Reference no: EM133167716

Below is a description of an international term...

Definition

The term glocalization is defined by the textbook as, "...the phenomenon that the globalization of a product or service is more likely to succeed when that product or service is adapted specifically to each locality or culture to which it is marketed. More specifically, the term describes the tempering effects of local conditions on global pressures" (Satterlee, 2021, page 3).

Summary of Article

The article chosen for this discussion board is, "Glocalization of Regional Innovation Development", by Olga Iermakova et al. In the article the authors talk about the impacts of glocalization on the targeted regions and how it can provide incentives towards innovation as a result. The authors write that glocalization "...provides a combination of global and local
issues of innovation development that is a competitive advantage for a region" (Iermakova, et al. 2021, page 195). According to the authors this "innovation development" can greatly improve a region and increase the effectiveness of socio-economic systems in these regions. This in turn would increase the consumption and generation of innovations which improves the region's ability to affect the global stage.

Discussion of Article

The chosen article for this discussion board relates to this week's read as glocalization is an important aspect of globalization and international trade. In international trade, it is there is the common misconception that a country sells itself to other foreign markets. However, some of the biggest hindrances to globalization are," ...national habits, local brands, and distinctive regional tastes" (Satterlee, 2021, page 3). This is where glocalization comes into practice. Glocalization takes the differences in cultures and adapts to them to better reach their target buyers. This in turn creates a more global market reaching more diverse cultures and increasing business between foreign nations.