of each local market. Given the advancement in technology and the rise of globalization, businesses nowadays can easily reach a large consumer base worldwide, increasing overall competition and necessitating advanced strategies in market segmentation.
Globalization, bolstered by the improvements in communications technologies such as the internet, has allowed for the so-called "business-to-business" websites to enable suppliers and buyers to connect globally, further intensifying market competition and complexifying the debate between standardization and local responsiveness. Corporations began to realize the necessity to adapt their market strategies beyond the national borders as car manufacturers like Toyota, Honda, and others entered markets historically dominated by local giants. This competition has been beneficial in some areas, such as reducing market concentration as seen when analyzing the Herfindahl-Hirschman Index (HHI) from a global perspective.