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.