A consumer products company produces inexpensive goods in underdeveloped markets, then repackages them as cost-effective innovations for Western buyers. This is an example of glocalization.

Glocalization

A business strategy that involves adapting products and services to fit the cultural norms, tastes, and preferences of different local markets while maintaining a global outlook.

Inexpensive Goods

Products that are available at a low cost, making them accessible to a broad range of consumers without compromising on basic quality.