Business Definition for: Glocalization

• the process of tailoring products or services to different local markets around the world. Glocalization is a combination of globalization and localization. Improved communication and advancements in technology have made worldwide markets accessible to even small companies but, rather than being homogenous, the global market is in fact made up of many different localities. Success in a globalized environment is more likely if products are not globalized or mass marketed, but glocalized and customized for individual local communities that have different needs and different cultural approaches.