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Franchising
Group 2
| Question | Answer |
|---|---|
| Who suggested 90% of business failures are due to lack of managerial ability? | Dun & Bradstreet |
| What ability must a franchise entrepreneur have? | Managerial Ability |
| What is the first part of the franchisor development process? This is also about the direction and identity of the franchise. | Strategic |
| What is the second part of the franchisor development process? This is also about the management and resources needed to make the franchise work. | Administrative |
| What is the third part of the franchisor development process? | Operations |
| What defines long-term goals and purpose of franchise? | Vision of the Franchisor |
| What ensures products/services are unique and consistent? | Products & Services Provided |
| What establish a clear structure: who makes decisions, how support is delivered to franchisees, and how operations are monitored? | Organization of the Business |
| What supports expansion, training, and marketing and a strong financial base is needed? | Necessary Finances |
| What provides training and ensures standards? Skilled people are needed to train franchisees, provide customer support, and ensure that all outlets follow the brand’s standards. | Required Human Resources |
| Who handles national/regional advertising? | Franchisor |
| What ensures consistent promotions via fees? Who are they? | Franchisees |
| What system tracks sales, expenses, and profits? | Accounting |
| What guides customer engagement, loyalty, and promotions? | Marketing |
| What trains franchisees and staff in standards and service? | Training |
| What ensures uniform quality in production and delivery? | Production |
| What is the transition from single to multi-unit franchise called? | Organize for success |
| What identifies opportunities and threats in environment? | Scanning Environment |
| What external factor affects demand through preferences? | Customers |
| What external factor determines access to funding? | Lenders |
| What external factor influences direction via investments? | Stockholders |
| What external factor threatens market share but spurs innovation? | Competitors |
| What external factor provides stability or threats with price hikes? | Suppliers |
| What external factor enforces compliance through laws? | Government |
| What internal _________ include recipes, brand image, and loyal customers? | Strengths |
| What internal ________ include high costs and poor management? | Weaknesses |
| What updates objectives to match market changes? | Strategic plans |
| Which task allocates financial, human, technological, and physical resources? | Implementation |
| What constantly fine-tunes strategies using data and feedback? | Continuing review |
| What strengthens unity and long-term success of franchise system? And it serves as bridge between franchisor & franchisees | Franchisee Advisory Councils (FCA) |
| What is the foundation of successful franchises? | Innovation |
| What ensures products, services, and processes stay competitive? | Innovation |
| What are the 4 Crucial Tasks in the transition from business to franchised business manager? | 1. Scanning/assessing the environment 2. Developing strategic plans 3. Implementing strategic plans 4. Continuing review |
| Which task involves exploiting opportunities and solving problems? | Strategic Planning |
| Which resources can be invested in marketing or R&D? | Financial |
| Which resources involve assigning skilled staff or training employees? | Human |
| Which resources involve digital platforms or delivery apps? | Technological |
| Which resources involve opening outlets in high-demand areas? | Physical |
| Which task constantly checks performance and uses feedback? | Continuing Review |
| Which task keeps the franchise competitive and up to date? | Performance Monitoring |
| Which management process sets mission, vision, objectives, creates policies & action plans, and coordinates efforts & reduces conflict? | Planning |
| Which management process arranges finances, people, systems, builds structure for operations & training, and includes multi-unit franchising? | Organizing |
| Who owns and operates more than one franchise? | Multi-unit franchising |
| Who is given the right to develop and operate multiple units in an area, subject to establishing a specific number over time? | Area developer |
| Who has the right to offer and sell franchised units, collect fees, and provide services, and makes a sub-franchising agreement? | Master franchisee |
| Who is an employee that has the right to solicit prospective franchisees but no right to contract? | Area representative |
| Who is an independent third party who simply solicits prospective franchisees for the franchisor? | Franchise broker |
| Which management process manages people & daily operations, gives directives, supervises, leads, motivates, communicates, inspires franchisees & employees, and includes performance evaluation, feedback, and recognition? | Directing |
| Which management process is the determination of standards and methods of evaluating performance against those standards to appraise operating results, evaluates goals vs. results, ensures quality control, monitors standards, and takes corrective actions? | Controlling |
| Why is control and quality important in franchising? | Customer perception |
| Which two factors are crucial to the continuing success of a franchise operation? | Continuity, Uniformity |
| What are the 5 motivation factors? | 1. Improvement-oriented attitude 2. Measure performance 3. Evaluation 4. Feedback 5. Recognition |
| What are the 4 Process of Management in Franchising? | 1. Planning 2. Organizing 3. Directing 4. Controlling |
Created by:
lykieee