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Franchising

PART 2

QuestionAnswer
What is identifying target markets and creating a mix? Marketing strategy
What is the combination of controllable factors? Marketing mix
What is the franchisor’s image and direction? Strategic planning
Who recruits and selects franchisees? Franchisor
What must adapt to customer habits? Changing marketplace
What is the main 21st century concern? Demographics
What is the first step in strategic planning? Establishing the franchise mission and aim of accomplishing something within and through its economic environment. Franchise Organization Mission
What uses the mission statement to formulate a detailed set of supporting objectives? Hierarchy of objectives
What is a segment of products and services offered by competitors or a predetermined group of customers targeted according to characteristics? Determining Niche(s) Suitable to Company Strengths
What are the 4Ps of marketing? Product, Price, Place, Promotion
What is the key product attribute in franchising? Consistency
What service cannot be stored for a period of time? Perishability
What service cannot be seen, touched, smelled, tasted or heard prior to purchase.? Intangibility
What is the random levels of quality that the customer can receive as they purchase/receive/consume the service? Variability
What service is consumed as produced? Inseparability
What is the first stage of product life cycle? A period of slow, gradual sales growth. Introduction
What is the second stage of product life cycle? A stage is when the life-cycle curve takes a dramatic upward surge. Growth
What is the third stage of product life cycle? A stage is when sales growth slows and levels off. Maturity
What is the final stage of product life cycle? A stage is when sales volume drops as demand shifts. Decline
What ensures long-term franchise growth? Innovation
What represents franchisor’s support? Promotional packet
What is the "bible" of the franchise system ? Operating manual
What sets site factors? Location Site Criteria
What is the franchisor's marketing philosophy? Marketing manual
What Identify and Outline Services provided by the franchisor? Field support manual
What standardizes accounting and bookkeeping forms for the franchisee? Record keeping manual
What gives checklists of activities and step before grand opening? It is Not lengthy or over descriptive Pre-opening manual
What ensures consistency of outlets? It helps franchise system achieve consistency among the businesses Site inspection manual
What is made of a unique set of physical and “psychological” attributes designed to satisfy the wants or needs of a group of people? Products
In order to expand profitably, what must a franchisor keep track of in growth estimates to avoid unforeseen expenses? Administrative Expense
What should potential franchisees be offered that includes a brochure, disclosure document, and information about benefits and opportunities? Recruitment Package
What is fairly extensive, often in the form of a manual, and designed to assist the franchisee in properly operating the franchise? Operation Package
What training provides opportunity for the franchisor to help new franchisees develop specific knowledge about the franchise system? Formal Training Programs
What training is usually provided by field staff after the franchisee has entered the business? Ongoing Training
What are the 3 steps in Strategic Planning? 1. Franchise Organization Mission 2. Hierarchy of Objectives 3. Determining the Niche Suitable for the Company's Strengths
Created by: lykieee
 

 



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