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Language localisation (or language localization) is the process of adapting a product's translation to a specific country or region.It is the second phase of a larger process of product translation and cultural adaptation (for specific countries, regions, cultures or groups) to account for differences in distinct markets, a process known as internationalisation and localisation.
Social localisation (or localization) [nb 1] (from Latin locus (place) and the English term locale, "a place where something happens or is set") [1] is, like language localization the second phase of a larger process of product and service translation and cultural adaptation (for specific countries, regions or groups) to account for differences in distinct markets and societies, a process ...
Microsoft defines internationalization as a combination of world-readiness and localization. World-readiness is a developer task, which enables a product to be used with multiple scripts and cultures (globalization) and separates user interface resources in a localizable format (localizability, abbreviated to L12y). [8] [9]
An example of a company succeeding in creating new products for their emerging market is McDonald's new rice meals in India and China. [28] This shows that McDonald's has done research on and understands their new market's requirements for a successful takeaway food. This however can be very costly and time-consuming. [28]
In marketing, geomarketing (also called marketing geography) is a discipline that uses geolocation (geographic information) in the process of planning and implementation of marketing activities. [1] It can be used in any aspect of the marketing mix — the product, price, promotion, or place ( geo targeting ).
There are three sources of external economies of scale: input sharing, labor market pooling, and knowledge spillovers (Marshall, 1920). [1] Localization economies occur when an increase in the size of an industry in a city leads to an increase in productivity of a particular activity. [2]
Developing a market-entry strategy involves thorough analysis of potential competitors and possible customers. Relevant factors that must be considered when deciding the viability of entry into a particular market include trade barriers , localized knowledge, price localization, competition , and export subsidies.
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.