Question

Define:

Licensing,

Corporate planning,

Franchising,

Direct exporting,

Joint Venture,

Strategic planning,

Indirect exporting,

SIA,

Tactical planning,

Answer 1

Licensing - Licensing refers to the process that gives a company the right to use a royalty or fee for another's brand name, patent, or other intellectual property through a written, legal agreement.

Corporate planning - Corporate planning provides a strategy to achieve business goals and develop your business. A corporate plan is a roadmap that lays out the plan of action for your company.

Franchising - Franchising is a business relationship in which the franchisor (the owner of the business that provides the product or service) assigns the right to sell and distribute the franchisor's goods or services to individual individuals (the franchisees) and to use the business name for a fixed period.

Direct exporting - Direct exporting is a practice whereby a company sells its products in a target market directly to buyers.

Joint Venture - An association of two or more entities generally set up for a limited purpose, a limited time, or both, exercising joint control over a profit undertaking.

Strategic planning - A long-term process that allows a company to distribute its assets to capitalize on market opportunities

Indirect exporting - Export via an intermediary based in the home country of the exporters.

SIA - A joint agreement in which two or more companies with headquarters in different countries pool their resources and expertise to create new value, also called a collaboration

Tactical planning - Tactical planning is short-range planning which illustrates the current operations of different parts of the company. Short Range is generally defined as a one-year or less time-limit in the future. Managers use tactical planning to determine what the organization's different parts have to do in order for the company to be successful in the future at some stage for a year or less.