Institutionalization reflects a business orientation based on the belief that the world is becoming more homogenous and that distinctions between national markets are not only fading, but for some products, will eventually disappear.

Question

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The statement describes globalization, not institutionalization. Globalization refers to the process of markets becoming more interconnected and similar, while institutionalization refers to the establishment of norms and structures within organizations or societies.

Institutionalization Reflects a Business Orientation Based on the Belief That