Orchid Paints Inc.is a multinational company.It recently opened a branch in Maldovia.The company has decided to adopt the business strategies followed in Maldovia to maximize its profits.Which of the following approaches has the company adopted for working with diverse cultures?

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The company has adopted the polycentric approach, which means that it recognizes and accommodates the differences in cultural norms and practices of Maldovia. This approach allows the company to tailor its business strategies according to the local preferences and customs. It focuses on local responsiveness rather than imposing its own values and norms.