Many multinational companies are adopting standardization in various processes, contributing to the increasing homogenization of the global market. For example, companies can now market their products...

Many multinational companies are adopting standardization in various processes, contributing to the increasing homogenization of the global market. For example, companies can now market their products using a standardized approach with concomitant lower costs. The resultant higher margins lead to increased profitability. Why would a company see an advantage in adopting a technical standard, such as in freight, and what are the pros and cons of operating in this manner?