Final answer:
Glocalization is the strategy where a firm standardizes its products globally but adjusts its promotional campaigns to fit local markets. McDonald's is an example of a company using this strategy to balance the global scale efficiency with local relevancy.
Step-by-step explanation:
The strategy in which a firm decides to standardize its products globally while tailoring its promotional campaigns to fit local markets is known as d) Glocalization. The term glocalization is a combination of 'globalization' and 'localization,' and it refers to optimizing products and services on a worldwide scale to also accommodate the needs and preferences of local markets. This approach allows for efficiency in production and operations while remaining sensitive to regional tastes, cultures, and consumer behaviors.
For example, McDonald's, a global fast-food corporation, exemplifies this strategy by offering their classic menu items universally, while also featuring unique items tailored to local tastes in different countries, demonstrating globalization in action. This illustrates how a company can take advantage of a global goods and services market and operate on a global scale, leveraging economies of scale, while also adapting its marketing strategies to suit local preferences, maintaining relevance in diverse markets.