Question

What is glocality, and how would you apply the concept to any product or service of your own choosing? What is the benefit to business of glocality?

Answer 1

This is the process of “Globalization” and “Localization” simultaneously that improves economic system of firms. Therefore, this is the combination of both these acts.

Product: tea

Suppose a firm, ABC Ltd., is producing and supplying tea in the country “A”. Now, it wants to globalize (doing business in foreign territory, suppose in the country “B”). If such globalization is done by studying cultures of B then the product would get better response in terms of higher selling; country B has joint-family culture and people use to take green tea; this makes sense of giving related advertisements in television with a little change in taste of the product, known as localization. Once this is done successfully, there is glocality.

Benefits:

No.1) it helps to accelerate the business quickly: people of B would be wanting get such product, since it offers taste based on their cultures.

No.2) it makes more solidity: the product gets long-term business, since it already creates impact on people’s mind; this is the way of establishing goodwill.

No.3) it reduces other hassles: political and investment problems are those hassles; these could be managed easily through glocality – getting government certificates would become easy, investors would be ready for investing in country B.