The term was invented from two other words, Global and Localization to emphasize the globalization of localities in different economic and social relationships. For example, in business and global trade, the products that adapt the special needs of local units, are more successful in becoming global.
Japanese economists in the Harvard Business Review were the first to use the term. According to Roland Robertson, who advertised the use of the word glocalization "means the simultaneity --- the co-presence --- of both universalizing and particularizing tendencies."
McDonalds restaurants all around the world are great examples of glocalization. Although still the same restaurants, the menus vary from country to country.
REFERENCES:
http://searchcio.techtarget.com/sDefinition/0,,sid19_gci826478,00.html
http://en.wikipedia.org/wiki/Glocalisation
http://www.d.umn.edu/~cstroupe/ideas/glocalization.html
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