Product globalization is the launching of a product in multiple markets. If the product needs to be adapted in any way to function properly in a market, or to be attractive to targeted local buyers, then product globalization requires a certain amount of localization in order to succeed (i.e., to generate the expected sales in new markets).
Done well (usually involving localization), product globalization results in:
- Successful entry into new markets
- Growth of market share in those markets
- Greater international name recognition and brand loyalty