Bba 1 ibo u 5.4 networking & franchising
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Franchising involves an agreement where a business sells the rights to use its name, products, and business model to franchisees. Franchisees are licensed to use the brand name and proprietary operations in a specified territory. Networking involves groups of business people recognizing and acting on opportunities through organizations and online networks. It allows businesses to expand their knowledge, clients, and promote their business. The advantages of networking include increased business, new market opportunities, connections, advice, strategic partnerships, and access to products and services.
Bba 1 ibo u 5.4 networking & franchising
- 1. Franchising and net working Course: BBA I Subject : Introduction to Business Organization Unit: 5
- 2. Franchising 1. Franchising – It is a type of Strategic alliance – A business strategy for getting & keeping customers – An agreement whereby someone with a good idea for a business, sells the rights to use the business’s name and sell a product or service to someone else. – Share specific relationship and responsibilities – License to use brand name and proprietary way of doing business – It is marketing system for creating an image in the minds of current & future customers about how the co’s products & services can help them. – A franchise agreement specifies the territory where the business would be carried out.
- 3. Networking • Business networking is a socioeconomic business activity by which groups of like-minded business people recognize, create, or act upon business opportunities. • There are several business networking organizations that create models of business networking activity. These models help in increasing the networks. • Business networking can be conducted in a local business community, or on a larger scale via the Internet. • Business Networking is a really valuable way to expand your knowledge, learn from the success of others, attain new clients and tell others about your business.
- 4. Advantages of networking 1. Increased business: The increase in business from networking is the major advantage. The client base can be increased by expanding our business. 2. Opportunities: Networking provides various opportunities of entering new markets and accessing new customers. When these opportunities are grabbed smartly, huge profits can be earned. 3. Connections & support: If you want a really successful business, then you need to have a great source of relevant connections in your network that you can call on when you need them. Networking provides you with a great source of connections, and really opens the door to talk to highly influential people. 4. Advice & Expertise: Networking is a great way to tap into advice and expertise that you wouldn’t otherwise be able to get hold of. Just make sure you are getting solid advice from the right person – someone that actually knows about what you need to know. 5. Strategic partnerships: This is one of the most important gains from networking. These pairings are beneficial, productive and lucrative. 6. Access to products and services: You gain access to all sorts of services and products you might not otherwise have come across.
- 5. References 1. Fundamentals of Business Organization and Management by Y.K.Bhushan- Sultan Chand publications 2. Principles & Practices Of Management by L M Prasad – Himalaya Publishing House
- 6. Thank You!!