What is the difference between licensing and franchising?
What will be an ideal response?
Licensing involves the licensor giving the licensee the right to make its products or services or use its intellectual property in exchange for a royalty. Franchising involves the franchisor licensing the entire business to the franchisee for a fee and royalties. The franchiser provides a combination of trademark, equipment, materials, training, managerial guidelines, consulting advice, and cooperative advertising to the franchisee for an initial fee and a percentage of the revenues.
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