Creating Business Value and Competitive Advantage Through Glocalization

Introduction

Glocalization is considered as one of the main contributors to value creation and development as well as for competitive advantage enhancement on a global stage. Previous studies suggest that globalisation indicates the co-presence of universal and local practices. Globalisation is based on the phenomenon that products or services providers have further consideration and a sense of the locality needs and wants in foreign markets instead of the assumption that parent market practices can be applied in foreign markets. The term of glocalization is a combination of globalisation and localisation. Therefore, the glocalization approach has become increasingly important for multi-national organisations to further understand foreign markets and how to make certain minor or major amendments to the original offering within the parent market to adapt to the local trends and preferences leading to further development and enhancement of the business value offered for the customer as well as creation of a competitive advantage with the consideration of local and global players competing in a particular market. The aim of the chapter to provide an overview supported by a range of examples of how glocalization as an organisation approach to international growth and expansion can develop a business value and create a competitive advantage.