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for Small Industry , Service Enterprises & Business Entrepreneurs |
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Franchising is a marketing method that can be
used in almost any industry.
Globalization is an opportunity for the Indian small industry to modernize their technology and take up either sub-contracting or franchising for the popular branded products. The Indian large industry will be forced to follow suit. According to Webster's Encyclopedic Unabridged Dictionary, a franchise is permission granted by a manufacturer to a distributor or retailer to sell his/her products and the territory to which such permission extends. The legal definition expands this meaning -- a franchise may also extend the right to use a predetermined method for marketing products or services through outlets that use a known name or trademark. The International Franchise Association, the major trade association in franchising, defines franchise as a "continuing relationship in which the franchisor provides a licensed privilege to do business, plus assistance in organizing, training, merchandising and management in return for a consideration from the franchise." |
Sources of Information: Illustrative List
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