business (noun, busi-ness, \ ˈbɪznɪs \) format (noun, for-mat, \ ˈfɔːrmæt \) franchising (noun, fran-chis-ing, \ ˈfræntʃaɪzɪŋ \)
Definition: is a business agreement between a franchisor and a franchisee, in which the franchisor shares their whole business format with the franchisee. This includes not only allowing the franchisee to sell the franchisor’s goods and use their trademark but also providing the franchisee with a proper business training. It may include the franchiser’s business models, quality control systems, accounting methods, designs, promotions and advertising, operating procedures, inventory access, and so on. In business format franchising, the franchisor provides support not only via training but also through constant assistance and communication concerning the product and its quality.
In a Sentence:
- Perhaps you should go with the business format franchising since you require your staff to be properly trained to fit the franchisor’s style.
- They are considering business format franchising. It can help them gain more clients or interest the old ones with the new product.
- Because we decided to go with the business format franchising, our franchisor will control the product quality for the whole duration of our business relationship.
Synonyms and related words: franchising, product franchising, franchisor, franchisee, business format, business agreement
