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Pages 12 (3012 words)
The modern globalization has led to expansion and management of the businesses in the new model of franchise chain organization. There is marked change in the wide network of franchising, worldwide expansion of businesses have taken place in United States…
Franchising has been recognized as a successful business model leading to accelerated expansion of the new store with local control of the franchise owners assuring lesser financial risks with rewards associated with local ownership which requires lower level of supervision and economies of scale. "The most widely accepted definition of a franchise refers to a contractual relationship between a franchisee (usually taking form of a small business) and a franchisor (usually a larger business) in which the former agrees to produce or market a product or service in accordance with the blueprint devised by the franchisor"(Stanworth et al. 1995)
Management Structures: Franchising is primarily defined in terms of the legal business agreement between two partners, the franchisor and the franchisee. The franchisor, who has previously established a market-tested business package of products or services, enters into a continuing contractual relationship with a number of franchisees, typically small business owners, who must operate their businesses according to the franchisor's specified format (Curran and Stanworth, 1983). The franchisor provides a proven method of operation, support, and advice on the setting up of the new franchisees, and also guarantees continuing support to the franchisee. ...
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