A portmanteau term (globalization+localization).
1. A term that emphasizes that these two concepts do not exist in polar opposition, but rather that they operate in mutual interdependence in a globalized world. Typified by the slogan, ’Think globally, act locally’. People understand the significance of globalization when it impacts on their local environment, which leads to the perception that global phenomena are local (e.g. through media representations of far-off places) and local phenomena are global (the imported food in our supermarkets).
2. (advertising) The tailoring of global techniques and resources to appeal to increasingly differentiated markets.
Chandler, Daniel - Munday, Rod (2011): Dictionary of Media and Communication. Oxford University Press. 176-177 p. See the Online Version