Think Global, Act Local

The concept of Glocalisation, that is an amalgamation of the words “globalisation” and “localisation” showcases the idea that in a global market, a product or service is more likely to succeed when it is customized for the locality or culture in which it is sold.

• Globalisation is thought of as involving cultural homogenisation, where it is seen that especially the youth of diverse countries have similar characteristics and demands.

• A global business culture brings about more business dynamism and creativity. But, it is not enough for success.

• Enter Glocalisation, which goes beyond the composition of one’s country. It is larger than a singular mission statement covering all business activities no matter what country they’re operating in.

• Market research gives glocalised companies an insight into the likes and dislikes of consumers.

• We all know that a younger consumer will likely prefer advertisements on YouTube or social media platforms. Compare this to an elderly consumer, who may react better to bus stop advertisements and phone calls.

• The most widely seen example is that of Mcdonald’s, that tailors its menu to the country of operation. In India, there are no beef options, and a variety of vegetarian ones.  Local favoritesaround the world include the McItaly burger in Italy, Maharaja Mac in India, the McLobster in Canada, the Ebi Filit-O in Japan.

In conclusion, as the Prime Minister of Singapore said, if we go back to closed economies, we would all be a lot poorer.

 Source: http://bit.ly/2mumMlH, http://bit.ly/1nO2osd