BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

MARKETING MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
In ____ approach, the firm accepts a regional marketing policy covering a group of countries which have comparable market characteristics such as economic, cultural or political similarities and formulates operational strategies based on region instead of countries.
A
Polycentric
B
Ethnocentric
C
Regiocentric
D
Geocentric
Explanation: 

Detailed explanation-1: -In regiocentric approach, the firm accepts a regional marketing policy covering a group of countries which have comparable market characteristics such as economic, cultural or political similarities and formulates operational strategies based on region instead of countries.

Detailed explanation-2: -Ethnocentric Approach: Ethnocentric approach or home country orientation is the approach where a company simply markets its product or services internationally in the same manner as they do domestically. Companies believe that consumer’s needs and market conditions are more or less homogeneous in international markets.

Detailed explanation-3: -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.

Detailed explanation-4: -The international marketing mix strategy involves the use of different marketing instruments to achieve positive financial results by a company operating on international or global markets. These instruments include product, price, distribution, and promotion.

Detailed explanation-5: -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.

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