In the wake of the current wave of ‘Vocal for Local’, do locals have a chance against glocals?
Local #brands are more affordable, customizable, their source can be traced, provide employment to locals, keep the money in the #economy. On the other hand, fail to offer standardization, consistency in quality, cannot afford bulk discounts, may not be compliant to quality, is an unorganized sector.
#Global brands offering localized products have consistency, maintain the standard throughout, do not resort to unfair pricing, can offer bulk discounts, enjoy brand loyalty and association. But fail to capture the essence of each region, especially in a culturally diverse nation like India, money is drained out of the economy and the local businesses are overturned by big conglomerates due to low or no bargaining power.
The answer to the question is, having a blend of both to become a truly globalized local. Both have their own set of plus and minus and for an economy to maintain the global economic equilibrium has to adopt a blended economic policy where both the representations are given a fair chance in the market, given an equitable share of profit and promotes the use of both.
#mitsde#economy#india#brand#quality#employment#digitaltransformation