Localizing in the global village: Local firms competing in global markets

Local firms can compete with transnational firms if their actions are firmly based in the local culture and if they move from local strengths while being equipped with an in-depth understanding of the global production and consumption dynamics. Three domains where local firms can offer alternatives to standard global products are products grounded in local culture, information goods, and products for similar local conditions and the poor worldwide. Local firms must develop an innovative perspective, a global and local vision, self-crafted rather than transferred and imitated marketing skills and practices, partnerships and alliances, and a supportive political environment. Such firms can successfully travel on their alternative road within the global arena.