Final answer:
The chief difference is that 'think global, act global' means applying uniform business strategies worldwide, whereas 'think global, act local' involves adapting actions to local conditions.
Step-by-step explanation:
The chief difference between a “think global, act global” (TGAG) and a “think global, act local” (TGAL) approach to crafting a global strategy lies in where the actions are implemented in relation to the strategy conceived. The TGAG strategy implies that a company views the world as a singular market and applies a uniform business strategy across all countries, without much adaptation to local circumstances. In contrast, the TGAL approach is still based on a global perspective but recognizes the importance of tailoring actions to fit local cultures, needs, and regulations. This local responsiveness allows companies to engage effectively with local stakeholders and addresses local issues while maintaining a global outlook.