Business

Question

In a(n) ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

1 Answer

  • There are different kinds of businesses. In a franchise system. an individual or firm contracts with a parent company to set up a business or retail outlet.

    • Franchising is simply known to be a type of contractual system. It is often used to commercialize products, services or technology.

    There are five major types of franchises. They are: job franchise, product franchise, business format franchise, investment franchise and conversion franchise.

    A franchise (or franchising) is simply known as a process of sharing products or services involving a franchisor, who establishes the trademark of the brand of a business system, and a franchisee, who is responsible for paying a royalty under the franchisor's name and system.

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