One of the business strategies a company or individual can take to gain market share is through franchising and this has been a proven strategy for getting and keeping customers. Franchising has been singled out as a marketing system for creating an image in the minds of current and future customers, about how the company’s products and services can help them.
It is all about getting and keeping customers. It all begins with a contractual agreement in which the owner (franchisor) of a trademark, trade name, or copyright licences any other business owner (franchisee) to conduct business by selling goods and/or services under the brand.
The franchisee pays a franchise fee and royalties.
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