Glocalization is the blending of global and local sectors to get the best benefits for any business. It focuses on bringing the best ideas from the globe to local sector, so as to get all the benefits under one go. The local communities play an important role in sustaining global tasks and following the policies, which could really bring the best for business. The ideas of funding, marketing and infrastructure creation are the resultants from the global corporation and it is the bottom-up system for governance of the ideas of global implementation of ideas.
The economic glocalization model can be considered and applied to the large culture and politics based issues. This will prompt the business owners to see the wider prospects of the world. The leading groups, national government, private organizations and multinational companies are joined together to find the most rewarding ideas like by people for their businesses and related things like import and export of pets, these pets like french bulldogs are imported from France to all other location of the world.
The world is a collection of people of different mentalities and cultures. There is a need to benefit from the virtue of every technology by checking out the best things in the particular area. There are some cities advancing in technology and you’ll get some places with cheap manufacturing units. So, it depends on consumer requirements and carefully handling them to gain profits from your own business. There are glocal forums established for sharing the strategies followed throughout the world and developing it by blending local cultures.
The strategies for glocalization include:
- Encouragement and revitalization of local cultures and beliefs
- Development of local economies and interests
- Development in sports, health benefits, social and economic grounds
- Emphasizing diplomacy in local markets
- Use of IT and communication technology to encourage growth and social bonds
- To empower the youth with glocal view of the world