A franchise organization is an example of a contractual system vertical marketing system. A franchise is a technique of selling goods or services that involves a franchisor who creates the brand's trade name and business model and a franchisee who pays a royalty and frequently an upfront fee to have the right to use the franchisor's name and system.
The term "franchise" technically refers to the agreement that binds the two parties, but it is more frequently used to describe the marketing that the franchisee runs. The process of developing and disseminating a brand and franchise network is known as franchising.
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