GENERAL KNOWLEDGE

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: -The polycentric approach is a hiring and staffing method in which international subsidiaries of a country find team members from the host country, rather than from the parent company’s location. This can help subsidiaries better understand local needs and operate within a particular community.

Detailed explanation-3: -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-4: -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-5: -What are the Types of International Marketing? International businesses looking to sell their products or service in a new country usually start with export or licensing. Besides these options, other international marketing types include contract manufacturing, joint venture, and foreign direct investment (FID).