Products or Services
Haircut
Services
Buying and selling products and Services
Business
A Business that Markets a Products/ Service developed by a franchisor
Franchise
What is a Marketing Plan?
Statement of marketing goals and the strategies to achieve them
Makes a tangible product and sells it through distributors or direct
Manufacturing
Getting Lawn Cut
Service
Money, Knowledge, and experience you will gain
Benefits
The system of operating a franchise unit governed by a legal agreement
Franchising
Document that thoroughly explains a business idea and how it will be carried out
Business Plan
What is Wholesale
Buys in bulk from manufacturers, and sells smaller quantities to relatives
New Shoes
Product
A decision making process in which the cost of taking an action are compared to the benefits
Benefit/Cost analysis
Owner of a franchise unit or Territory rights
Franchisee
TRUE or FALSE The purpose of creating a business plan is to save time and money
True
Sells Individual items to consumers
Retail
Product
A Country’s financial structure. It's the system that produces and distributes wealth
Economy
List the 3 disadvantages (drawbacks) of franchising
Constraints on creativity freedom
Costs
Standards and obligation
List the 4 P’s of Marketing
Products/ Services
Pricing
Promotion
Place
The fundamental ethical and moral philosophy and beliefs
Core Values
Ford F-150
Product
The value of what must be given up in order to obtain something else
Opportunity Cost
List 3 advantages of franchising
Start up assistance
Instant recognition
Purchasing Power
Advertising and Promotional support
Operating guidelines
Record of success
What are 5 key points to remember when writing a business plan
Write for your Audience
Be clear and Concise
Use consistent easy to read formats
Cost and marketing plan
What is an Mission statement
Defines the purpose of the business in 40-50 words
Provides direction and motivation