Franchise Definition and Explanation PDF Download
Learn Franchise definition in marketing with explanation to study “What is Franchise”. Study franchise explanation with marketing terms to review marketing course for online MBA programs.
A contractual association between a manufacturer, wholesaler, or service organization (a franchisor) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system.
Principles of Marketing by Philip T. Kotler, Gary Armstrong
An establishment is a kind of permit that a gathering (franchisee) obtains to enable them to approach a business' (franchiser) exclusive learning, procedures, and trademarks so as to enable the gathering to sell an item or give an administration under the business' name. In return for picking up the establishment, the franchisee more often than not pays the franchiser an underlying start-up and yearly permitting expenses. At the point when a business needs to build its piece of the overall industry or increment its geological reach requiring little to no effort, it might make an establishment for its item and brand name. An establishment is a joint endeavor between a franchiser and a franchisee. The franchiser is the first or existing business that offers the privilege to utilize its name and thought. The franchisee is the person who becomes tied up with the first organization by buying the privilege to sell the franchiser's merchandise or administrations under the current plan of action and trademark.
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