Business Format Franchising Short Note
Short Note on Franchising. Owning your own franchise can be a great way to start a small business without taking on the risks that are associated with starting from scratch.
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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.
Business format franchising short note. In business format franchising the franchisee has the right to sell the franchisors goods or services but also uses the franchisors designs quality control training and also benefits from hisher advertising and promotions accounting systems and operating procedures. A product franchise is a franchising agreement where manufacturers allow retailers to distribute products and use names and trademarks. Author CA Dipesh Aggarwal Posted on Posted on May 29.
A License to Use the Franchisors Principal Trademark A license to use the franchisors principal trademark is a key component of the business format franchise. Business-format franchising is an arrangement under which the franchisor offers a wide range of services to the franchisee including marketing advertising strategic planning training production of operations manuals and standards and quality control guidance. A franchise is a license to use the name trademarks and proprietary products of an existing company.
In this business model there is a legal and commercial relationship between the owner of the company the franchisor and the individual the franchisee. In a business format franchise the franchisor licenses to its franchisees its trade name and service marks together with its system for delivering products and services under the franchisors brand. An Introduction To Franchising 3 Some popular business format franchises include.
Franchisees pay an up-front fee to the franchisor to obtain the rights and percentage of gross sales. Owning a franchise allows you to distribute the companys products as well as to use. Back to IBO-02.
This is usually the name youll use to identify your company to the public and is commonly referred to as the brand. The prime example of this is McDonalds. 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.
The franchisee is known to consumers by the licensed name it shares with the franchisor and the other franchisees in the system. IBO 02 Course Title. Franchising can be defined as a contractual agreement between or license between two parties Franchisor Franchisee for the purpose of organizing and managing business where the parties are mutually benefited.
When you are the franchisee in a business format franchise youll operate your business using the principal trademark that belongs to the franchisor. It can be described as a hybrid model that fills the gap between working for somebody. Some examples of business that employ a business format franchise are.
A franchise is a type of business that is operated by an individual s known as a franchisee using the trademark branding and business model of a franchisor. Franchising is a business model that combines the best aspects of sole proprietorship and Corporate America. The business format franchise is the most.
Business Format Franchising includes the rights to trade names specifications of the product to be sold operating methods marketing plan and national advertising. With a standard business format franchise franchisees receive. IBO Tutor Marked Solved Assignment.
This is one of the key aspects of a business format franchise. THE IFA EDUCATIONAL FOUNDATION Restaurants KFC McDonalds Pizza Hut Taco Bell Retail Blockbuster Video Radio Shack. Franchise is one form of exclusive retailing.
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