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Franchising encompasses products and services from the manufacture, supply for manufacture, processing, distribution and sale of goods, to the rendering of services, the marketing of those services, their distribution and sale.
Licensing is granting of permission to use intellectual property rights, such as trademarks, patents, or technology, under defined conditions. It prevents others from exploiting the idea, design, name or logo commercially.
It is a business arrangement in which a local firm in the host country produces goods in accordance with another firm's (the licensing firm's) specifications; as the goods are sold, the local firm can retain part of the earnings...
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