Abstract

Globalization and growing competition pose significant challenges to businesses, increasing the risks of their activities. However, forming partnerships and strengthening cooperation between companies is an effective solution to these problems. This helps maintain competitive advantages, ensure sustainable development and share experience. One way to do this is through franchising, which meets the needs of businesses in an uncertain environment. In modern conditions, franchising, as a method of business management in the global market system, is developing rapidly. And although franchising is a relatively new phenomenon in our economy today, it has been used in developed countries for centuries as a means of meeting the diverse needs of society for a variety of services. Franchising provides an opportunity for restaurant businesses to gain competitive advantages in the economic environment, allows them to expand effectively, without incurring significant costs for the creation and maintenance of a large administrative apparatus, and contributes to the transformation of the existing network into an efficient business, where highly qualified specialists work. The article deeply analyzes the role of franchising as an important method of organizing and promoting the restaurant business in the modern world. The main principles, advantages and disadvantages of this strategy, as well as its impact on the development of the catering industry, are studied. This study focuses on the strategic aspects of choosing a franchise model for the restaurant business, including the relationship between the franchisor and the franchisee. In addition, modern trends and innovations in this field are considered, which determine the role of franchising in the development of the restaurant industry. The article also provides a list of popular franchises in the field of public catering offered on the market in modern conditions and highlights practical examples of the successful use of franchising in the restaurant business, which contribute to the understanding of its potential and opportunities in the modern economic environment. The main problems of the development of franchising in the restaurant business in the conditions of international integration of Ukraine are presented. Conclusions regarding the advantages and development of franchise business are summarized.

Full Text
Published version (Free)

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call