Final answer:
A franchise is a business model where rights are purchased to open and operate a business based on an established brand and system. The franchisee pays a franchise fee and ongoing royalties, and receives training and support. Trademarks are essential for franchise identification and marketing.
Step-by-step explanation:
A franchise is a business model where the franchisee purchases the rights to open and operate a business based on the franchisor's established brand and system.
Typically, the franchisee pays an initial franchise fee and ongoing royalty fees, in exchange for which they receive various forms of support from the franchisor. This support often includes training, supply chain access and assistance with operational setup.
One of the hallmarks of a franchise is the use of trademarks, which are distinctive signs or symbols that identify the franchisor's products or services, such as the recognizable brand of a Fanta orange drink.
The McDonaldization of society refers to the standardization and rationalization of tasks, typified by the efficiency and predictability found in fast food franchises like McDonald's.
Over time, the growth of franchises and expansion of corporate America led not only to a uniform business landscape but also influenced cultural conformity and a standardized way of life across America.