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User:Jukeboksi/BBA studies/Entering Target Markets
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== Methods of internationalization - Lesson 3 - Licensing and franchising == * The verb '''[[w:license|license]]''' or grant license means to give permission. The noun license refers to that permission as well as to the document recording that permission. ( Wikipedia ) * '''[[w:Franchising|Franchising]]''' is the practice of using another firm's successful [[w:business model|business model]]. The word 'franchise' is of Anglo-French derivation - from ''franc'' - meaning free, and is used both as a noun and as a (transitive) verb. :::For the franchisor, the franchise is an alternative to building '[[w:chain store|chain store]]s' to distribute goods that avoids the investments and liability of a chain. The franchisor's success depends on the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business. ( Wikipedia ) * '''Franchising''' can be described as co-operation between two legally and financially independent firms where one firm, the franchisee, pays the other firm, the franchisor, for the right to sell the franchisor’s product and/or right to use its trademarks and business format in a given location for a specific period of time. Franchising is an ongoing business relation-ship between the franchisee and the franchisor. ( Blair and Lafontaine (2011, 3-4) ) * How does the licensor make money? How does the [[w:licensee|licensee]] make money?
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