Final answer:
A company adopting a strategy to extend its products only to similar countries typically follows a regiocentric management orientation. In comparison, ethnocentrism is the belief that one's own culture is superior to others.
Step-by-step explanation:
A company that only extends its product to similar countries is said to follow a regiocentric management orientation. Regiocentric orientation entails a company adapting its products and strategies to accommodate specific regions where they operate while recognizing the similarities and differences within the region. In contrast, an ethnocentric approach involves a belief that one's own culture or company's home-country culture is superior to other cultures.
The term ethnocentrism refers to the belief or attitude that one's own culture is better than all others. This concept can significantly influence international business strategies, as it can affect how a company views potential markets and adapts its products and marketing strategies to different cultural settings.