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entrep m5-1
| Question | Answer |
|---|---|
| Franchir, French word which means | ”for free. |
| Buying an established brand and customer-ready base | FRANCHISING |
| It is not a business itself but a method of doing business | FRANCHISING |
| The franchiser licenses trademarks, and tried and proven methods of doing business to a franchisee, in exchange for a recurring payment, and usually a percentage piece of gross sales and gross profits, as well as the annual fees | FRANCHISING |
| the person or company leasing the rights to business name and system | franchiser |
| the person who purchase it | franchisee |
| The right to the franchise is sold by the franchiser to the franchisee for an initial sum of money, often called the up-front entry fee or franchise fee. | Franchise Fee |
| Franchise agreement typically details the responsibilities of both franchiser and franchisee, and usually for a specific length of time | 7 years |
| indicates the terms and conditions of the franchise | FRANCHISE AGREEMENT |
| This type of franchise is perhaps what most people refer to as a typical franchise. This type of franchise is when the franchisor gives the rights to trademarks, trade names, ETC | BUSINESS FORMAT FRANCHISE |
| This franchise concept is similar to a supplier-distributor relationship. The franchisor is responsible for providing the product and the distributor is then able to sell the product on. | Product Distribution Franchise |
| It is a form of service agreement whereby the franchisee provides the management expertise, format and/or procedure for conducting the business. | Management Franchise |
| Top 5 business franchise brands in the world | Mcdonalds 7-Eleven KFC Subway Burger King |