franchising

franchising

A system based on the licensing of the right to duplicate a successful business format or industrial process. The Franchiser(licenser) permits the franchisee to employ its business processes, trademarks, trade secrets and know-how in contractually-specified manner for the marketing of goods or services.

A system based on the licensing of the right to duplicate a successful business format or industrial process.

The franchisee usually pays a one-time franchise fee plus a percentage of sales revenue as royalty, and gains (1) immediate name recognition, (2) tried and tested products, (3) standard building design and décor, (4) detailed techniques in running and promoting the business, (5) training of employees, and (6) ongoing help in promoting and upgrading of the products. The franchiser gains rapid expansion of business and earnings at minimum capital outlay.

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Part of Speech: noun
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Blossary: Trade and commerce
Industry/Domain: Business administration
Category: Business management
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