Introduction to Business- Franchises and Franchisees Flashcards
1
Q
What is a franchise?
A
The right given by one business to another to sell goods using its name.
2
Q
What is a franchisee?
A
A person that agrees to manufacture, distribute or sell branded products under the licence of a franchisor.
3
Q
What is a franchisor?
A
A business who sells the right to another business to operate a franchise
4
Q
Which factors affect the use of franchises to a business?
A
competition, value added services, customer needs, legal environment
5
Q
What is a co-operative?
A
Business enterprises that are owned and self managed jointly by members.
