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The term globalization indicates the need for the platform to work everywhere out of the box. In practice, this vision is realized within Windows by having a single worldwide binary for the Windows operating system starting with the Windows Vista release, by supporting single image deployment in a multilingual context and by providing NLS APIs to retrieve locale-specific data.
The term localizability means making the product easier and easier to localize, which in turn drives down localization costs. This can be accomplished by efficient use of resource APIs, controlling the extent and number of resources added to the system, and improving the tools used to work with these resources.
Localization is the process of adapting a program for a specific local market, which includes translating the user interface, resizing dialog boxes, customizing features (if necessary), and testing results to ensure that the program still works. In the most commonly used context, localization focuses on translating the user interface.
Used as a synonym for globalization in some places, or as globalization + localization in other places, internationalization is better used to describe all activities that improve a product in the worldwide context.