franchising is the intent to increase the revenue by creating new business units. In a practical sense, though, the most fundamental element of franchising involves marketing. Marketing
Marketing involves everything that it takes to get
a product or service into the buyers hands, successful marketing requires careful thought and an action plan. The franchisor must be certain to get the right product or service to the right customer at the right price and at the right time. STRATEGIC PLANNING IN FRANCHISING
According to Kenneth Franklin of the Franchising Law Group of Piper,
Marbury, Romnick and Wolfe, a firm that decides to enter the franchising must have a clear understanding of 4 essential factors: 1. How it will support the franchise system’s operation 2. How it will foster communications with franchisees 3. What financial results the firm and its franchisees can anticipate 4. How it will market its franchise once the franchise program is in place. BUSINESS IMAGE
The business image is the image that the
franchisor “packages” for public consumption. It is the key attraction for potential franchisees and customers to the franchise system’s products and services. The image sought must be distinctive appealing and have appropriate colors, graphics, logo, trademarks, interior and exterior designs and colors to protect the image sought by the franchise system