WorksheetsGlocalization_Lesson 1_Int.A&Mkts
Total questions: 10
Worksheet time: 22mins
What is glocalization?
It is an economic process of integration which has political, social and cultural aspects as well. It involves goods and services, and the economic resources of capital, technology and data.
It is a strategy that involves the development and selling of products or services intended for the global market, but adapted to suit local culture and behavior.
It means means doing business in many countries of the world, often limited to a certain region (e.g. Europe).
It reflects the trend of firms and people of buying, producing and selling products and services in most countries and regions of the world.
Localization emphasizes product standardization. Globalization looks for flexible response to the customer's needs
True
False
Glocalization aims to encourage the acceptance of foreign products among local audiences.
The company do not need local talent to gain local insights about operating a business and understanding local laws and regulations.
Last step in running the strategy we find: understanding the market and local competition
The process is not expensive neither resource-intensive.
Yes, however it is unsuitable for all companies. It usually works best when companies have a decentralized management structure
One of the main Glocalization benefits are:
Encourage innovation in the economy of the target country
Do not require large investment and resources
Increase the chances of success in entering foreign markets
It usually do not bring local market resistance
One of the main Glocalization disadvantages are:
Encourage innovation in the economy of the target country
As those companies normally are bigger and have better resources than local companies, they have a greater chance to dominate the local market
The allocation of resources is high, it needs to hire local people and do in-depth research on local markets and competition.
It usually do not bring local market resistance
What is the effect of glocalization on foreign companies?
It lowers the price and improves quality for the increase of competition
They should apply a decentralized management structure
They should disappear
What is the meaning of "Think globally, act locally"
(a)
What are typical barriers on transfer knowledge from one cultural context to another?
Lack of personal relationships, absence of trust, cultural distance
Having the same environment
The standard operations and global technology
The increased awareness and acceptance among local consumers
One key element in glocalization is knowledge management, i.e. continuous learning from experiences
It means keep track of valuable capabilities used in one market, that could be used elsewhere = updating its knowledge
It means finding global customer needs
It is coordinating marketing activities
It involves the firm’s commitment to coordinate its marketing activities across national boundaries
Explain the meaning of the figure
