STQM Midterm Review: Strategic Alliances and Franchising
UPDATED ACTUAL Exam Questions and CORRECT Answers
Joint Venture - Partnership to share investment and risk.
Cultural Differences - Variations in values and practices among partners.
Brand Recognition - Public awareness of a brand's identity.
Market Knowledge - Understanding of specific market conditions.
Risk Aversion - Preference for strategies minimizing financial risk.
Managerial Assistance - Support provided by franchisor to franchisee.
Inflexibility - Limited freedom in decision-making for franchisees.
Dependence - Reliance on franchisor for market success.
Payments - Financial transactions between franchisor and franchisee.
Mutual Dependence - Interdependence between franchisor and franchisee.
Challenges - Difficulties in maintaining standardized policies.
Adverse Effects - Negative outcomes from poor partnerships.
, Expansion - Growth into new markets or regions.
Fixed Period - Contract duration for franchise agreements.
Geographical Scope - Defined area of franchise operation.
Expanded Market - Growth in market reach and customer base.
Demographic Trends - Shifts in population characteristics affecting markets.
Increased Travel and Tourism - Growth in global travel impacting hospitality sectors.
Quality of Products and Services - Standard of offerings influencing customer satisfaction.
Technological Advancement - Improvements in technology enhancing business operations.
Wholly Owned Subsidiaries - Full ownership and management of business facilities.
Management Contracts - Management by one firm for another, often internationally.
Franchisor Package - Support and resources provided to franchisees.
Ongoing Business Relationship - Continuous collaboration providing mutual benefits.
Franchisee Package - Resources and support offered to franchise operators.
Initial Fee Up Front - One-time payment made by franchisee to franchisor.
UPDATED ACTUAL Exam Questions and CORRECT Answers
Joint Venture - Partnership to share investment and risk.
Cultural Differences - Variations in values and practices among partners.
Brand Recognition - Public awareness of a brand's identity.
Market Knowledge - Understanding of specific market conditions.
Risk Aversion - Preference for strategies minimizing financial risk.
Managerial Assistance - Support provided by franchisor to franchisee.
Inflexibility - Limited freedom in decision-making for franchisees.
Dependence - Reliance on franchisor for market success.
Payments - Financial transactions between franchisor and franchisee.
Mutual Dependence - Interdependence between franchisor and franchisee.
Challenges - Difficulties in maintaining standardized policies.
Adverse Effects - Negative outcomes from poor partnerships.
, Expansion - Growth into new markets or regions.
Fixed Period - Contract duration for franchise agreements.
Geographical Scope - Defined area of franchise operation.
Expanded Market - Growth in market reach and customer base.
Demographic Trends - Shifts in population characteristics affecting markets.
Increased Travel and Tourism - Growth in global travel impacting hospitality sectors.
Quality of Products and Services - Standard of offerings influencing customer satisfaction.
Technological Advancement - Improvements in technology enhancing business operations.
Wholly Owned Subsidiaries - Full ownership and management of business facilities.
Management Contracts - Management by one firm for another, often internationally.
Franchisor Package - Support and resources provided to franchisees.
Ongoing Business Relationship - Continuous collaboration providing mutual benefits.
Franchisee Package - Resources and support offered to franchise operators.
Initial Fee Up Front - One-time payment made by franchisee to franchisor.
