Business Format Franchising Synonym
A business format franchise is a franchising arrangement where the franchisor provides the franchisee with an established business including name and trademark for the franchisee to run independently. Franchising is a form of marketing and distribution in which the franchisor grants to an individual or company the franchisee the right to run a business.
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Business Format Franchising is the type most identifiable.
Business format franchising synonym. If this sounds like every franchise opportunity you have considered you are probably right. Business format franchising is when the franchisor and franchisee have an ongoing relationship. Business format franchisingis the granting of a license by one person the franchisor to another the franchisee which entitles the franchisee to trade under the trade marktrade name of the franchisor and to make use of an entire package comprising all the elements necessary to establish a previously untrained person in the business and to run it with continual assistance on a predetermined basis.
Franchising is a continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing training merchandising marketing and managing in return for a monetary consideration. Business Format Franchises. In business format franchises the franchisor sells the rights to the trademark and trade name as well as the business processes and systems to the franchisee to develop products and services for the.
In a business format franchise the franchisor provides to the franchisee not just its trade name products and services but an entire system for operating the business. Franchise opportunities these days are usually known as a business format franchise. The primary alternative to a business format franchise is what is now known as a traditional product distribution franchise.
This is most often seen in the soft drink or automotive industry where a product is sold or distributed through a franchisee. The business format franchisees position is in complete contrast. A business format franchise is almost exactly what it sounds like when everything is said and done.
In standard business format franchise structures a franchisee will be granted a license by the franchisor to make use of their principal trademark. A franchise is a business whereby the owner licenses its operationsalong with its products branding and knowledgein exchange for a franchise fee. There are a total of 770000 franchise businesses in the United States and 80 of them are business format franchises.
The business format taught by the franchisor includes marketing selling inventory accounting and personnel procedures. This is one of the key aspects of a business format franchise. In product trade name franchising a franchisor owns the right to the name or trademark and sells that right to a franchisee.
The franchisee generally receives site selection and development support operating manuals training brand. Business format franchise is an arrangement where a franchisee receives in addition to the right to sell goods or services the franchisers designs quality control and accounting systems operating procedures group advertising and promotions training and in case of hotels and travel agencies worldwide reservation system. He will not pay fees.
Franchising is based on a marketing concept which can be adopted by an organization as a strategy for business expansion. A product franchise is a franchising agreement where manufacturers allow retailers to distribute products and use names and trademarks. Where implemented a franchisor licenses its know-how procedures intellectual property use of its business model brand and rights to sell its branded products and services to a franchiseeIn return the franchisee pays certain fees and agrees to comply with certain.
Unless you are considering opportunities in certain specific industries the business format franchise generally reigns supreme. Top synonyms for business format other words for business format are business model model of business and economic paradigm. When franchisor sells the complete business format and system of hisher product to the franchisee it is called pure franchising In other words this type of franchising provides the franchisee with a complete business format including license for a trade name the product or service to be marketed the physical plant methods of operation a marketing strategy plan a quality control process and so on.
The business format franchise is the most popular of all types of franchising. He will sell only the range of products associated with the franchisors business using the franchisors name business systems and methods. Business format franchising refers to an arrangement where a franchisor teaches to the franchisee the entire businesses format.
The business format franchisee will pay fees and will obtain ongoing support from the franchisor.
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