Lee believes there are three phases of globalization: globalization, localization, and "glocalization".

在李银珩看来，全球化包含三个阶段：全球化、本土化以及“全球本土化”。

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This means that an international business must pursue a globalization and a localization leadership at the same time, a globalization leadership for the global characteristics of the bundle and a localization leadership for the local characteristics of its bundle.

FORBES: Two Misplaced Debates In Business Strategy

In the aftermath of the Asian financial crisis, Coca Cola (NYSE:KO) switched from a globalization to a localization strategy that localized the wrong product characteristics like branding.

FORBES: Two Misplaced Debates In Business Strategy