What Are the Steps a Prospective Franchisee Must Take in Order

question 24

Essay

What are the steps a prospective franchisee must take in order to acquire a franchise? What properties are generally licensed by franchisors?

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Definitions:

Product Life Cycle

The phases a product experiences from its launch, to its growth, peak, and eventual decrease in the marketplace.

Supply-Chain Management

The coordination and management of a network of interconnected businesses involved in the provision of product and service packages required by the end customers.

Purchased

The act of acquiring goods or services in exchange for money or its equivalent.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization, focusing on converting materials and labor into goods and services as efficiently as possible.