Question : Select the most appropriate word for the given group of words.
License granted to an individual or group to market a company's goods or services in a particular territory
Option 1: Branding
Option 2: Marketing
Option 3: Monopoly
Option 4: Franchise
Correct Answer: Franchise
Solution : The correct choice is the fourth option.
Explanation : A franchise is a legal and commercial relationship between the owner of a trademark, brand, or trade name and an individual or group that seeks to use that identification in a business. The franchise agreement allows the individual or group (franchisee) to market the company's goods or services in a specific territory. This involves a licencing arrangement where the franchisee benefits from the established brand, business model, and support provided by the franchisor.
The meanings of the other options are as follows:
- Branding refers to the process of creating and establishing a brand.
- Marketing is a broader term that encompasses various activities to promote and sell products.
- Monopoly refers to the exclusive control or possession of a supply or trade in a service, commodity, or market.
Therefore, the correct one-word substitute is franchise .
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