BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -ANSWER : FALSEA geocentric approach is a global orientation where a company views the world as a single market and seeks to create a standardized…

Detailed explanation-2: -The geocentric approach seems to be the approach with the best results on basis of cost. This approach calls for standardization of the marketing mix, allowing the firm to provide essentially the same product or service in different markets and to use essentially the same product or service globally.

Detailed explanation-3: -Example of Polycentricism McDonald’s is a prominent example of a firm following polycentric approach. Having originated in USA, its menu in USA is centered around their local preference which is beef and meat. When coming to India, it realized that Indians are culturally averse to eating beef.

Detailed explanation-4: -In contrast to a skimming approach, a penetration pricing strategy is one in which a low initial price is set. Often, many competitive products are already in the market. The goal is to get as much of the market as possible to try the product.

Detailed explanation-5: -There are four main ways to break into the international market or enter at least one foreign market. These are the direct, indirect, hybrid and business acquisition approaches.