Final answer:
A wholly-owned subsidiary in a foreign market can be established through a greenfield venture, where the parent company builds new operations from the ground up, allowing for complete control at a higher investment.
Step-by-step explanation:
One way a wholly-owned subsidiary can be established in a foreign market is by setting up a greenfield venture. This involves a parent company starting a new business operation from scratch in a foreign country. Unlike franchising or licensing, a greenfield venture is a type of foreign direct investment where a parent company builds its operations in a foreign country from the ground up. This approach gives the company complete control over the subsidiary, but it also requires a significant investment of resources and time.