Franchised Businesses Are Successful Both Domestically and Internationally)because

question 21

Multiple Choice

Franchised businesses are successful both domestically and internationally) because:

• A)They require very little start-up revenue.
• B)People prefer the owners and employees of franchised businesses.
• C)Laws require franchisors to provide the same level of service to franchisees.
• D)Customers like the predictability of the product and/or service.

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Definitions:

Experience Curve

A concept suggesting that the more experience a company gains in producing a product or service, the lower the costs associated with it due to efficiencies.

Product Life Cycle

The stages a product goes through from development and introduction to the market, through growth, maturity, and eventual decline.

Marketing Mix

A framework consisting of the 4Ps: Product, Price, Place, and Promotion, used by businesses to market their products effectively.

Industry

Refers to a group of companies producing similar products or services that are in competition with each other.