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Introduction The purpose of this report is to discuss the concept of franchising Franchising has evolved over the years and has become the most popular form of business ownership today Baron Shane 2005 Therefore to understand the concepts of franchising this report will firstly provide the definitions of franchising and will also examine the types of franchising Secondly the report will discuss the benefits and drawbacks of franchising The report will also provide examples of successful franchise businesses Finally the report will discuss the future of franchise business 20 Definitions of Franchising In general franchising is a market-expansion method wherein a successful business franchisor enables independent operators franchisees to use its operating system trademarks or service marks and marketing system to distribute its goods and services in exchange for franchise fees and royalties Baron Sharon 2005 However Jewell 1999 has his own definition of franchising He defines franchising as a provision of a specialized sale or service strategy support assistance and possibly an initial investment in the franchise in exchange for periodic fees Hall chamber and Squires 1999 provide a detailed definition of franchise business They explain franchising as a continuing relationship in which the franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing training merchandising marketing and managing in return for a consideration Franchising is a form of business by which the owner franchisor of a product service or method obtains distribution through affiliated dealers franchisees The product method or service being marketed is usually identified by the franchisors brand name and the holder of the privilege franchisee is often given exclusive access to a defined geographical area Hall Chamber Squires 1999 After having discussed the definitions of franchising it is vitally important to discuss the types of franchising The three types of franchising used are Product Distribution Franchising Trade Name Franchising and Business Format Franchising Jewell 1999 Product Distribution Franchising primarily involves
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