Question

In this era of competitive business landscape, stemming from Globalization, Glocalization has become a business imperative rather than an option. In light of the above and by making use of 5 points, critically examine the concept of Glocalization as the panacea for business managers in an organization of choice.

Answer 1

Glocalization:- The word 'Glocalization' is made by two words 'globalization' and 'localization'. This term explains a product and service that is grown and distributed globally but is also adapted to accommodate the consumer in a local market.

1. Glocalization works well for those business which are decentralised and that take part in different cultural settings. It will provide big target market in different cultures.

2. It expands to lacalizing ad campaigns and marketing trust to make them friendlier to local consumers and inspire them to accept the products.

3. Globalization can brings down the prices of the related goods.

4. It encourages innovation and diversity in the business.

5. It gives chance to emerging countries like India, China and other Asian countries to develop their economic conditions.