Jasz
VIP Contributor
The trend of indigenization in business will have a significant impact on the global economy.
Indigenization is the process of re-organizing, revising, and tailoring a product or service to meet the needs of a specific community, culture, or nation. The intent is to make the product more culturally relevant and appealing to that group.
In recent years, indigenization has become a powerful force in international business. It has helped companies like Coca-Cola and Nike gain entry into markets that previously proved challenging to penetrate, such as India and China. Entire industries such as banking and software have seen growth through the adoption of local practices, products, and languages. These adjustments tend to improve company performance by allowing them to better serve their customers' needs with unique offerings that are not available elsewhere.
Indigenization is not limited to multinational corporations; it also influences local businesses in global markets. For example, one grocery store chain in Kenya started selling products that appeal specifically to Muslim consumers--including halal meat--as part of its efforts at indigenization."
Indigenization is especially important for businesses working in resource-based economies where there is little competition for raw materials or skilled labor. So what do you have to say about indigenization?
Indigenization is the process of re-organizing, revising, and tailoring a product or service to meet the needs of a specific community, culture, or nation. The intent is to make the product more culturally relevant and appealing to that group.
In recent years, indigenization has become a powerful force in international business. It has helped companies like Coca-Cola and Nike gain entry into markets that previously proved challenging to penetrate, such as India and China. Entire industries such as banking and software have seen growth through the adoption of local practices, products, and languages. These adjustments tend to improve company performance by allowing them to better serve their customers' needs with unique offerings that are not available elsewhere.
Indigenization is not limited to multinational corporations; it also influences local businesses in global markets. For example, one grocery store chain in Kenya started selling products that appeal specifically to Muslim consumers--including halal meat--as part of its efforts at indigenization."
Indigenization is especially important for businesses working in resource-based economies where there is little competition for raw materials or skilled labor. So what do you have to say about indigenization?
