ENTREPRENEURSHIP

Detailed explanation-1: -A franchise is a type of retail business in which an individual or group is granted the right to market a company’s goods or services within a certain territory or location. Many fast-food companies operate franchises.

Detailed explanation-2: -plural franchises. Synonyms of franchise. a(1) : the right or license granted to an individual or group to market a company’s goods or services in a particular territory. also : a business granted such a right or license.

Detailed explanation-3: -franchise. / (ˈfræntʃaɪz) / noun. the franchise the right to vote, esp for representatives in a legislative body; suffrage. any exemption, privilege, or right granted to an individual or group by a public authority, such as the right to use public property for a business.

Detailed explanation-4: -(ii) Licensing means permitting other party in a foreign country to produce and sell goods under trademark, patents whereas franchising means sell or distribute the branded products in a specific geographical area, e.g., through its franchising system McDonalds operates first food restaurants in the whole world.