Marketing, Financing, and Production Factors in Developing a Franchaise

Decent Essays
The main critique of this article, is to analyze small business development strategy by using marketing, finance, and production factors. These factors are pertinent when developing a franchise. Growth and success in a franchise business is determine by the market analysis and financial planning. However, with proper distribution the production factors will occur once the customers are aware of the business. The franchising of business is started by several different aspects, the business models as a small business growth strategy. However, marketing, production, and financial are important in the formulation and development strategies to expand the success rate and market share of the company. Around the world, factors to accomplish successful growth through predefined strategic plans are talked about. The role of Marketing takes place in the initial phase, establishment of the franchises business. A firm and focused market research would allow the development of strategic plans to talk about the needs and perspectives of the individual customers in the future or existing market conditions. Companies trust in deploying market tested business models to develop strategies that would benefit the franchise business. Marketing factors are important in the franchising business as it involves the use of the name, technical and managerial know-how of a well-established brand for a new set of customers in a different business
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