Speak Local but Think Global

Topics: World, Global Competitiveness Report, Thought Pages: 2 (511 words) Published: October 31, 2012
Speak Local but Think Global

Today, when the world has become so interconnected that, one place cannot remain aloof from another, no matter how aloof they might be. Be it crisis in the European markets or the Sandy Super Storm hitting the U.S, we cannot close our eyes to what’s happening around us. Even in terms of global competitiveness, what you may think is your domestic customer, is in fact a potential customer to any seller in the world with the advent of E-commerce and saturating markets all around the globe. The plight of the Indian Toy industry as it is today can also be accounted to the ignorance of this industry towards their Chinese counterparts in developing cheaper and newer products in the market. So it goes without saying that it is imperative to be in synch with what the best people, the best organizations, the best (in terms of development) countries are doing to be in business today. Having said that, it should also be noted, that following the rules made by others, the procedure taken, by people across the world in tackling their problems should not be replicated as they are to issues at hand. What I mean is that each country has its own culture, working environment, and inherent traits that need to be closely analyzed to be successful in its markets .In the same respect, though one should strive towards the best practices in the world and imbibe a global attitude towards organizational issues but being in tune with the local, grass root problems is the key to sustenance. When India got independence, it had the option to replicate the Argentina regime and peg its exchange rate to that of the U.S (+-3%) in view of “what America is doing must be right”, but India on the other hand went against the Washington Consensus to draft a policy in view of what Indian economic problems required. So did the Chinese by following their unique strategy to grow. The term Glocalization has taken birth, which again emphasizes the need to balance this trade off...
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